Monday, 2024 March 4

Manny Pacquiao is launching a payment platform for cross-border transfers

The Singapore-based startup Pac Technologies, which was co-founded by Philippine world boxing champion Manny Pacquiao, on Friday announced that it is partnering with fintech remittance firm Remsea to offer prepaid debit cards, as well as PacPay, a payment platform “for global influencers, brands and fans.”

Pac Technologies has been incorporated in Singapore since May 2020 and Sean Wong, Pacquiao’s sports agent for Greater China, Taiwan, and Hong Kong, currently serves as CEO. PacPay, which is slated to launch by the last quarter of 2020, aims to provide efficient and secure prepaid cross-border payment solutions and will include a rewards program.

“Through the unique card program, my followers will be incentivized with exclusive rewards including complimentary tickets, limited edition autographed merchandises, and attractive discounts by merchants around the world,” the boxer said. In September last year, Pacquiao, who is also a senator in the Philippines, already released a cryptocurrency, called “Pac tokens”.

Remsea is a remittance firm with focus on international money transfer. In June, the firm launched an initiative to help migrant workers in Singapore remit their salaries digitally without having to queue up at an office. By cooperating with Remsea, Pac Technologies is tapping into the huge potential of cross-border payments in Southeast Asia.

“The global landscape of payments is witnessing unprecedented growth. This is an incredible opportunity for us to enter the regional market,” said Wong.

Remittance is a major source of income for the Philippines. Overseas remittance flows grew from USD 5.7 billion in 1997 to USD 30.1 billion in 2019. However, remittance flows are projected to contract by up to 6.9% this year due to COVID-19.

Photo credit: Wikimedia Commons


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