Moneybees and Tambunting collaborate to expand OTC crypto services

To make cryptocurrency transactions more accessible for Filipinos, Moneybees has partnered with the household pawnshop brand Tambunting to be one of its partner over-the-counter (OTC) outlets offering crypto buy and sell services.

Moneybees has activated crypto exchange services at 10 selected Tambunting branches across Metro Manila, to begin with. There are over 1,200 Tambunting branches nationwide. With Moneybees, customers can buy or cash out crypto from any wallet, such as Metamask, Binance, PDax, and Trust Wallet, among others. Transaction limits are up to P5,000,000 in one day.

“The landscape in the money service business has evolved over time from the traditional to the digital
way of doing things. The taste and preferences of our customers have likewise changed. Our company sees the need to keep up with the times and learn to adapt to changes otherwise, we will not be able to continue as a going concern. We have to cross-sell and add more products and services,” Tambunting Compliance Officer Nora Daileg said.

“Since this is the age of the cryptos, we want to expand our market and serve the needs of the Gen Z
and Millennials who are heavily purchasing the cryptos. We see this as an opportunity to augment our income and be able to expand our market,” Daileg added.

Moneybees is the first cryptocurrency over-the-counter service in the Philippines, founded in 2017, making the exchange between fiat and virtual currencies more accessible to many. They provide the technology to money service businesses with physical outlets to accept and facilitate cryptocurrency transactions in their shops without the risk of market volatility.

“This is a ground-breaking opportunity to partner with a reliable institution like Tambunting, which has been in the industry and trusted by Filipino families for over a century. The crypto ecosystem is at a critical growth juncture, and we are committed to helping accelerate its trajectory by providing a simple and secure way of buying and selling crypto via OTC,” Moneybees CEO Paulo Del Puerto said.

Moneybees Forex Corporation is duly registered with the Bangko Sentral ng Pilipinas (BSP) and with the Anti Money Laundering Council (AMLC) as a Virtual Asset Service Provider (VASP).

Aside from Tambunting, Moneybees partner OTC outlets are BSP-licensed money exchangers, remittance agents, and pawnshops that can be found in strategic locations such as malls, casinos, and business centers. It aims to grow its services nationwide by partnering with more outlets in major cities to expand its footprint in the Philippines.