According to Foresight News, Southeast Asian stablecoin service provider APACX has entered into a strategic partnership with the Philippines' largest over-the-counter (OTC) institution, Moneybees. This collaboration aims to enhance the remittance experience for Overseas Filipino Workers (OFW) by integrating stablecoin technology with an offline exchange network.
Users receiving remittances in stablecoins can convert the APACX-incubated Philippine Peso stablecoin, PHT, into cash at over 1,000 Moneybees locations across the Philippines. Moneybees holds a Virtual Asset Service Provider (VASP) license issued by the Central Bank of the Philippines.
The integration of these services is expected to significantly improve remittance efficiency, reduce transaction costs, and provide millions of OFWs and their families with a faster, safer, and more convenient way to manage their finances.
