VIRTUAL-asset service provider (VASP) Moneybees Forex Corp. recently announced a partnership with Tiwala sa Padala Co. Inc. (Tambunting Pawnshops), to make cryptocurrency exchange buy and sell services available in select pawnshops of the latter in the country’s capital.
In a statement issued on August 16, Moneybees said Tambunting is now one of their partner over-the-counter (OTC) outlets to buy and sell cryptocurrencies.
“The landscape in the money-service business has evolved over time from the traditional to the digital way of doing things. The taste and preferences of our customers have likewise changed,” the statement quoted Tambunting Compliance Officer Nora Daileg as saying. “Our company sees the need to keep up with the times and learn to adapt to changes otherwise, we will not be able to continue as a going concern. We have to cross-sell and add more products and services.”
According to Moneybees, the partnership allowed for the activation of crypto exchange services at ten selected Tambunting branches across Metro Manila. The firm added the partnership will enable customers to buy or cash out crypto from any wallet, such as Metamask, Binance, PDax and Trust Wallet, among others. Transaction limits are up to P5 million in one day.
“Since this is the age of the cryptos, we want to expand our market and serve the needs of the Gen Z and Millennials who are heavily purchasing the cryptos,” Daileg added. “We see this as an opportunity to augment our income and be able to expand our market.”
Tambunting branches that carry the crypto exchange service provider include those in: P Tuazon, Sta. Ana, Gil Puyat Ave Makati City, McArthur Cubao, Retiro, Marimar Paranaque City, Kakarong Makati City, GuadaMall, Junction Rizal and Sucat.
Moneybees CEO Paulo E. Del Puerto was quoted in the statement as saying the partnership is a “ground-breaking opportunity” for the virtual asset service provider as Tambunting is a “reliable institution trusted by Filipino families.” The company, however, didn’t disclose the value of the partnership.
“The crypto ecosystem is at a critical growth juncture and we are committed to helping accelerate its trajectory by providing a simple and secure way of buying and selling crypto via OTC,” Del Puerto added. Aside from Tambunting, Moneybees partner OTC outlets are BSP-licensed money exchangers, remittance agents and pawnshops that can be found in strategic locations such as malls, casinos and business centers.
Moneybees is duly registered with the Bangko Sentral ng Pilipinas (BSP) and with the Anti-Money Laundering Council (AMLC) as a VASP. The firm offers the first cryptocurrency over-the-counter service in the Philippines. Established in 2017, it aims “to make the exchange between fiat and virtual currencies more accessible to many.”