FOREWORD FROM CLAUDE
Q3 2019, Our strongest quarter ever.
When 2019 started, we set ourselves to connect users with their loved ones and allow them to send money to each other with our first product, Telcoin Remittances. This quarter, we’ve brought this goal closer to reality than ever, and I am now sure that Q3 2019 was the last quarter before our work comes to fruition.
To help users send money to each other, we need three things: a product that they can use, partners to receive and disburse funds to users, and licenses and other regulatory agreements to stay compliant with local laws.
Today, the product in our case is a smartphone application that will keep evolving for the foreseeable future as we continue working to fill our users’ needs. During Q3, our product has seen a tremendous amount of change to fit the regulatory frameworks of the countries where we intend to operate. We will release those changes during Q4 as we enter production.
Telcoin is all about providing financial services to users in an environment they can trust and rely on, which is one of the reasons why we work with partners. We focused initially on telecom providers because of their mobile money services and their user bases. Along the way, we realized that in some places, non-telco MM services have more reach, so we included them in our plan. This strategy led us to partner with Paga and Vimo, while the majority of partnerships we plan to announce in the coming quarters will be closer to the telecom world. Please stay tuned.
As mentioned above, we wouldn’t provide any remittance service without complying with local regulations, and this is where licenses come. We have been working around the clock with regulators to make sure Telcoin can thrive globally. For anyone breaking new ground, our project was initially faced with a lot of doubt, but our team had answers for everything – and several regulators are now glad to know that Telcoin is willing to work alongside them. The next two quarters will hopefully see more regulatory efforts bear fruit so users from many more countries can send money to their families.
In Q3, we presented new partnerships and licenses, and in Q4, Telcoin will start operations. I want to thank every supporter, community member, and employee making it possible for Telcoin to allow people to Send Money Smarter and promote financial inclusion in this increasingly mobile world.
PAGA PARTNERS WITH TELCOIN
The end of September saw us further expand our commitments to making financial inclusion a reality throughout the African continent with the announcement of a new partnership with one of Nigeria’s leading mobile wallets – Paga.
With a user base of over 13 million subscribers, Paga allows its customers to make P2P money transfers, pay bills, shop at supported merchants, top-up airtime, and more; all from their mobile device.
We feel that the partnership with Telcoin will add some additional layers to their digital suite of financial services while providing Nigerians – both at home and abroad – a better way to send and receive cross-border money transfers.
Further movements in Southeast Asia
Over the last few weeks, Claude and Eric have been traveling to a number of countries in Southeast Asia to conduct meetings with partners and regulatory bodies. During that time they were requested to attend a meeting at MAS (the Monetary Authority of Singapore) as part of our application process for the Money Service and Remittance license.
This license is notoriously difficult to acquire due to the strict criteria involved, however, we are pleased to report that the feedback from the MAS has been overwhelmingly positive and supportive of Telcoin’s application and business model. We look forward to updating you more on this in the future.
Bringing New Cash-in Services to The Philippines
Continuing to work toward our mission to provide a full-stack experience for Telcoin users, we have partnered with Touchpay, which operates a nationwide network of APM’s (automatic payment machines) across the Philippines, allowing anyone to make bill payments, top-ups, and other payment solutions 24/7.
Our partnership will make Telcoin tokens available to purchase directly via the Touchpay terminals from 2020, as well as the ability to spend Telcoin to pay for bills and other services. This initiative will allow Filipinos nationwide the ability to access cryptocurrency in a simple and easy to use way, free from the confusing and cumbersome nature of exchanges.
BSP AML SEMINAR
While in the Philippines, Claude and Eric were requested to participate in a BSP AML (anti-money laundering) seminar. This is a necessary compliance requirement for VCE licensees and one of the final tasks to complete before launching business operations in the Philippines. We are now nearing the final stages of being fully operational and compliant to begin conducting business in the Philippines. Preparing the necessary compliance paperwork, coupled with partnership due diligence and contract negotiations, has been a long and at times stressful journey. However, we are very pleased to have the finish line well within our sights.
Our Ambassador program has been a real success and we now have Telcoin Ambassadors scattered all around the globe, passionately flying the Telcoin flag and helping spread our mission. This month we welcome our newest ambassador Scorzaze who is not only a valued community member and a huge supporter of Telcoin, but is also behind the community-based website telfam.com
The website is a great resource for all things Telcoin and we were amazed by the time he took to create this for the benefit of the community and newcomers to Telcoin.
Thank you from all the entire Telcoin team!