SINGAPORE, Oct. 13, 2021 (GLOBE NEWSWIRE) — Southeast Asia is emerging as one major labor supply region to Japan. Vietnam accounts for a large proportion with nearly half a million people, followed by the Philippines, Indonesia, and Thailand, according to the ISA of Japan.
These migration trends come with huge demands for loans and international money transfer among Southeast Asian workers and students, especially in Japan. Following the World Bank’s updated report on global remittance data for May 2021, the Philippines with US$34.9 billion and Vietnam with US$17.2 billion remained in the top 10 remittance recipients globally. However, the global average cost for sending remittances can be as high as 6.38% in Q1 2021. Moreover, users also face difficulties due to obstacles of credit scores.
Getting the signal of this potential market, Unius Asia with its blockchain project Bholdus in Singapore and ATOM Solutions Co., Ltd in Japan signed a Memorandum of Understanding (MoU) to foster stronger financial solutions to people in Southeast Asia and Japan. “Atom Solutions & Bholdus ecosystem aim to work closely via an integrated system to create a variety of tools to support financing, automate the process of loan repayment, remittance with transparency,” stated Ronald Le, Unius Asia Founder & CEO.
Conversely, more Japanese firms are expanding business in Southeast Asia, followed by an increased demand in personal finance. To that end, Atom and its ecosystem are expecting to provide the integrated tech solution with Bholdus blockchain infrastructure to ensure seamless financial flow from Japan to these countries.
Atom Solutions, a Japanese fintech company, started implementing the world’s fastest overseas remittance service with the lowest cost from only 5 cents since 2019. Currently the company is promoting this service in Vietnam and the Philippines where they have sealed cooperation with esteemed local e-wallets.
With strengths in the blockchain industry, Unius Asia creates the Bholdus project to provide financial loans via blockchain and real-world audited NFT assets. In addition to simplified operations and user experience, Bholdus also offers lower transaction costs and outstanding transaction speeds, with total security.
This cooperation can be considered a comprehensive solution to the financial problems of Southeast Asians in Japan and Japanese in the region. Accordingly, they will gain access to seamless opportunities from Bholdus’ platform and Atom Solutions’ large ecosystem of remittance services.
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