03 July 2023, Manila, Philippines – Amid the ongoing bear market and economic uncertainties, Moneybees, the pioneer of over-the-counter (OTC) crypto exchange in the Philippines, has seen consistent growth with its long-standing partnership with Monteal Money Changer Services.
Since 2017, Moneybees has expanded its reach in the market with Monteal Money Changer Services’ strategically located branch at The Venice Grand Canal Mall in McKinley Hill, Taguig City. This caters to the preference of Filipino customers for secure, in-person crypto transactions.
However, when severe lockdown measures were implemented at the peak of the pandemic, Monteal’s in- store operations were significantly disrupted. The temporary closure of Monteal’s outlet during the height of the COVID-19 did not prevent the partnership from immediately carrying on with the operations and mitigating pandemic-related setbacks as soon as the lockdown was lifted.
“Moneybees’ crypto buy and sell services have proven to be a pandemic-proof business for our money service business (MSB) partners, particularly Monteal, helping them to cover their monthly business operating expenses in order to survive during these challenging times,” said Moneybees Founder, Chairman and CEO, Mr. Jay Ricky Villarante.
“Most Filipinos still prefer to transact with a real person. Our customers prefer to entrust their money and their trades with a reputable crypto exchange and with a real person helping facilitate their transactions,” Mr. Villarante added.
“The partnership with Moneybees had a great impact on our business, especially during the pandemic years when the business was a work-from-home scheme. The online exchange of digital currencies was one of the most feasible types of business during the crisis as it withstood the negative business impact on our company and survived,” said Monteal Money Changer Services Business Owner and CEO Allan Montebon.
“This segment of business created a big inspiration for us to continue our operations and gave a higher impact. With the crypto exchange services, the business survived and was able to prepare for the new challenges of the new economy,” Mr. Montebon shared.
According to the Statista Market Insights – April 2023, revenue in the Filipino crypto market is projected to reach US$78.55m in 2023 with an annual growth rate (CAGR 2023-2027) of 15.73% resulting in projected total amount of US$140.90m by 2027. The average revenue per user in the cryptocurrencies market amounts to US$8.71 in 2023.
Cryptocurrencies available for trading and investing at Monteal Money Changer Services outlet include Bitcoin (BTC), Ethereum (ETH), USD Tether (USDT), USD Coin and Ripple (XRP).
“Moneybees’ success in navigating the pandemic and its partnership with Montreal Money Changer underscore our commitment to innovation and resilience in the face of adversity. By combining our expertise, we have made significant strides in democratizing access to cryptocurrency services and ensuring financial inclusivity for all Filipinos,” Mr. Villarante said.
Moneybees is a Virtual Asset Service Provider (VASP) licensed by the Bangko Sentral ng Pilipinas (BSP) and is duly registered with the Anti Money Laundering Council (AMLC). With its mission to make the process of buying and selling cryptocurrencies more familiar and more convenient for Filipinos, Moneybees work with MSBs and remittance agents who already have existing storefronts, helping drive foot traffic and transaction volume to partner outlets.
About Moneybees
Exchange cash and cryptocurrencies safely and instantly. Moneybees lets you buy and sell cryptocurrency, including Bitcoin, USDT and Ethereum, at government-licensed Moneybees outlets. It 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).
For more information, visit https://www.moneybees.ph/.
Transaction model:
BUY CRYPTO: The customer hands over the payment, and Moneybees sends the crypto directly to the preferred crypto wallet of the customer
SELL CRYPTO: The customer sends crypto to Moneybees, and the customer receives Peso in cash or directly to their bank account
On the other hand, it’s also the best way to cash in into these exchanges as Moneybees send the crypto directly to the customer’s preferred wallet.
How to become a Moneybees partner?
- Moneybees welcome interested entities to be a partner with the following requirements:
- Must either be a registered entity either at the Security and Exchange Commission (SEC) or at the Department of Trade and Industry (DTI)
- Must have a license from the BSP, e.g.:
- Remittance Agent License
- Money Exchange License
- Money Service Business License
- Other Money Service Business Licenses
- Must be registered at the Anti-Money Laundering Council
- Manual Laundering and Terrorist Financing Prevention Program (MTPP)
- Must have a valid Business Permit to Operate
- Must be willing to provide complete documentary requirements
- Must have at least 1mbps internet connection in the physical outlet and a mobile phone
For more details, please feel free to reach Moneybees at
About Monteal Money Changer
Established in January 2017, Montreal Money Changer Services houses money exchanges, which are buying and selling different foreign currencies and bills. Acquiring currencies from abroad and releasing in Philippine Peso through Western Union Remittance and Bayad Center for various bills and other payment services.
For more information, visit https://www.facebook.com/MontealMoneyChanger/
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