Wazzup Pilipinas!?
Zhou told the attendees that crypto can unveil a new era of financial inclusion in the Philippines and make payments and remittances cheap and accessible for all.
Wei Zhou, CEO of Coins.ph, ("Coins" or the "Company"), the Philippines' leading digital asset wallet and crypto exchange platform, appeared on stage at the Law x Tech and Capital Summit held on Nov. 11, 2022, where he shared his vision for how crypto can anchor embedded finance and usher in a new era of financial inclusion in the Philippines and beyond.
The Law x Tech and Capital Summit attracted many of the top leaders in the legal and financial sectors as well as industry regulators from the Bangko Sentral ng Pilipinas, the Department of Information Communications & Technology, and the Securities and Exchange Commission. At the event, Zhou delivered a keynote speech on the emerging trends in blockchain, cryptocurrencies and digital assets. He delved into the rise of the Philippines as a global crypto hub and outlined the measures needed to take blockchain adoption to the next level.
“There are a lot of interesting trends emerging here in the Philippines. We have among the healthiest demographic trends in the world, the second-largest population in Southeast Asia, and are among the top 15 globally. We also have one of the largest English-speaking populations in the world. These are massive advantages for us and allow us to become not just followers in global tech trends but also step up to take a leadership position,” Zhou stated.
This surging crypto adoption puts the Philippines in a prime position to advance its goals of financial inclusion through crypto-powered embedded finance, Zhou told the audience. Crypto payments can complement mobile payments, which are already near-ubiquitous in the country.
The Philippines also ranks in the global top three for remittances, receiving over $30 billion in 2021. However, cross-border payments continue to be expensive, inaccessible and take several days. Coins has continued to set the pace in the remittances sector, a market that’s expected to grow an astonishing 620% by 2024. The Coins app allows users to send and receive both digital currencies and pesos instantly from everywhere across the globe at a low cost.
“Crypto can transform this sector, providing instant, affordable and secure remittances to every Filipino,” Zhou told the attendees.
Zhou further explained the importance of regulations for a nascent digital asset industry that’s still finding its feet. “Regulation is the most important topic for crypto over the next few years. This is because technology has run so far ahead, and adoption has followed, leaving regulators scrambling to catch up. I think here in the Philippines, we’re actually quite progressive. Our regulators have provided the two most important things - certainty and transparency. I think we can take a leadership position here in the Philippines and this is what I hope to do with Coins.”
About Coins.ph
Launched in 2014, Coins.ph is the most established crypto brand in the Philippines and has more than 16 million users. Through the easy-to-use mobile app, users can buy and sell a variety of cryptocurrencies and access a wide range of financial services. Coins.ph is fully regulated by the Bangko Sentral ng Pilipinas and is the first crypto-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from the central bank. For further information, contact marketing@coins.ph.
For more information about Coins.ph, visit https://coins.ph and follow us on Facebook, Twitter, and Instagram.
Launched in 2014, Coins.ph is the most established crypto brand in the Philippines and has more than 16 million users. Through the easy-to-use mobile app, users can buy and sell a variety of cryptocurrencies and access a wide range of financial services. Coins.ph is fully regulated by the Bangko Sentral ng Pilipinas and is the first crypto-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from the central bank. For further information, contact marketing@coins.ph.
For more information about Coins.ph, visit https://coins.ph and follow us on Facebook, Twitter, and Instagram.
Ross is known as the Pambansang Blogger ng Pilipinas - An Information and Communication Technology (ICT) Professional by profession and a Social Media Evangelist by heart.
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