Japan-based fintech Digital Wallet Corporation (DWC) has officially entered the Philippines through the acquisition of licensed remittance and foreign exchange company Speed Money Transfer Philippines (SMTP), according to a press release.
SMTP is now renamed Digital Wallet Philippines, after being approved by the Philippines’ central bank Bangko Sentral ng Pilipinas.
The firm said it will expand its mobile wallet technology called Smiles Mobile Remittance (Smiles) through Digital Wallet Philippines, to offer customers a mobile wallet service to receive and transfer funds, both domestically and internationally through an app.
DWC runs a network of global money transfer and payment services, digital wallet, cryptocurrency investments, and mobile marketing, in addition to access to investment projects in Asia. The firm launched Smiles Mobile Remittance in 2016 as Japan’s first mobile remittance service.
“Our Philippines acquisition is the first step in our global expansion strategy to deploy our mobile wallet service ‘Smiles’ to Asia and Europe,” Eiji Miyakawa, founder and CEO of Digital Wallet Corporation, said in a press statement.
Miyakawa added the company’s goal is to allow unbanked customers to benefit from financial services such as remittance, foreign exchange, and payments through their mobile devices. He also revealed the firm’s future intentions to provide its customers access to investment projects in the country, and highlighted “the potential of cryptocurrency” as a universal financial platform and alternative to traditional project financing.
In 2018, the Philippines was the fourth-highest remittance recipient globally at USD 34 billion, trailing behind Mexico at USD 36 billion, China at USD 67 billion and India at USD 79 billion, according to the World Bank.