Cypriot tech company pioneers payment solution for the Philippines

In a groundbreaking development that bridges the European and Philippine markets, Tempo France, a leading international payment system operator, has entered into a landmark partnership with Cebuana Lhuiller, a prominent multi-industrial giant in the Philippines.

This collaboration will introduce a comprehensive white-label business solution for seamless remittances from the European Union (EU) to the Philippines, leveraging cutting-edge blockchain technology.

Under this historic agreement, Cebuana Lhuiller will be empowered to facilitate money transfers from the EU to the Philippines under its own brand.

This all-encompassing package encompasses a tailor-made mobile application branded exclusively for Cebuana, comprehensive legal coverage for EU transfers, financial settlements, and a sophisticated IT solution.

Crucial aspects such as Know Your Customer (KYC) compliance, security protocols, and Anti-Money Laundering (AML) measures are meticulously integrated into the offering.

In a landmark achievement for Philippine fintech, Cebuana Lhuiller will be able to seamlessly integrate and deploy this revolutionary solution, instantly enhancing its capabilities and customer experience.

Key to this transformative project is the innovative IT solution engineered by Armenotech, a Cypriot technology company and strategic partner of Tempo.

Both Tempo France and Armenotech believe that the white-label project will give the green light to new prospects in the local payment market.

“It is a unique project that has teamed up two European fintech companies so that each may contribute to providing an Asian country’s market with a complete and highly sought-after product, unprecedented in Philippine fintech and finance,” said Alla Zhedik, the CEO of Tempo France.

At the heart of this IT solution lies the Stellar blockchain, a cutting-edge technology which has been designed for speed, security, and cost-effectiveness.

Senders in Europe will now be able to utilise the customised mobile application to initiate money transfers, while recipients in the Philippines can collect their funds at various Cebuana locations across the country.

This revolutionary blockchain-powered system promises swift transactions, enhanced security, and minimised costs for users.

“The Asian region has seen tremendous growth rates in its fintech domain. We are pioneering this exclusive and innovative white-label project that brings together traditional and digital finance to serve people’s needs in the remittances field,” said CBO for Armenotech, Daniel Gazaryan.

“We consider the innovation to be a springboard for new achievements and look forward to participating in future interesting joint ventures in the Asian region,” he added.

“People choose products with optimal operational and financial aspects. And that is where blockchain technologies play a significant role. At the beginning and in the final stages of the transactions, we deal with traditional finance, but what lies in between is blockchain. This intermediate link allows for the highest transaction speed and the highest levels of safety. In addition to this, it provides what the clients require from us: that is the minimum transaction cost,” Zhedik of Tempo explained.

“Tempo and Armenotech recently completed a project to enable the Stellar blockchain-based remittances from Tempo’s mobile application to reach Cebuana payout locations. We are very happy that our business partnership is raising the bar yet again, using the same technological basis,” Zhedik added.

She went on to say that her firm considers the Asian region, and the Philippines in particular, to be a very promising market for the newest fintech business solutions.

“We believe that the Philippine payment sector will skyrocket in 2024. There are many reasons for this upward trajectory, including growth in general demand for IT products as well as recently adopted EU regulations for digital assets that will have a global effect. We also foresee a trend in financial institutions more actively using digital assets and blockchain for settlements and in their systems,” Zhedik said.

“It is a matter of competition in the market. We trust that our partners will appreciate the quality of the product. This in turn will give us an incentive for further developments in this promising sphere of the business,” she added.

Tempo France, as a global player, has not only successfully implemented over 100 modern payment methods across 100 countries but has also paved the way for Stellar technology adoption in remittances across Europe and the Asia Pacific region.

This strategic collaboration with Cypriot firm Armenotech signifies their commitment to advancing international payment markets and accelerating the integration of blockchain technology on a global scale.

This groundbreaking partnership not only highlights the synergy between European and Philippine markets but also underscores the transformative potential of Cypriot tech prowess on the international stage.

As technology continues to reshape financial landscapes, this collaboration sets a remarkable precedent for the future of cross-border remittances.