Philippine over-the-counter (OTC) cryptocurrency exchange Moneybees and pawnshop conglomerate Tambunting Kahera ng Bayan have announced a strategic partnership aimed at improving access to financial services for crypto enthusiasts, particularly in Forbes Park in Makati and rural and remote areas nationwide.

This collaboration encompasses a network of pawnshop brands under Tambunting Kahera ng Bayan, including JPT Central in Forbes Park, Aurotam Pawnshops, Prime Phil-Asia Star Pawnshops, Prime Quality Supreme Nation Pawnshops, Prime Sealand Pawnshops, and Reliance Prime Equity Pawnshops, Moneybees said in a statement on Wednesday.

According to the statement, the partnership’s primary objective is to expand market reach, target new customer segments, and promote financial inclusion for underserved communities nationwide.

“Moneybees is excited about the far-reaching impacts of this partnership, such as improving access to financial services, driving innovation in the country, and enhancing customer experiences,

“Through our partnership, we aim to democratize access to financial services, particularly for those living in rural or remote areas, thereby contributing to the advancement of the financial inclusion goals set by the Bangko Sentral ng Pilipinas,” said Jay Ricky Villarante, Chairman and Chief Executive Officer of Moneybees.

Through this alliance, Moneybees will utilize 97 Tambunting branches across the Philippines to facilitate seamless conversion of digital currencies into pesos.

This extended network will enable both new and experienced crypto traders to conduct OTC transactions, thereby broadening access to financial products beyond traditional banking services.

With strategically located branches across the country, including a branch in Forbes Park, Makati City, crypto enthusiasts will gain access to Moneybees’ diverse range of cryptocurrencies, encompassing Bitcoin (BTC), Ethereum (ETH), USD Tether (USDT), USD Coin (USDC), Ripple (XRP), and other major cryptocurrencies.

As Bitcoin’s price hits a new all-time high of above $73,000, the collaboration assumes significance in driving broader adoption and acceptance of cryptocurrency OTC exchanges.

The trusted reputation of Tambunting Kahera ng Bayan among Filipinos positions it as a reliable gateway for customers to engage with crypto-related services, thereby legitimizing and mainstreaming the use of cryptocurrencies in the financial sector, said the statement.

Miguel Tambunting, Chief Executive Officer and President of Tambunting Kahera ng Bayan, emphasized the transformative potential of virtual assets and the growing market for Virtual Asset Service Providers in global finance.

“There is a huge surge in interest in cryptocurrencies because it is a powerful representation of value that can be traded or used for a number of use cases, such as investment and payments—anywhere, anytime,

“Partnering with Moneybees provides satisfying solutions to a growing number of financial needs for the customers, and shores up our virtual asset capabilities in the areas of trade, remittance, investment, and crypto-fiat exchange, and opens up e-commerce growth opportunities in the future,” he added.

In addition to expanding service offerings to clients, including trusteeship and capital management, Moneybees and Tambunting Kahera ng Bayan will collaborate to develop a virtual asset management ecosystem.

Moneybees provides trading services for cryptocurrency, including Bitcoin, USDT, and Ethereum, at government-licensed Moneybees outlets.

Meanwhile, Tambunting Pawnshops lend money, accept jewelry or any personal property with lasting value, and also accept mortgages of real estate and pledges of stocks.

Operated over 300 branches, the firm is now known as a one-stop shop, as it caters to multiple services through business ventures with other companies.

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