JAKARTA - Zepz announced it will use cryptocurrency technology to speed up money transfers to Asia and other regions, even though Africa remains the company's biggest market.

The company runs WorldRemit and Sendwave, which serve 9 million customers in 130 countries. More than half of WorldRemit's transfers go to Africa, where Sendwave also operates its largest markets including Kenya, Nigeria and Ghana. But Asia represents massive growth potential.

According to World Bank data published last year, India received $129 billion in remittances in 2024, more than any country. The Philippines got $40 billion and Pakistan $33 billion. Those three countries alone received more money from overseas workers than the entire African continent, which got $100 billion.

WorldRemit and Sendwave operate across 14 Asian countries including the Philippines, India, Pakistan, Bangladesh, Indonesia, Vietnam, Nepal, Sri Lanka, Thailand, Malaysia, Cambodia, Singapore, China and Laos. They have regional offices in Hong Kong, Singapore, Malaysia and the Philippines.

The new system uses stablecoins, digital currency tied to the dollar. Fireblocks, a New York company that handles $4 trillion in digital money moves annually, will run the payment rails, according to the company announcement. This should cut transfer times from days to minutes and reduce fees by removing banks as middlemen.

Mark Lenhard, WorldRemit CEO, said families rely on these transfers for daily needs. The company received a Solana Foundation grant to build the system.

South Asia saw an 11.8 percent jump in remittances in 2024, the highest regional growth rate, according to the World Bank.