Cebuana Lhuillier Integrates with Stellar Blockchain Network to Provide Instant Remittances

Cebuana Lhuillier, the Philippines’ leading pawnshop and remittance center, has announced its integration with the Stellar blockchain network to provide instant remittances to its customers. With this new development, Cebuana Lhuillier aims to improve the efficiency and speed of its remittance services.

Remittance is a vital source of income for millions of families in the Philippines, with many overseas Filipino workers sending money back home to support their loved ones. However, the traditional remittance process can be slow, with transactions taking days or even weeks to complete. Cebuana Lhuillier’s integration with the Stellar blockchain network will significantly reduce transaction time, making it easier and quicker for customers to send and receive money.

The Stellar network is an open-source blockchain platform that aims to make financial transactions more accessible, affordable, and secure. Its technology enables near-instant and low-cost transactions, making it an ideal solution for remittance services. Cebuana Lhuillier’s integration with the Stellar network will provide a secure and reliable platform for its customers to send and receive money.

According to Jean Henri Lhuillier, the president and CEO of Cebuana Lhuillier, the integration with Stellar will not only benefit customers but also the company’s agents and partners. He said that the new technology would enable the company’s agents to process transactions more efficiently and offer a better overall service to customers.

The integration with Stellar is part of Cebuana Lhuillier’s ongoing efforts to improve its remittance services. The company has been exploring new technologies and partnerships to make its services more accessible and efficient. In 2020, Cebuana Lhuillier partnered with Ripple, a blockchain-based payments network, to provide instant cross-border remittances to its customers.