The vast majority of individuals and even businesses rely on local remittance networks and outlets such as M Lhuillier, Cebuana Lhuillier, Palawan, and LBO to send and receive payments both domestically and internationally.
Some reports are also suggesting that the roll out of the MUFG coin will be followed by the production of cash machines, that will also work with a mobile phone app, designed to streamline the exchange system.
The endeavor involved major Japanese multinational Mitsubishi Corporation, independent group company and Japan’s largest bank MUFG – which operates independently, and Singapore-based banking giant Standard Chartered.
Mr. Zhiwei Zhao, Chairman and CEO of China Finance Online, commented, “As we continued to ramp up our cloud-based software sales, our bottom line losses narrowed. After four quarters of streamlining our business units, our efficiency reached a new r