Reinsurance Group of America Invests in Remittance Platform Bitspark

Hong Kong-based blockchain remittance platform Bitspark has announced that it has received funding from RGAx, the innovation accelerator of Reinsurance Group of America, Inc – a Fortune 500 company and one of the largest life reinsurance companies in the world.

The two companies say that they will be collaborating to further their mutual ambitions of providing financial protection to traditionally underserved populations.

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Commenting on the investment by RGAx, George Harrap CEO of Bitspark Limited said: “We are excited to be working with excellent partners in RGAx. Their presence, in the U.S., Asia Pacific region, and beyond, gives RGAx the global scope and expertise to accelerate Bitspark to the next level.”

“At RGAx we are actively partnering with our existing clients and new innovators, such as Bitspark, to create business opportunities that improve consumer access to financial services,” said Dennis Barnes, CEO, RGAx. “We believe Bitspark’s technology could help reduce friction for the millions of people who use remittance to support their families and friends abroad.”

Bitspark and RGAx add that they are committed to fostering innovation in the areas of cash remittance payments and insurance. The exact terms of the investment, including the amount, are not being disclosed at this time by the two parties.

Bitspark provides cryptocurrency brokerage services to Money Transfer Operators (MTOs) around the world. The company now operates predominantly in Indonesia, the Philippines, Vietnam, Pakistan, Nigeria and Gana, with over 100,000 cash distribution options including banks, convenience stores and mobile money payments.