What is the problem?
In the Philippines, over 100 million residents reside throughout more than 7000 different islands. Despite a population this size, the country sees its residents using cash almost exclusively. Less than 1% of transactions take place digitally. This is a result of various reasons, most notably that traditional finance is simply not cost effective. Fees are too high, and use of traditional services is cumbersome.
A large segment of the population receives much needed income from other Filipinos working abroad. Those that are abroad will send living expenses back home to the families that rely on them. The issue at hand is that banks charge exorbitant amounts of money to facilitate this process. With a yearly sum of over $25 billion being sent to the Philippines annually, this is a large issue.
What is the solution?
To fix the issue at hand, a service is needed that can facilitate the movement of money across borders, while avoiding traditional banks. Until recently, this was an issue that stumped many to the point that central banks have become the default means of sending money.
Who are they?
Pearl Pay is a new FinTech company based out of the Philippines. Their goal is to help primarily Filipinos, through the creation of a cost effective platform. This applies to those working both within and outside of the country.
They are helmed by an experienced team, determined to make a difference. With 5 co-founders, their experience ranges from IT, app development, law, sales, and more. They are a well-rounded team with the potential to create a successful company.
– Co-Founder & CEO
– Co-Founder, CTO, COO
– Co-Founder, CFO
– Co-Founder, CLO
– Co-Founder, CMO
How will they be the solution?
The team at Pearl Pay sees a solution in blockchain technology. By utilizing blockchain, Pearl Pay has created what they call a Virtual Money Logistics System. This is essentially a new type of platform that will facilitate the transfer of money in an efficient manner. The platform consists of multiple services ranging from a mobile wallet, remittance services and even an exchange.
The banking system in the Philippines consists overwhelmingly of small, rural banks. These are banks that do not have access to any form of electronic money transferring. This means that if a customer wants to receive money from abroad, they are forced to travel long distances to utilize this service at a ‘big bank’. Due to the monopolization of the market, these big banks are able to charge fees over 3% higher than global averages on services such as remittances. By allowing rural banks access to mobile wallets in as little as 30 days, they will be able to provide quicker, cheaper, and more convenient access to electronic services. These wallets are known as ‘Pearl Pay REMIT’
The proposed platform would also allow small business owners access. Dubbed PESO (PERA Express Strategic Outlet), this platform will give small businesses the ability to act as remittance agents. Made possible through the integration of Creo services and the Pearl Pay mobile wallet.
Finally, Pearl Pay looks to develop a cryptocurrency exchange that will also allow companies to host ICOs. This will be possible with the help of strategic partner Komodo.
Timeline / Roadmap?
Pearl Pay has the intention of launching its mobile wallet in Q1 of 2019, while its remittance services and PESO platform will launch in Q2 of 2019. Planned expansion includes remittance services offered in Japan, Canada, United States, Middle East, Singapore, and China. This expansion will take place over multiple years, leading into 2020.
To ensure smooth and timely product development, the team at Pearl Pay is hosting an upcoming ICO. This ICO will be decentralized in nature, and be hosted through services offered by Komodo. The coin to be offered is known as PRLPAY, and will serve as the only means of exchange through which the VLMS can be used. As use of the platform increases, so will the relative scarcity of the coin. This will ideally lead to an eventual increase in value.
If interested in Pearl Pay and their proposed plans, make sure to check out their website HERE.
Full Details of the upcoming ICO can be found in the provided whitepaper.
A schedule of their coin sale can be found below.
Coin Sale Schedule
Private Coin Sale Starts – June 18, 2018 @ 15:00 (GMT + 8)
Private Coin Sale Ends – June 18, 2018 @ 15:00 (GMT + 8)
Presale Coin Sale Starts – July 10, 2018 @ 15:00 (GMT +8)
Presale Coin Sale Ends –August 30, 2018 @ 14:59 (GMT +8)
Public Coin Sale Starts – September 01, 2018 @ 15:00 (GMT +8)
Public Coin Sale Ends – October 30, 2018 @ 15:00 (GMT +8)