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Telcoin partners with leading Vietnamese mobile wallet VIMO for international remittance. Partnership aims to introduce fastest, most affordable option for US$1B Canada-Vietnam remittance corridor.
26th June 2019 – FOR IMMEDIATE RELEASE
Singapore and Hanoi, Vietnam — Telcoin Pte. Ltd., a fintech startup leveraging blockchain technology to facilitate high-speed, low-cost international remittances, today announced a partnership with Vimo Technology JSC, operator of leading Vietnamese digital wallet Vimo.
Under the partnership, Telcoin users in Vietnam will soon be able to accept inbound international remittances from Canada (in CAD) and cash out to their Vimo digital wallet balance (in VND). Vimo has more than 1 million active wallets across Vietnam. In addition to merchant payments, Vimo offers P2P transfers, bill payment, ecommerce payment, mobile top-up, and bank transfer.
According to the World Bank, nearly US$1 billion in remittance outflows were sent from Canada to Vietnam in 2017. Incumbent remittance providers often charge exorbitant fees or take an unfair cut of currency exchange rates, with the global