The bank is dedicated to providing, amongst other things, merchant payment services, microfinance facilities, debit cards, international money transfers and currency exchange services
January 13, 2018
The swift adoption of the blockchain technology is disrupting many markets, especially the segment of banking & financial services. QUANTOCOIN takes digital banking services to the next level by incorporating the key advantages of this state-of-the-art technology, the internet, and smartphones to create QTC Bank. With a special focus on the sector of remittance that traditionally suffers from high cost.
Global remittances are projected to grow by 3.4 percent to $616 billion, in 2018. One of the top three countries in the world in remittance-receiving is the Philippines with $32.8 billion this year, as estimated by the World Bank. Last year, cash sent home by overseas Filipinos through banks reached a record-high $32.8 billion, 5.3-percent higher than 2016’s $26.9 billion. Remittances in the Philippines are thriving, and so is their cost.
The cost of remittance worldwide is estimated to 7.1% of the sending amount. In the Gulf Cooperation Council (GCC) countries, the fees are estimated at $215 million. Statistical calculations reveal that a price cut by at least 5% can save up to $16 billion annually.
Now, QUANTOCOIN leads the way in reducing significantly the remittance fees by preparing the launch of one of the world’s most comprehensive virtual banks, “QTC Bank.” As Pablo V. Dana, Partner in QUANTOCOIN, explains “The bank is dedicated to providing, amongst other things, merchant payment services, microfinance facilities, debit cards, international money transfers and currency exchange services to individuals located…