LemFi, formerly Lemonade Finance, is a financial platform that primarily focuses on sending money across borders. It has recently partnered with BVNK, a stablecoin payments infrastructure platform to enable affordable, near-instant remittances for transfers between countries.
The remittance market
The remittance market has flowed more than 800 billion dollars in 2023, with a stable increase of 3% year on year. In 2026 alone, Overseas Filipino Workers (OFWs) accounted for moving 35 billion dollars of volume within the remittance market, translating to almost 5% of the global flow.
Filipinos and current remittance systems
Most Filipinos rely on traditional financial institutions to send money to families back home. Using the SWIFT system, remittances take 1-5 days to be transferred, and costs, on average, 5-7% per transaction. This makes the current infrastructure an unavoidable hurdle, especially for the unbanked who must use costlier alternatives.
One local remittance center, for example, charges upwards of 6% per transfer. Another has strict limits on the size of the transaction. Most centers, depending on the size of the transaction, take up to a banking week to remit funds. This is a bottleneck that Filipinos have had to endure.
The importance of remittance
8.3% of the Philippines’ GDP is attributed to remittance transactions—where value is created from the movement of funds to support families in their household expenses, education, healthcare, and housing. The impact is clear: millions of Filipinos gain a better quality of life from breadwinners working abroad. Whether it be from a construction worker residing in the Middle East, or from a businessman based in Singapore, breadwinners form a crucial part of the Filipino landscape. According to recent analytics, OFWs remit 50-80% of their salary to their families back home. While this is not merely a voluntary endeavor, for the Philippine government mandates OFWs to remit a portion of their earnings, the legal framework is rooted in the spirit of welfare and care, as well as to support the local economy.
Blockchain technology
The evolving nature of the financial system, driven by blockchains, provides—by nature—security, decentralization, verification, and speed. There are multiple applications for this; one example is inventory management, where all product movements are accounted for and verified by all users. Another is accounting, where records are kept secure and easily auditable.
This extends to finance where the same benefits are drawn. In this case, tokens and cryptocurrency assets form part of a decentralized network that is near-impermeable to alterations; and taking away the implications of market volatility for speculative trades, the underlying principles are built on three things. First is inclusion. The blockchain is borderless, and anyone with an internet connection can plug into a global digital system. Second is the distribution of power. Being decentralized, monopolies, governments—or manipulators—cannot hold tight control over the handling of assets. Everyone who participates has equal authority over their own participation. And third is the integrity of the network. All nodes in the blockchain agree on the same truth; trust is therefore built not on institutions (like the bank’s performance or failure, or the government’s stability), but the code itself.
Blockchain and finance
Blockchain’s relevance is becoming ever-increasing. It has evolved from being a siloed system for niche applications to something that improves—sometimes revolutionizes—processes that have historically been inefficient, underutilized, and overlooked.
Current developments on blockchain that focus on finance revolve around its reach. There have been systems developed by conventional trading platforms like Robinhood to bring cryptocurrency accessibility to a historically non-crypto trading audience. There have been multiple trials of blockchain technology by banks to offer 24/7 service to customers. And there have been many recent legislations passed that aim to elevate security and education for those involved in using blockchain technology.
In 2026, around 4% of the global population uses blockchain technology. With access being increasingly embedded in the system, there is a large opportunity for blockchain to directly reach more people. Platforms that leverage cryptocurrency beyond trading, such as those that utilize remittance, bring in engagement with the wider community. In cases such as banks, there are immediate touch points for consumers to interact with the benefits of blockchain technology.
Blockchain and remittance
LemFi is one of those platforms. It has a customer base of around two million who rely on the service to remit funds. Its integration of blockchain technology brings two benefits. For one, the transfers are near instant. For another, the transaction fees are lowered to 3%. The technology therefore solves most of the bottlenecks associated with traditional remittance methods.
DOPAY as the go-to remittance platform, and beyond
We are on a mission to financially enable Filipinos both local and abroad.
DOPAY offers remittance services that are enabled by blockchain technology, secured by decentralization, and expedited by bypassing traditional SWIFT infrastructure. DOPAY is committed to delivering a lower remittance fee of 1-2%, a sixth of the cost of current methods—and vastly lower than the competition. Through DOPAY, the remittance process becomes simplified and quick. Remittances are near instant. This is a great leap forward for workers abroad and families back home.
DOPAY is also a platform that allows for the conversion of fiat currency to cryptocurrency. And as an incentive, we will reward users with a 0.3% reward per trade executed. This is a revolution in crypto trading.
All features of the DOPAY app are secured by the blockchain, from cash-in, to crypto trade, to fund saving, and to remittance.
To see what DOPAY can do for you, download the app now on Apple and Google Play.
Referral Program
To spread the word, referrers can earn 70 pesos in cryptocurrency per referral. Referred users can earn 30 pesos in cryptocurrency. To learn more about this program, click here.
Video Affiliate Program
With DOPAY, every transaction—whether peso transfers or crypto exchanges—is protected. In a digital age where geopolitical tensions highlight vulnerabilities, we believe securing financial data is not optional; it is the foundation of trust in modern finance.
As a BSP‑licensed Electronic Money Issuer (EMI) and Virtual Asset Service Provider (VASP), DOPAY can help you be confident that your money is safe.
Not just that, with DOPAY’s Refer & Earn program, Filipinos can unlock new doors for earning possibilities with every successful referral.
Download the DOPAY app today!
