Velo Labs and Philippine Digital Asset Exchange have signed an agreement to work together in bringing improved cross-border payments to the Philippines, using the transformational power of blockchain technology.

Cross-border payments in traditional financial systems are increasingly slow and expensive, requiring a number of intermediary institutions to settle transactions. With an estimated 34 billion USD in remittances arriving in the Philippines each year, Velo Labs and PDAX aim to improve on the current inefficiencies by leveraging Velo Labs’ blockchain payment infrastructure. By using this technology, Velo Labs and PDAX will strive to bring secure, near real-time, and low-cost payments to both the Philippines cross-border market and end consumers.

“Velo labs are committed to building a decentralized settlement network that empowers individuals and businesses to access financial services using blockchain technology and the work we are doing with PDAX is an extension of our mission,” said Mike Kennedy, CEO of Velo Labs. “Together, we can offer the Philippines cross-border market a much more efficient way to send and receive international payments.”

“PDAX recognizes the value that blockchain technology can bring to millions of people in the Philippines who rely on cross-border remittances to send much-needed financial support to their families and loved ones.,” said Nichel Gaba, Founder and Chief Executive Officer of PDAX. “Velo Labs has been incredibly valuable in the effort to help bring these new services to market. We look forward to supporting them in enabling greater financial inclusion through similar, innovative technologies,”