Leading cryptocurrency exchange Moneybees and pawnshop conglomerate Tambunting Kahera ng Bayan announced a strategic partnership aimed at improving access to financial services for Filipinos.
The partnership leverages Tambunting’s extensive network of 97 pawnshop branches across the Philippines, including a location in Forbes Park, Makati.
“Through our partnership, we aim to democratize access to financial services, particularly for those living in rural or remote areas, thereby contributing to the advancement of the financial inclusion goals set by the Bangko Sentral ng Pilipinas,” said Moneybees’ chairman and CEO Jay Ricky Villarante.
Moneybees expect to broaden its market by attracting new customer segments, particularly those residing in rural and remote areas. Additionally, it will promote financial inclusion by offering Filipinos access to financial products beyond traditional banking services.
The partnership allows crypto enthusiasts to transact OTC transactions at readily available Tambunting branches and gain access to a diverse range of cryptocurrencies offered by Moneybees, including prominent players like Bitcoin, Ethereum, and major stablecoins.
“Partnering with Moneybees provides satisfying solutions to a growing number of financial needs for the customers, and shores up our virtual asset capabilities in the areas of trade, remittance, investment, and crypto-fiat exchange, and opens up e-commerce growth opportunities in the future,” said Tambunting Kahera ng Bayan president and CEO Miguel Tambunting.
Both companies acknowledge the surging interest in cryptocurrencies and the immense potential of virtual assets within the Philippine financial landscape.
The partnership seeks to democratize access to crypto services, aligning with the Bangko Sentral ng Pilipinas’ financial inclusion goals by making these services more accessible to Filipinos nationwide.
Moneybees and Tambunting Kahera ng Bayan plan to develop a virtual asset ecosystem and explore areas like remittance services using crypto; investment opportunities in the crypto space; streamlined crypto-fiat exchange options; and, integration with e-commerce platforms for future growth.
The strategic alliance signifies a major step towards wider adoption of cryptocurrencies in the Philippines. It empowers Filipinos with new financial tools while positioning both Moneybees and Tambunting Kahera ng Bayan as key players in shaping the country’s virtual asset landscape.