Cyprus, an established hub for technological innovation, played a pivotal role in a ground breaking partnership that bridges European and Philippine finance. International payment system operator Tempo France, has signed a partnership with Cebuana Lhuiller, a multi-industrial giant in the Philippines, to introduce a cutting-edge blockchain-driven solution for seamless remittances from the European Union (EU) to the Philippines.
Cypriot IT firm partnership
At the heart of this deal lies the innovative IT solution crafted by Armenotech, a renowned Cypriot technology firm and strategic partner of Tempo France. Both Tempo France and Armenotech have been working to roll out this white-label project within the local payment ecosystem. The deal is expected to have transformative potential for the payments sector.
This agreement empowers Cebuana Lhuiller to oversee money transfers from the EU to the Philippines under its own distinguished brand. This comprehensive package includes a bespoke mobile application exclusively tailored for Cebuana, extensive legal support for EU transfers, financial settlements and a sophisticated IT infrastructure.
Critical elements, such as compliance with Know Your Customer (KYC) regulations, stringent security protocols, and robust Anti-Money Laundering (AML) measures, have been meticulously incorporated into this offering to ensure that regulatory standards are met. Cebuana Lhuiller will seamlessly integrate and deploy this ground-breaking solution, instantly elevating its capabilities and enhancing customer experiences.
Stellar blockchain for speed and security
Alla Zhedik, CEO of Tempo France, shared her insights, stating, “This unique project unites two European fintech powerhouses, each contributing to deliver an unparalleled product to an Asian market—an accomplishment unprecedented in the Philippine fintech and finance sector.”
Fueling this innovative IT solution is the Stellar blockchain, a pioneering technology known for its speed, security and cost-effectiveness. European senders can now make use of a customized mobile application to initiate money transfers, while beneficiaries in the Philippines can conveniently access their funds at various Cebuana locations across the archipelago.
This revolutionary blockchain-powered system promises rapid transactions, fortified security measures, and minimized costs—a game-changer for users.
Project spearheaded in Cyprus
Daniel Gazaryan, Chief Business Officer for Armenotech, (pictured above), pointed out the significance of this pioneering venture: “The Asian fintech sector has experienced remarkable growth. We are spearheading this exclusive and innovative white-label project that converges traditional and digital finance to meet the remittance needs of people.”
Gazaryan continued, “We view this innovation as a catalyst for future achievements and eagerly anticipate engaging in intriguing collaborations within the Asian region.”
Zhedik of Tempo elaborated on the pivotal role of blockchain technology, noting, “Clients seek products with optimal operational and financial attributes. Blockchain technology plays a pivotal role in achieving this, providing the highest transaction speed, safety, and the lowest transaction costs—the trifecta of client demands.”
She highlighted the recent partnership between Tempo and Armenotech, enabling Stellar blockchain-based remittances from Tempo’s mobile application to reach Cebuana payout locations, underlining their unwavering commitment to technological excellence.
Zhedik stated, “We regard the Asian region, particularly the Philippines, as a highly promising market for cutting-edge fintech solutions. We anticipate that the Philippine payment sector will experience exponential growth in 2024, driven by factors such as increased demand for IT products, EU regulations for digital assets, and a rising trend among financial institutions to embrace digital assets and blockchain for settlements.”
“Competition in the market is paramount. We trust that our partners will value the product’s quality, further motivating us to explore developments in this promising sector,” she added.
Reshaping digital finance
Tempo France, operating on a global stage, has not only implemented over 100 modern payment methods across 100 countries but has also championed the adoption of Stellar technology in remittances across Europe and the Asia Pacific region.
This strategic alliance with Cypriot firm Armenotech demonstrates commitment of this venture to advancing international payment markets and catalyzing the global integration of blockchain technology. In conclusion, this venture stands as a remarkable achievement of the Cyprus technology sector, underscoring the sector’s capacity for innovation on the global stage. As technology continues to reshape digital finance, this collaboration establishes an impressive precedent for the future of cross-border remittances. Cyprus has firmly positioned itself as a key player in technological innovation with boundless potential for more advancements.