Singapore – Thunes, a financial services firm, has recently announced that it has partnered with Pomelo, a credit-powered remittance and credit card issuer to introduce an international money transfer solution from the United States to the Philippines.
In this partnership, the two are set to advance remittance handling through Thunes’ digital wallet integration, reducing costs and connecting families in new and innovative ways.
It further positions Pomelo as the first financial technology solution to proactively address cross-border money transfers in the global remittance market. This enables Pomelo to offer user’s families continued access to a line of credit for spending while the primary user pays the bill monthly.
Card holders can also immediately transfer their Pomelo credit line into the recipient’s GCash digital wallet through the extensive network of Thunes. This makes money transfers cheaper and easier with the integration.
Additionally, Pomelo cardholders can support up to three family members or friends anywhere in the world, providing both payees and recipients access to highly competitive exchange rates and reduced money transfer costs.
The said solution serves the US/Philippines remittance corridor, one of the world’s largest cross-border payment flows. Among the future plans are the expansion of the said service to other major US and international markets like Mexico and India.
Floris de Kort, chief executive officer at Thunes, said, “Pomelo has the potential to transform remittance payments worldwide. This partnership aligns perfectly with Thunes’ ambition to make cross-border payments faster, more transparent, and more affordable by connecting to over 3 billion digital wallets and 4 billion bank accounts.”
“By providing payouts to the GCash digital wallet, we’re getting funds to family members instantly, how and when they need it most,” Floris added.
Eric Velasquez Frenkiel, founder and chief executive officer at Pomelo, further shared, “Sending remittances used to be costly, slow, and unreliable. At Pomelo, we’re changing how international money transfer works by helping customers build a credit history in the US while supporting their loved ones across borders.”
“Thunes’ emerging markets expertise will be integral to helping us launch our digital wallet integration quickly to move money into the local payment methods of choice, initially in the Philippines/US corridor and beyond, as we expand our reach of services,” concluded Eric.
