As 2023 reaches its midpoint, we pause to reflect on the eventful developments within #CryptoPH. The industry, rebounding stronger from 2022 and witnessing a fading bear market, has had a dynamic first half.
Today, we bring you an exclusive mid-year review from Philippine licensed crypto exchange — Moneybees. Through Jay Villarante, CEO of Moneybees Forex Corporation, the company shared insightful details about their significant wins, challenges, and future plans.
Moneybees Mid-Year Review: Key Wins in 2023
What key partnerships, product launches, or strategic decisions would you consider as your organization’s significant wins in the first half of 2023?
In the first quarter of the year, we rolled out our electronic KYC (e-KYC) process to all of our outlets and partners, transforming the traditional way of doing KYC to a fully digital process that strengthens data privacy and streamlines onboarding for our customers.
In addition, we’ve released a major update to Hive, our proprietary, BSP-approved technology infrastructure used for facilitating due diligence and cryptocurrency transactions across our over-the-counter (OTC) outlets.
Addressing Challenges: Moneybees Adaptive Strategies
What were the primary challenges your organization faced during the first half of 2023, and how did you address them?
As our brand and social media presence have grown, we’ve observed an increase in the number of fake accounts posing as Moneybees by illegally using our name, logo, and published photos in an attempt to defraud our customers and solicit investments.
To address the issue, we devised and implemented a three-pronged strategy that involves a) close communication with BSP to report the imposters, b) a coordinated communications campaign to inform our customers and the general public of the fake accounts and fraudulent schemes, and c) vigilant monitoring by our dedicated Moneybees team to find and investigate the fake accounts.
(Read more: Moneybees Partners with Tambunting for OTC Services)
Improvements and Metrics: Comparing 2023 with Previous Years
Is there a specific metric that has significantly improved in the first half of 2023 compared to the previous year?
We’ve seen a 17.68% increase of registered active Moneybees users from end December 2022 to end June 2023 as a result of our aggressive push to promote the Moneybees brand, create awareness of our products and services, and help our money service business (MSB) and remittance agent (RA) partners promote their outlets online.
One of our main growth drivers was social media, in recognition of the Philippines’ large population of social media users—with 84.45 million Filipinos (72.5% of the population) having social media accounts [Digital 2023 Global Overview Report].
Within the first half of the year, we saw an increase of 137.8% in page reach and 57.6% in profile visits on Facebook, a 4,600% increase in page reach and 307% increase in profile visits on Instagram, a 25.6% increase in impressions on Twitter, and a 158.3% increase in impressions on LinkedIn.
We credit this success to our skilled social media team, a collaborative culture, and a strong foundation of products and services.
Future Trends and Technologies: Moneybees Future Outlook
Which emerging trends or technologies in the crypto space are you most excited about or planning to incorporate into your future strategies and why?
I’m most excited about the possibilities of Layer 2 Scaling Solutions and Central Bank Digital Currencies (CBDCs).
Layer 2 Scaling Solutions have the potential to directly translate to faster transactions and lower fees for our customers. That’s why I’m looking forward to the success of solutions like Bitcoin’s Lightning network and Ethereum’s Optimistic Rollups, which aim to address the scalability issues that have plagued blockchain technologies by building an additional layer to improve efficiency.
I’m excited by the developments around the world in Central Bank Digital Currencies (CBDCs). CBDCs are digital currencies backed by the central bank and could offer benefits such as faster transactions, increased financial inclusion, and improved transparency in monetary policy. So far, eleven countries have already launched their own CBDCs, with 130 countries, representing 98% of global GDP—including the Philippines—exploring the potential of launching their own. I’m keen to see how we can take our financial system to the next level.
I’m also watching the space of DeFi or decentralized finance. DeFi refers to the use of blockchain and cryptocurrency to recreate traditional financial systems in a decentralized manner. I’m all about financial freedom, and DeFi has the potential to revolutionize finance by providing greater accessibility, transparency, and efficiency.
Of course, the blockchain industry is highly dynamic and a lot could change within the span of a few months. We need to examine the risks and benefits of any emerging technology before incorporating them into our future strategies.
Goals and Plans for the Second Half of 2023
What are your company’s primary goals and plans for the second half of 2023?
We intend to expand our over-the-counter presence in strategic locations nationwide with the goal of reaching 50-100 physical outlets. At the same time, we will continue to build our brand equity and strengthen our online presence through our social media campaigns.
In line with these growth targets, we’re beefing up our organization to meet the increased demands of our VASP operations while maintaining the level of service that Moneybees has become known for.
Coming this July, we’re launching Moneybees e-scuela, an e-learning initiative with live webinars for all our money service business (MSB) and remittance agent (RA) partners. Our goal is to help our partners and their employees understand and appreciate the world of blockchain and cryptocurrencies in order to facilitate industry growth.
As the country’s pioneer and biggest over-the-counter virtual asset service provider, we’re keen on creating stronger partnerships and continuing our mission to make cryptocurrencies more accessible by offering familiar experiences through physical money service businesses.
For Further Reading
To protect the general public’s interest against fraudsters and impostors, please reach out to Moneybees through our official website and social media accounts:
This article is published on BitPinas: Moneybees Mid-Year 2023: Highlights and Outlook
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.