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Peter Hoang, CEO of Finblox, discussed the barriers to financial inclusion in the country and why crypto (and Finblox) are placed to make a huge impact in the lives of under-served communities. The CEO of the crypto savings platform for emerging markets emphasized that financially including these communities means providing wealth-building tools for everyone.
Discussing the topic of “Decrypting Crypto & NFT Opportunities” at an event in Okada Hotel Manila, Hoang said seven out of ten adult Filipinos are financially excluded and do not have a bank account. He even noted that there are more people who have a cell phone than those that have bank accounts.
He pointed out that without bank accounts, people usually keep the cash at home and do not have an avenue to grow their assets, which are eroding due to inflation. At a macro level, this act unfortunately also hurts the economy.
Hoang noted that the problems originate from the belief of many which “believes that bank accounts are only for saving and require high minimum balances, so they do not bother opening one.”
Moreover, he also stressed that the lack of bank branches and ATMs in remote and rural areas limits financial inclusion and access to much-needed financial services.
Therefore, he explained that through crypto savings accounts, users can earn an average of 5-15% on the value of their assets every year to beat inflation. In addition, he also noted how crypto is borderless and accessible anywhere with just a device and internet connection which would help onboard more people from the rural areas.
Lastly, Hoang emphasized that compared to the costly bank transfers that are time-consuming and prone to human error, the high degree of speed, privacy, and security involved when using crypto for transfers and remittances is far beneficial to its users overall.
To him, financial inclusion is not only about providing access to the financial services—it is also about providing wealth building tools for everyone to be able to grow their assets.
“The greatest opportunity to expand financial access is making financial services relevant to people’s lives. And that biggest relevance is giving everyone the ability to earn and grow their wealth,” they wrote in a statement.
Last March, Finlox raised $3.9m in a strategic seed round to democratize wealth building through cryptocurrency. (Read more: Finblox Closes Strategic $3.9M Seed Round to Democratize Wealth Building Through Crypto)
This article is published on BitPinas: Finblox CEO on Financial Inclusion Through Crypto
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.