Global payments provider Veem and Coins.ph, a Philippine digital wallet platform, have announced an expansion of their partnership to enhance cross-border transaction capabilities from North America to the Philippines.
Move to Make Payouts and Payments More Efficients
The partnership aims to improve the efficiency of company payouts and contractor payments by using new settlement methods, which including stablecoins.
Under the enhanced agreement, Coins.ph will continue to serve as a local payout provider for Veem. The partnership is designed to facilitate more rapid and cost-effective fund delivery for businesses in the U.S. and Canada sending funds to the Philippines.
Exploration to Streamline Processes
The companies are currently exploring digital settlement options, such as USDC, to streamline the process further. The initiative of the companies targets the growing segment of Filipino remote workers, freelancers, and outsourcing firms who require fast international payments.
Traditional international bank transfers involve high fees and multi-day settlement periods. In contrast, the integrated solution allows Veem to maintain U.S. dollar liquidity while Coins.ph manages local compliance and currency conversion. This ensures funds reach recipients through preferred local channels.
