Pearl Pay to Offer Decentralized Token Sale on July 10

Top Quote Pearl Pay is announcing its upcoming token pre-sale this July in an effort to bring better financial solutions for Filipinos here and abroad. End Quote
  • (1888PressRelease) July 04, 2018 - Manila – Philippines Pearl Pay, a Financial Technology Company that helps Small Banks, Financial Institutions and MSMEs (Micro, Small and Medium Enterprises) through its secured mainstream and innovative banking services, will have a decentralized token presale on July 10.

    The token sale is part of Pearl Pay's initiative to move closer into bringing better financial inclusion to Filipinos. To date, the Philippines has around 2.5 billion of payments processed yearly. This is equivalent to $74 billion (Php 3.76 trillion). However, despite the volume of payments processed, more than 90% of these transactions remain in cash or check. Beyond that, there are around 44% of Filipino adults still dealing with domestic remittance just for half of the year.

    Processing domestic remittances in the country is not a walk in the park most of the time. It will take the average Filipino around 21 minutes and spend at least Php 43.00 (approximately USD 1.00) to go to the nearest payment center or financial access point. This is in addition to the struggle of covering the average 11% transaction cost - relatively higher than the 7.3% of average global processing fee. The transaction fees alone put a burden on most Filipinos to make ends meet.

    Pearl Pay aims to address this problem by turning around E-Money and cash transactions ratio, and in the process save time and money on sending domestic and OFW money remittances. The company will also bring its digital solutions to the unbanked Filipinos. With its financial inclusion initiative in the Philippines, Pearl Pay hopes to tackle the same problems across the globe.

    Pearl Pay’s presale will begin on July 10, 2018. Pearl Pay, in collaboration with Komodo Team, will conduct the decentralized coin sale via “atomic coin swap”. Through the Komodo system, common issues faced by traditional centralized ICO model can be addressed. The decentralized initial coin offering (dICO), solves existing issues and even adds new possibilities to the cryptocurrency market. For more information, please also see the white paper.

    About Pearl Pay
    Pearl Pay is a FinTech company providing world-class but affordable banking applications designed to interconnect Filipinos and payment industries in the Philippines. Its Virtual Money Logistics System (VMLS) provides a comprehensive “Mobile Payment and Money Transfer Platform as a Service” relevant and aptly designed for the needs of people for actual use and financial inclusion. The company continues to develop technologies and products based on blockchain to provide a holistic ecosystem that people across the globe can use to facilitate their financial needs.

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