Deal Street Asia, the CEO and founder of Satoshi Citadel Industries, John Bailon mentioned that currently there are many Filipinos who are using smartphones to access few financial services approved by the central bank of Philippines. Satoshi Citadel on the other hand is not left behind. It is playing its part in bringing alternative financial services to the country’s unbanked in their own way. The company has been working on bitcoin and digital currency based innovation for a while now. It has already empowered Filipinos by offering bitcoin based services to receive personal remittance from the family members who are working abroad.
The mobile app targeting remittance allows Filipinos to store the inward remittance as Philippine Peso on their phones and transfer the same as bitcoin to purchase goods or pay for services to those merchants who accept bitcoin payments across the world. Money stored in the application is not subject to volatile prices like in the case of bitcoin. In order to make it more efficient, Satoshi Citadel has recently acquired the country’s first bitcoin exchange — BuyBitcoin.ph which will help the company to offer bitcoin exchange service to those who use their remittance