The Philippines will use blockchain for remittances from Japan

The Rizal Commercial Banking Corporation, one of the main local banks, is developing the platform

The Philippines seeks to reduce the costs that its workers in Japan must pay for sending remittances by implementing a platform based on blockchain technology. The driving force behind the measure is the Rizal Commercial Banking Corporation (RCBC), one of the country’s leading banks.

The speed, security and transparency offered by this technology are key characteristics in the selection by the Philippine banking authorities for their application in transactions from the Japanese territory.

For the development of the platform, the RCBC has teamed up with IBM and 15 other banking entities around the world. One of these is Resona Bank, based in Tokyo. All work together to reduce costs for remittances, which in the Philippines reached the historic figure of $ 31.3 billion in 2017.

After the decision of the RCBC to look for alternatives to the traditional banking ecosystem, based on the SWIFT system, malicious questions arose. However, authorities of the entity have clarified that blockchain technology offers total transparency and immediacy. They highlighted the current high shipping costs through the SWIFT system.

Undoubtedly, the use of blockchain technology will represent a saving for Philippine workers in Japan that will also be beneficial for their family group.


Source: Infocoin

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