Denarii Cash, a fintech company initially licensed in the Philippines before being recognized as a payment service provider in Dubai, touts its novel business model: overseas remittances minus the usual exorbitant fees.
This was bared by its CEO, Filipino entrepreneur Jon Santillan, in the final round of Dubai Startup Hub’s Smartpreneur Competition 4.0, one of the major events during Entrepreneur Middle East’s Enterprise Agility Forum 2019 held in Dubai.
Santillan talked at length about the company employing the freemium model which means zero fees for transactions below US$300. If remittances go beyond said amount, a flat rate of $2.5 will be charged.
This is good news especially for the Philippines since remittances make up a huge chunk of its economy.
Santillan, being an OFW himself, was familiar with the difficulties of sending money home, mostly caused by excessive fees.
“We believe that there is a problem that can be solved using blockchain protocol to minimize the cost and provide zero fees, ” Santillan said during his presentation as quoted by Entrepreneur.
Santillan’s message must have resonated with the members of the Dubai Chamber of Commerce, the event’s organizer that proclaimed Denarii Cash as the winner of this year’s Smartpreneur Competition.
With the win, Santillan walked home with 75,000 dirhams or a little over US$20,000 as well as a substantial investment from 500 Startups.
This is a huge boost for a fintech company that started in 2017 with minimal capital and a couple of missteps here and there.
It now sets its sights on expansion particularly in India, Pakistan, and other neighboring territories as it continues to gain ground in the United Arab Emirates and Saudi Arabia.
Denarii Cash is a downloadable app available on both Google Play and App Store. To send money, a person just has to register and pass the verification process. Once that is done, the customer can already send money via the app to territories Denarii Cash services.
Apart from remittances, Denarii Cash is also branching out to payment services so overseas workers can directly pay for school fees, government dues, and various bills.
It also expanded its remittance portfolio by partnering with Philippine-based blockchain platform, Rebit.
With these initiatives, it would seem that the fintech startup is on track to achieve its goal “to become the mobile wallet for the region and a mobile wallet for overseas workers globally” as Santillan declared in the same presentation.