Cebuana Lhuillier is taking a major step toward modernizing cross-border remittances by partnering with digital asset infrastructure provider Fireblocks to deploy a blockchain-powered payment system designed to make international money transfers faster, more efficient, and more cost-effective.
The collaboration combines Cebuana Lhuillier’s nationwide network of more than 3,500 branches with Fireblocks’ enterprise-grade digital asset platform, creating a payment infrastructure that leverages stablecoins, digital wallets, and automated reconciliation tools to improve the speed and efficiency of cross-border settlements.
For decades, Cebuana Lhuillier has served as a vital financial access point for millions of Filipinos, particularly in underserved communities where traditional banking services remain limited. Its extensive branch network has become an essential gateway for domestic and international remittances, providing financial services to families across the country. However, while physical access to financial services has expanded, the backend systems powering global money transfers have largely remained dependent on legacy infrastructure that can be slow, fragmented, and costly.
The move comes as the Philippines continues its rapid transition toward digital payments. According to data from the Bangko Sentral ng Pilipinas (BSP), digital retail payments accounted for 57.4% of total retail payment volume in 2024, a significant increase from just one percent in 2013. Digital channels also represented 59% of the total value of retail transactions during the same period. The BSP aims to further increase digital retail payment adoption to between 60% and 70% of transaction volume by 2028.
By adopting the Fireblocks Network for Payments, Cebuana Lhuillier aims to enable direct funding between global payment partners, reducing reliance on multiple banking intermediaries. The platform is expected to provide near-instant settlement, improved liquidity, and lower transaction costs while maintaining enterprise-grade security.
“Our customers are not waiting for the future – they are already living in it. They send money on their phones; they expect it to arrive instantly. Collaborating with Fireblocks gives us the infrastructure to deliver on that expectation at scale – across every branch, every corridor, and every family we serve. This is about making sure that modernisation reaches everyone, not just those with access to the latest fintech apps,” according to Jean Henri Lhuillier, President and CEO of Cebuana Lhuillier.
The new payment infrastructure will also utilize the Solana blockchain, selected for its high transaction throughput, scalability, and low transaction costs. The blockchain will operate behind the scenes, allowing customers to continue using Cebuana Lhuillier’s familiar branch network while benefiting from faster and more efficient international fund transfers.
The initiative highlights how traditional financial institutions are increasingly adopting blockchain technology to improve existing financial services without changing the customer experience. With the partnership, Cebuana Lhuillier seeks to strengthen its role in the country’s evolving financial landscape by combining its extensive physical presence with next-generation blockchain infrastructure, supporting the Philippines’ continued shift toward a faster, more inclusive, and digitally connected financial ecosystem.