Tempo France brings the latest business payment solutions to the Philippines

Gloria Mathias

Global payment system operator Tempo France will provide the local market in the Philippines with complete business solutions for remittances from the EU to the Philippines.

The French company signed a contract with Cebuana Lhuillier to provide the Philippine company with a complete white label product package. It allows Cebu Island to transfer funds from the EU to the Philippines under its brand name.

The package covers every aspect, including a fully Cebu branded mobile app, legal coverage for transfers within the EU, financial settlement and IT solutions. Includes all KYC, security and ALM aspects.

Tempo’s strategic partner Cyprus technology company Armenotech designed and developed the IT solution. The core IT function is the Stellar blockchain.

The launch of the program will enable remitters to send money from Europe using a mobile app, while recipients can collect pesos at Cebu outlets across the Philippines. The Armenotech solution is based on blockchain and has an important set of parameters, including the highest possible transaction speed, security and transfers at the lowest cost.

“This is a unique project where two European fintech companies join forces, each company can contribute to the Asian country’s market with a complete and highly sought-after product offering, which is unprecedented in the Philippine fintech and financial sector.” Alla Zhedik, CEO of Tempo France.

“The fintech sector in Asia has seen tremendous growth. We are pioneering this unique and innovative white label project that combines traditional finance and digital finance to meet people’s needs in the remittance field. We look forward to participating in the Asia region Interesting joint ventures ahead.” Armenotech Chief Budget Officer Daniel Gazaryan.

Tempo France and Armenotech believe that the white label initiative will give the green light to new prospects in the local payments market.

“We believe the Philippine payments industry will soar in 2024. There are many reasons for this upward trajectory, including the growth in overall demand for IT products and the recently passed EU digital asset regulations, which will have global implications. It is a matter of market competition. . We are confident that our partners will appreciate the quality of the products,” Zhedik added.