Quick Take
Higlobe and Triple-A’s strategic partnership aims to streamline cross-border payments for Filipino remote workers. This collaboration promises instant, fee-free USD payment transfers, addressing the challenges faced by freelancers and businesses in the rapidly expanding global work environment.
Higlobe and Triple-A teams up to provide instant, fee-free USD payment transfers from the US to the Philippines
In a significant move aimed at transforming the payment landscape for remote workers in the Philippines, Higlobe, a payment solution for global businesses and remote professionals, has announced a strategic partnership with Triple-A, the digital currency payment institution. The collaboration seeks to provide instant, fee-free payment transfers from the United States to freelancers and businesses in the Philippines, addressing the challenges posed by traditional SWIFT-based cross-border payment methods.
The Global Shift towards Remote Work and Challenges with Traditional Cross-Border Payments
Remote work has witnessed unprecedented growth in recent years, driven in large part by the pandemic and a shift in work culture that has rendered geography irrelevant when it comes to hiring talent. In the Philippines alone, freelancers have been flocking to online platforms, with as many as 1.5 million professionals engaged in various remote work activities, including content creation and customer service for both local and foreign clients.
However, despite the growing global job market, professionals in the Philippines and other emerging economies who wish to accept USD payments from US-based clients have faced numerous obstacles. Traditional cross-border payment solutions have been fraught with complicated processes, high fees, and unfavorable exchange rates, leaving remote workers with less income or missed job opportunities.
Higlobe’s innovative solution aims to revolutionize this system by offering remote workers the flexibility to receive USD payments from their US-based employers through a dedicated US-receiving account. From there, users can transfer funds directly to their local bank accounts without incurring any fees, paying only a guaranteed low exchange rate. Alternatively, users can choose to transfer their dollars to a virtual prepaid card, enabling them to conveniently spend their funds either locally or in the US.
Higlobe Driving Innovation In International Payments
Teymour H. Farman-Farmaian, Co-founder and CEO of Higlobe, expressed his enthusiasm for the partnership, stating, “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 revolutionize international payments, benefiting both freelancers and the businesses they work with.”
Higlobe, co-founded in 2020 by former Google and Spotify executive Farman-Farmaian and software engineer Jeff Bolton, has already gained recognition for allowing its users to receive payments from US clients almost instantly and without transaction fees, potentially saving them up to 6% when compared to incumbent services.
The partnership with Triple-A, a leader in digital currency payments and regulatory compliance, further strengthens Higlobe’s position. Eric Barbier, Founder and CEO of Triple-A, emphasized the aim of providing freelancers in the Philippines with an affordable and hassle-free experience when receiving USD payments from the US, stating, “Our robust, compliance-focused platform ensures secure and convenient transactions, further empowering the freelance and remote workforce.”
The Role of Stablecoins in Cross-Border Payments
This partnership signifies a major milestone in empowering the global freelance workforce, highlighting the vital role stablecoins can play in simplifying cross-border payments, optimizing 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 can join the waitlist at Higlobe’s website.
The collaboration between Higlobe and Triple-A represents a significant step toward making cross-border payments more accessible and cost-effective for remote professionals, ultimately benefiting both freelancers and the businesses that rely on their services. As the world continues to embrace remote work, partnerships like this are likely to become increasingly important in facilitating the flow of funds across borders.
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