New hybrid digital wallet to launch in Q1

MANILA, Philippines — Financial services provider Direct Agent 5 Inc. (DA5) is launching its own hybrid digital wallet in the first quarter of 2023 after obtaining the necessary permits from the Bangko Sentral ng Pilipinas (BSP).

DA5 is introducing SurgePay after the central bank approved its request to operate as a non-bank electronic money issuer (EMI), virtual assets service provider (VASP) and Type A advanced electronic payment and financial services (EPFS).

With this approval, DA5 is the 20th entity to have a VASP License, the 43rd Non-financial banking institution (NFBI) to have an EMI License, and the 9th entity to have both VASP and non-bank EMI licenses based on publicly available documents.

DA5 president and CEO Raymond Babst said the company aims to fully utilize its newly acquired licenses to make remittances cheaper and more secure through blockchain technology.

“After 16 years of servicing the OFWs, DA5 can further help our modern-day heroes by bringing down the cost of remittances at a fraction of what banks and traditional remittance companies are currently charging. We hope to empower more Filipino communities by enabling them with financial convenience and accessibility,” Babst said.

In addition to the newly acquired licenses, it already operates as a remittance and transfer company through its existing remittance agent license, and money changing/ foreign exchange dealing license from the BSP.

Taken together, DA5 secures the title as the only money service business (MSB) to offer remittances, foreign exchange, crypto exchange and e-money facilities.

SurgePay aims to be the most innovative Web 3.0 wallet to hit the Philippine market. It boasts an alternative method of conducting seamless money and asset transfers that fully utilizes blockchain technology.

This means that users could send and receive money and claim their remittances in seconds from any 1,800 outlets of DA5 nationwide.

DA5, having been a regulated entity for the past 16 years, is poised to lead the Philippine Financial Ecosystem by marrying blockchain technology with government regulation.

By doing so, it positions the Philippines as a progressive country that embraces blockchain, tokenization, and Web 3.0 development putting it on par with its Asian neighbors like Singapore, Hong Kong, Indonesia, and Korea.

DA5, founded in 2006, is one of the leading authorized direct agents of Western Union in the Philippines. It is a joint venture company composed of the national confederation of cooperatives, together with well-established companies that are primarily engaged in pawnshops, money changing, shopping malls and food shops.