Coins.ph Announces Expansion into Europe and Latin America

• Coins.ph aims to expand its presence to five continents, targeting Europe and Latin America after securing licenses in various jurisdictions in Asia, Africa, and Australia.
• The company plans to offer a streamlined solution for international money transfers through cryptocurrency, allowing users abroad to deposit local currency, convert it to stablecoins, and send directly to Coins users in the Philippines.
• Coins.ph has also revealed goals for 2024, including doubling its user base, reacquiring users who exited the platform, emphasizing innovation within regulatory compliance, and integrating the Solana blockchain into its platform.

After securing licenses in various jurisdictions in 2023, locally licensed cryptocurrency exchange and e-wallet Coins.ph has set a goal to establish a presence on five continents this year. Accordingly, the company disclosed its plans to expand into Europe and Latin America in 2024.

Coins.ph goes to Europe, LATAM

In a recent media roundtable hosted by Coins.ph on January 25th in Taguig City, CEO Wei Zhou, and Country Manager Jen Bilango outlined the company’s expansion plans for the current year. 

Zhou stated that the firm intends to solidify its presence across five continents, having already secured licenses in various jurisdictions throughout Asia, Africa, and Australia. The addition of Europe and Latin America to the company’s portfolio will mark significant milestones in its global growth strategy.

“With some of our innovations that we’re building here (in the Philippines), we wanna take Coins.ph global and be one of the first Filipino companies that have a good. real global footprint, serving not just Filipinos but other people in parts of the world,” Zhou stated.

Accordingly, he mentioned that the platform can offer a streamlined solution for international money transfers through cryptocurrency. Users abroad can deposit their local currency into the platform, convert these funds into stablecoins, and then send them directly to Coins users in the Philippines. 

“I think the way that we look at it is we want to build a global exchangeability with most of these functions, I think it’s a good way to upskill and have knowledge to share. At the same time as you’ve seen probably like in other countries, once you have a regional player, that increases the knowledge of that particular country in terms of technology. And we’ve seen how the Philippines was able to adapt quickly and I think that is just the tip of the iceberg in terms of growing in our specialization and hopefully, we’d like to be the main driver for that,” Bilango stated.

When asked about the company’s decision not to focus on more Asian or North American countries—where there is a significant population of overseas Filipino workers— Zhou stated the considerable expenses associated with such an approach.

He explained that securing licenses in regions such as the US, Japan, Korea, and Hong Kong requires a considerable financial investment. As an alternative strategy, Zhou mentioned the firm’s focus on building partnerships in these regions to efficiently serve Filipinos abroad without incurring high licensing expenses.

Moreover, Coins has expressed that it also plans to expand into the Middle East, targeting the 2 million overseas Filipino workers and the substantial $10 billion in remittance inflows from the region.

Coins Presence in Asia, Africa, and Australia

Previously,in September 2023, the company revealed its pursuit of licenses in Australia, and subsequently just this month, it secured AUSTRAC Digital Currency Exchange registration, allowing cryptocurrency exchange services in the country. 

The firm also established the Digital Asset Exchange Alliance (DAEA) in collaboration with licensed exchanges in Singapore, Indonesia, and Thailand, focusing on regulatory compliance, protocol sharing, and promoting financial literacy and responsible trading. 

The company already holds a license in Thailand under the brand Coins.co.th, and in March, it received “in-principle” approvals for Virtual Asset Service Provider licenses from the Financial Services Commission of Mauritius–a country in East Africa.

Other 2024 Goals

Coins.ph, with a current user base exceeding 18 million, also set a target to double its total number of users, expressing optimism about achieving this objective. 

Zhou acknowledged challenges in the past year for cryptocurrencies, leading to some exits. He then outlined plans for a significant campaign aimed at reacquiring these users, emphasizing ongoing app improvements as a pivotal strategy in winning back those who had previously left.

Moreover, Coins.ph emphasizes the importance of a level playing field to push innovation while maintaining compliance. The company aims to communicate the benefits of operating within a regulated framework to users, focusing on a user-friendly experience. 

Consequently, apart from rooting for Bitcoin following the spot exchange-traded funds (ETF) approval, Coins.ph will soon integrate Solana blockchain into its platform.

This article is published on BitPinas: Coins.ph Announces Expansion into Europe and Latin America

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