Just as it did for Philippine domestic helpers in Hong Kong, local startup Bitspark is offering the same bitcoin-powered remittance service to those Indonesian workers who want to transfer funds from Hong Kong to Indonesia.
In Indonesia, the firm works with its local partner Artabit to guarantee that Indonesia rupiah funds are available within 24 hours of remittance at local post offices.
The firm posted this on its blog recently:
Bitspark is now the first end-to-end bitcoin remittance company to support two countries after extending its services from Philippines to Indonesia. The benefit of Bitspark is the lower pricing, abundant pick up locations and usability where senders can benefit from the positives of Bitcoin without the technological knowhow. Bitspark has found the inefficiencies of the conventional remitters through market research and turned it on its head to provide a service which is fair, convenient, quick and most of all cheap. So what does this mean for future Indonesian senders in Hong Kong? Well, it is estimated that $5 Billion was sent to Indonesia from migrant workers in 2010 globally, and with the Indonesian foreign worker population in Hong Kong making up nearly 1%, although small, it will be the first steps in providing liberation from the current pack of remittance monopolies.
Bitspark is positioning itself to be competitive with local and international conventional remitters:
Bitspark unveiled its Hong Kong to Philippines bitcoin-backed remittance service back in November 2014.