THELOGICALINDIAN - Hong Kongbased Bitspark Limited a bitcoin remittance aggregation has appear a new affiliation with Malaysian Vitaxel Group Vitaxel Group which specializes in multilevel business has added than 5000 distributors in 16 Asian countries And calm they aim to aggrandize the bitcoin remittance casework throughout Southeast Asia SEA
Remittance in Hong Kong
Currently, Bitspark provides bitcoin remittance casework to three countries – Vietnam, Philippines, and Indonesia. Now Bitspark is entering the Malaysian bazaar and the ultimate ambition is to accommodate faster and cheaper remittance casework through the use of bitcoin and blockchain technology to S.E.A.
Also read: Malaysian Remittance Embraces Hybrid ‘Dragonfly Fintech’ Blockchain
There are about 320,000 casual workers in Hong Kong alone. Before Bitspark came into the picture, migrants would go to acceptable ‘money alteration stores’ physically to address money home. These acceptable money alteration stores’ casework tend to be big-ticket and crave absolutely some time for the accomplished action to complete. To add, abounding of these money alteration food use anachronous IT technology. Hence the systems generally abridgement in security.
Bitspark Business Model
Customers can either appeal for remittance casework by handing banknote over the counters at one of the abounding food or amount their online accounts with bitcoin or added accustomed currencies to address at the abundance of their home.
Using bitcoin and added cryptocurrencies to alteration payments amid intermediaries, Bitspark bypasses through absolute cyberbanking networks and acceptable remittance systems. In turn, it provides barter with aggressive fees and a college acceleration of transfer.
Does the accepting affair crave ability of bitcoin or IT skills? The acknowledgment is no. Bitspark currently has added than 100,000 analeptic locations worldwide. The agents at these locations accord anon with cardboard currencies. Hence, the accepting affair can aces up the money behindhand if remittance was done over the counters or through bitcoin.
S.E.A. Remittance Potential
Collaboration with Vitaxel is one of the best able business accommodation that Bitspark has made. In Malaysia, the aggregate of money transfers to adjoining countries such as Indonesia, Thailand, Singapore and others is able-bodied over US $2 billion and growing.
Due to the ample volumes and bulk in transactions, the ally accept committed to the acrimonious akin of KYC. This is to bouncer adjoin the abusage of its belvedere to acquit funds. Strategic affairs in allotment their agents to abstain putting bitcoin and the accord in a beneath than adorable ablaze will be necessary.
Do you apperceive that the all-around remittance industry is a US $600 billion industry? Share with us your thoughts on the accretion cardinal of casual workers application bitcoin in the comments below.
Images via Shutterstock, Bitspark and Vitaxel websites.
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