Coins.ph, Govt Agencies Discuss Fintech and Cybersecurity Initiatives

Coins.ph is actively engaged in cybersecurity initiatives, employing real-time fraud monitoring tools and machine learning algorithms to protect customer funds.
The company had a meeting with the Cybercrime Investigation and Coordinating Center (CICC) to discuss its app’s Know Your Customer (KYC) processes, aiming to combat and prevent fraud within the platform.
Coins.ph participated in the Open Finance Conference, organized by the Fintech Philippines Association, demonstrating its commitment to driving financial inclusion and promoting Open Finance in the country.

The local cryptocurrency wallet and exchange Coins.ph recently announced that it has been working with key government and industry players to promote financial inclusion, enhance customer security, and accelerate the adoption of innovative technologies. The initiatives of the firm aims to further advance cybersecurity and financial innovation in the country.

Cybersecurity Initiatives

Coins.ph has stated that its cybersecurity initiatives include real-time fraud monitoring tools and machine learning algorithms that help protect customer funds.

The company also stressed its close collaboration with the Philippine National Police (PNP) and their plans of action on issues related to the seizure of registered SIM cards and other relevant cybersecurity concerns.

Meeting with the CICC

Photo for the Article - Coins.ph, Govt Agencies Discuss Fintech and Cybersecurity Initiatives — Coins.ph Team and Cybercrime and Investigation and Coordinating Center (CICC)

In a statement, the firm stated that it held a recent meeting with the Cybercrime Investigation and Coordinating Center (CICC) to discuss its app’s Know Your Customer (KYC) processes. The primary objective of these processes is to combat and prevent fraud occurrences within the app.

At the meeting, attendees included representatives from Coins.ph and the CICC, namely Atty. Richard Martin A. De Leon (Attorney IV of CICC), Renz Garcia (Coins.ph Public Affairs), Hon. Alexander Ramos (CICC Executive Director), Jen Bilango (Coins.ph Country Manager), and Robert De Guzman (Coins.ph Head of Legal & GRC).

“As of now, no specific partnership yet with CICC but we’re open for any initiatives with them as we continue to ramp-up our initiatives for cybersecurity,” the company clarified.

Financial Inclusion Initiatives

Coins.ph also took part in the Open Finance Conference, a gathering focused on driving financial inclusion and promoting Open Finance in the country, organized by the Fintech Philippines Association through the Open Finance Committee.

During the conference Coins.ph, represented by Bilango, was one of the panelists alongside UnoBank Co-Founder and CEO, Manish Bhai and Head of Business Development of PayMongo, Laurice Lupisan, moderated by Mark Gorriceta to discuss “The Evolving Expectations Facing DigiBanks and Fintechs in 2023 and Beyond.“

“Coins.ph remains dedicated to driving financial inclusion, fostering innovation, and ensuring user security. By actively engaging in crucial industry events and initiatives, Coins.ph continues to set new standards for the digital finance landscape,“ the firm wrote in a statement.

Accordingly, the company was also actively forming partnerships to enhance its services and expand its reach. Collaborations include educational content creation with Investagram to promote financial literacy and cryptocurrency trading, the integration of SingSing, a Coins Arcade game that allows users to earn rewards while singing, a joint initiative with UnionBank and Web 3.0 to make crypto and emerging asset classes more accessible, and a collaboration with KooKoo CryptoTV Node Validator to provide users with the ability to buy and sell $RON tokens and participate in blockchain validation while earning rewards.

Coins.ph, in partnership with Ownly, met with the DTI Region V Office, Albay LGU, local business owners, and Bicolano startup founders last month to discuss the potential integration of blockchain technology in the region.

The firm also recently launched a new affiliate program in order to promote web3 adoption in the Philippines. The program aims to engage businesses and community leaders in the emerging crypto industry and strengthen the vibrant crypto community in the country.

Future Outlook

In the firm’s mid-year review, it stated that for the second half of 2023, Coins.ph’s goals include growing the partners for Coins Arcade, adding more token listings on Coins Pro exchange, and exploring additional yield earning opportunities through Web3 native features like staking and play-to-earn games.

During the webcast interview of BitPinas with Coins.ph CEO Wei Zhou last May, he disclosed their plans in the next three months. According to him, they are preparing to release a game, integration with Coins Pro, and a new affiliate partner. These developments reflect Coins.ph’s commitment to providing innovative experiences and expanding their offerings in the cryptocurrency industry.

This article is published on BitPinas: Cybersecurity, Financial Innovation Push by Coins Engagements

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.