Core Viewpoint - OBOOK Holdings Inc. is launching OwlPay Cash, a mobile-first remittance app in collaboration with Visa, enabling U.S. users to send money directly to bank accounts in 26 countries, significantly reducing costs and improving transaction speed [3][4][5]. Company Overview - OBOOK Holdings Inc. operates as the OwlTing Group, focusing on blockchain technology and has a diversified ecosystem across payments, hospitality, and e-commerce [7]. - The company is headquartered in Taiwan and has subsidiaries in multiple countries, including the U.S., Japan, and Singapore [7]. Product Features - OwlPay Cash utilizes Visa Direct, connecting to over 11 billion endpoints globally, which helps reduce hidden fees and provides transparency on foreign exchange rates [4]. - The app is designed to cut costs by up to 70% compared to traditional SWIFT options and will be available on major app stores [6][9]. - It offers a mobile-first design for quick and easy transfers, with no monthly fees and built-in foreign exchange conversion [9]. Market Context - Global remittances are projected to reach $905 billion in 2024, with $230 billion originating from the U.S., highlighting the significant demand for affordable remittance solutions [5]. - The U.S. has nearly 48 million immigrants, many of whom rely on remittances for essential expenses [5]. Regulatory Compliance - OwlPay Cash is licensed in 39 U.S. states and is ISO 27001 certified, ensuring user data protection and compliance with regulatory standards [9][11].
OBOOK Holdings Inc. (OWLS) Collaborates with Visa to Launch OwlPay Cash App for Remittances