Gcash Partners Roxe to Provide Affordable Blockchain-Based Cross Border Paymentsby Fintech News Philippines September 9, 2022
Blockchain infrastructure company Roxe announced that it has partnered with G-Xchange’s GCash to enable affordable cross-border payments.
The partnership connects GCash to Roxe’s blockchain-based payment network, where users from around the world can send funds to GCash’s customers.
Roxe says that it provides a better mid-market exchange rate to remittance senders compared with other cross-border remittance services by offering the FX rate from its own USD/PHP liquidity pool.
For example, on 18 August 2022, the interbank USD/PHP FX rate was 55.79, while the USD/PHP FX rate offered by Roxe was 55.76.
Roxe has added over 40 partners in the past few months, including ECS Fin, Axletree Solutions, N2Xpress, Fairexpay, Rana Express, iPay, and Treviso.
The GCash and aforementioned partnerships come at the forefront of the company’s preparation to go public by the end of 2022.
“Through Roxe’s blockchain-based services our users’ family members globally that are looking to send funds to family or friends in the Philippines can get better FX rates and lower fees,”
said Martha Sazon, GCash President and CEO.
“By leveraging the power of blockchain, we are able to give GCash’s 66 million users an efficient financial solution for cross-border payments,”
said Maodong Xu, President of Roxe.