Partnership aims to introduce fastest, most affordable option for US$1B Canada-Vietnam remittance corridor
26th June 2019 - Singapore and Hanoi, Vietnam — Telcoin Pte. Ltd., a fintech startup leveraging blockchain technology to facilitate high-speed, low-cost international remittances, today announced a partnership with Vimo Technology JSC, operator of leading Vietnamese digital wallet Vimo.
Under the partnership, Telcoin users in Vietnam will soon be able to accept inbound international remittances from Canada (in CAD) and cash out to their Vimo digital wallet balance (in VND). Vimo has more than 1 million active wallets across Vietnam. In addition to merchant payments, Vimo offers P2P transfers, bill payment, ecommerce payment, mobile top-up, and bank transfer.
According to the World Bank, nearly US$1 billion in remittance outflows were sent from Canada to Vietnam in 2017. Incumbent remittance providers often charge exorbitant fees or take an unfair cut of currency exchange rates, with the global average cost of sending an international remittance at 7.01 percent. That figure is even higher for sending money from Canada to Vietnam, at 7.63 percent (US$15.25) to send US$200. Telcoin is targeting just 1 to 2.5 percent to send a secure remittance via mobile device in seconds, and the Telcoin Wallet application makes the entire process as easy as sending a text message.
In addition to Canada, Telcoin and Vimo plan to expand inbound remittance services to additional corridors in the near future. Vietnam’s top-10 inbound corridors generate more than US$12.6 billion in annual remittance volume, with the average cost of sending US$200 ranging from approximately 5 to 10 percent. Telcoin and Vimo look forward to disrupting the status quo and putting more money back into the hands of Vietnamese remittance recipients.
“We’re excited to bring Telcoin remittances to the Vietnamese market with Vimo,” said Mr. Claude P. Eguienta, Telcoin co-founder and CEO. “Vietnam is a major recipient of international remittances, and starting with the Canada-Vietnam corridor, we look forward to bringing a more affordable, hassle-free, and easy-to-use option to our customers there.”
“As one of the pioneering money transfer service providers in Vietnam, we acknowledge that the demands for transferring money from overseas into Vietnam is very huge,” said Mr. Do Cong Dien, Vimo CEO. “Cooperating with Telcoin, we hope to create an easier, cheaper, faster, and safer way for the Vietnamese community working in Canada to send money to their home country.”
Follow Telcoin and Vimo for further details and to be the first to know when Telcoin Remittances go live in Vietnam.
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