Veem and Coins.ph Expand Partnership for Cross-Border Payments

Global payments provider Veem and Philippine digital wallet platform Coins.ph have announced an expansion of their partnership to enhance cross-border transaction capabilities from North America to the Philippines.

The collaboration aims to improve the efficiency of corporate payouts and contractor payments by introducing new settlement methods, including stablecoins.

Under the expanded agreement, Coins.ph will continue to serve as a local payout provider for Veem.

The partnership is designed to facilitate faster and more cost-effective fund delivery for businesses in the United States and Canada sending money to the Philippines.

The companies are currently exploring digital settlement options, such as USDC, to further streamline the process.

The initiative targets the growing segment of Filipino remote workers, freelancers, and outsourcing firms who require timely international payments.

Traditional international bank transfers often involve high fees and multi-day settlement periods.

In contrast, the integrated solution allows Veem to maintain USD liquidity while Coins.ph manages local compliance and currency conversion, ensuring funds reach recipients through their preferred local channels, including over 100 banks and e-wallets.

Marwan Forzley, CEO and Co-Founder of Veem, noted that the model offers a scalable alternative to traditional banking rails.

Wei Zhou, CEO of Coins.ph, emphasised the benefits for the local gig economy.

Featured image by via Freepik.

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