Cebuana Lhuillier and PayPal Partner for Affordable Transfers

Cebuana Lhuillier and PayPal Partner for Affordable Transfers

Cebuana Lhuillier, a renowned supplier of microfinance services in the Philippines, established a strategic alliance with PayPal during the highly anticipated CrossTech World 2024 event in Florida, U.S. Cebuana Lhuillier is one of the first organizations to use PayPal USD (PYUSD) to settle international money transactions using PayPal's Xoom service, making this partnership a significant milestone for both companies.

The collaboration is expected to transform the landscape of global money transfers by providing Filipinos all around the world with a faster, more efficient, and economical option to send and receive funds. Using blockchain technology, the cooperation aims to lower the costs and time associated with cross-border transfers, making the process more smooth and accessible to millions of individuals who rely on remittances.

Philippe Andre Lhuillier, Senior Executive Vice President of Cebuana Lhuillier, spoke at the CrossTech World 2024 event on the company's involvement in the alliance. To announce the relationship, he appeared on stage alongside PayPal's Vice President of Global Market Development - Blockchain, Cryptocurrency, and Digital Currencies, Paul Bances. “It was such a proud moment for the Philippines and a big boost to Cebuana Lhuillier to be chosen as one of the first two Xoom disbursement partners globally to use PYUSD for settlement,” said Lhuillier. “This strategic move is not just a win for Cebuana Lhuillier, but a monumental step towards financial inclusion, offering affordable, secure financial services to millions of Filipinos both at home and abroad.”

From left, PayPals Vice President – Global Market Development – Blockchain, Cryptocurrency, and Digital Currencies Paul Bances, Cebuana Lhuillier's First Vice-President and Money Transfer Group Head Erl Sumanga, Yellow Card's CMO John Colson, and Cebuana Lhuillier Senior Executive Vice-President Philippe Andre Lhuillier.

The PayPal USD (PYUSD) digital currency will be critical in assuring low-cost transactions and quick processing times. The use of blockchain technology in this collaboration also assures that cross-border payments are not only faster but also more transparent and safe, representing a considerable improvement over traditional money transfer techniques. This is especially crucial for the Filipino population, which relies on remittances to help their relatives back home.

Cebuana Lhuillier's President and CEO, Jean Henri Lhuillier, emphasized the strategic relevance of this collaboration. He emphasized that the relationship with PayPal enhances Cebuana Lhuillier's position as a prominent participant in the global financial ecosystem, offering a vital service to millions of abroad Filipinos sending money home. “I am really pleased with Andre and his team's achievements with this collaboration. Our partnership with PayPal demonstrates that global financial institutions see Cebuana Lhuillier as a reliable gateway for Filipinos,” Lhuillier stated. “More importantly, this collaboration demonstrates that Cebuana Lhuillier is at the forefront of advancing financial inclusion, helping to bridge the gap for Filipinos in remote areas who need affordable financial services.”

Cebuana Lhuillier and PayPal have formed a partnership that is more than simply a commercial engagement; it is a potent driver for change in the financial industry. It has the potential to improve the lives of millions of Filipinos across the world by providing them with faster, more cheap, and more secure means to move money across borders.

Last Thoughts

Cebuana Lhuillier's collaboration with PayPal is a major changer for the Philippine financial landscape and beyond. By combining blockchain technology with PayPal USD (PYUSD), the alliance aims to not only lower costs but also increase the efficiency and speed of cross-border payments, making it simpler for Filipinos all over the world to send money home. As financial inclusion remains a worldwide goal, our collaboration will help guarantee that more people have access to the financial services they require, resulting in a more inclusive global economy.

As this relationship progresses, it becomes evident that the future of money transfers resides in creative collaborations like these, which provide real-world solutions that have a long-term influence on communities globally.