Remittance Alt Coin Turns a Year in South East Asia

Journalist:
November 15, 2016

Token Hub Asia in the Philippines recently celebrated its one-year anniversary as a remittance service for an altcoin called Eternal Coin (XEC) serving the Philippines, Japan, Hong Kong and Korea. Eternal Coin is owned by a Japanese company called Atom Solutions.

The service charges users a flat 2 Philippine peso (approx $ 0.04 USD) remittance fee. It is possible to send the funds directly to a recipient’s mobile phone.

Remittance Via Mobile Phone

“Through the use of your own mobile device, Eternal coin is the world’s first digital currency in which the transmission can be performed with the use of your own mobile number,” said John Flor, vice sales and marketing manager and acting CEO in the Philippines. “Our virtual wallet is where you can store your money securely and acts as a virtual bank account and a zero fee for its sign-up. Our mission is to provide a simple, fast and reliable remittance service worldwide at a very low cost.”

Token Hub Asia has a total of 6,226 wallet users in the four countries. There are 102 merchants in Japan. The company has been working to partner with merchants in the Philippines.

Token Hub Asia is the exchange name in the Philippines. The service goes by Eternal Link in Japan, Eternal Hong Kong in Hong Kong and Eternal Korea in Korea.

How It Works

To send XEC between wallets, the user selects the recipient’s country, then enters the recipient’s phone number. A country code is not required. The sender enters the amount, selects the type of sender’s currency and clicks “confirm.” Once the remittance amount is displayed, the sender enters the login password and clicks “send.”

Users need a valid government photo ID to create a wallet, along with proof of address not older than three months, such as a utility bill or tax or election document.

In the future, coins will be divided into smaller units for user convenience. Coin value will be retained.

Also read: Singapore bank claims first regional use of blockchain tech for remittance

First Anniversary Celebrated

Token Hub recently celebrated its first-year anniversary at The Peninsula Manila. Onodera Toshiaki, president of Eternal Link in Japan, sent a video message discussing its operations and its entry into the Philippines.

Guests also came from Atom Solutions Inc. in Japan.

Flor spoke about other business models similar in concept to Eternal Coin and its services, emphasizing Token Hub Asia’s low-cost money remittance.

The “ELook” application is now available for the android market through Google and Playstore.

“Our mission is to provide a simple, fast and reliable remittance service worldwide at a very low cost,” Flor said.

Image from Shutterstock.

Last modified (UTC): November 15, 2016 13:01

Lester Coleman

Lester Coleman is a media relations consultant for the payments and automated retailing industries.