Higlobe, a payment solution for global businesses and remote professionals announced a partnership with Triple-A, the digital currency payment institution, aimed at transforming the landscape for remote workers in the Philippines by providing instant, free payment transfers from the United States.
Driven by the demand for new payment rails that cater to the evolving global workforce and their shared goal of simplifying cross-border payments, Higlobe and Triple-A’s partnership leverages the potential of stablecoins to offer freelancers and businesses a better alternative to traditional Swift-based cross-border payment services.
In recent years, particularly with the onset of the pandemic and the shift in work culture, remote work has experienced remarkable growth. Geography is no longer seen as a constraint in hiring talent. As such, freelancers have unparalleled access to remote opportunities while businesses fulfill needs in a highly cost-efficient manner.
In 2020, in the Philippines alone, as many as 1.5 million professionals were engaged in freelancing platforms, doing work such as content creation and customer service for local and foreign clients.
Yet, despite the global job market's expansion, professionals abroad who wish to accept USD payments from US-based clients still face numerous hurdles posed by traditional payment methods. Often riddled with complicated processes, steep fees or unfavourable exchange rates, existing cross-border payment solutions ultimately result in remote workers receiving less money or missing out entirely on job opportunities that are attractive otherwise.
Higlobe changes the game by offering remote workers the flexibility to receive USD funds from their US-based employers through a dedicated US-receiving account. From there, users can transfer funds directly to their local bank account fee-free, paying only a guaranteed low exchange rate. Alternatively, users can opt to transfer their dollars to a virtual prepaid card, allowing them to conveniently spend funds locally or in the US.
Teymour H. Farman-Farmaian, co-founder and CEO of Higlobe, said: "Our partnership with Triple-A signifies a leap forward in delivering instant, free global transfers from the US and accelerating cross-border payments for freelancers. Our mission is to move the world’s money instantly and at no cost, especially in this era when remote work has gained significant traction. This collaboration aligns with our commitment to revolutionise international payments, benefiting both freelancers and the businesses they work with. It also marks another step forward in our international expansion."
Co-founded in 2020 by former Google and Spotify executive Farman-Farmaian and software engineer Jeff Bolton, Higlobe is a payment service that allows its users to get paid by their US clients, near-instantly and at no cost. Users save up to 6% in transaction fees when compared to most incumbent services. With Triple-A's expertise in digital currency payments and regulatory compliance, this collaboration promises an unparalleled payment experience for freelancers and exporters in the Philippines.
Eric Barbier, founder and CEO of Triple-A, said: "We understand the complexities freelancers face in receiving payments, especially across borders. Through this partnership, we aim to provide freelancers in the Philippines with an inexpensive and hassle-free experience when receiving USD payments from the US. Our robust, compliance-focused platform ensures secure and convenient transactions, further empowering the freelance and remote workforce."
This partnership marks a milestone in empowering the global freelance workforce, emphasising the significant role stablecoins can play in simplifying cross-border payments, optimising treasury and cash management, and fostering financial inclusion for freelancers in emerging economies and beyond.
Starting today, remote workers in the Philippines interested in receiving payments from US business clients may now join the waitlist at higlobe.com.
Re-disseminated by The Asian Banker