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Editing by Nathaniel Cajuday
The Philippines can become the epicenter of fintech innovation globally.
Wei Zhou, the CEO of the homegrown e-wallet and crypto exchange Coins.ph, highlighted this during his attendance at the Fintech Alliance’s Inclusion and Digital Transformation (INDX) Summit 2.0 held last November 23. The summit had the participation of several leaders from industry and government who discussed the Philippines’ head start in financial sector digital transformation citing the country’s favorable demographics and progressive regulation
According to Zhou, the Philippines has the potential to globally lead the digital transformation of the financial sector.
“The Philippines has proven it can be a global leader in the adoption of financial technology. With over 100 million people, the majority of whom are below the age of 30, we have the numbers to become the epicenter of global innovation in fintech. We are already the leaders in Web3 and with our regulator’s progressive mindset in finding the balance between protecting investors and promoting innovation, we are poised to become a force to reckon with,” he explained in the leadup to the event.
Aside from the CEO, his panel includes other leaders from industry and government, such as Emilio B. Aquino, the Chairman of the Securities and Exchange Commission. They discussed the challenges posed by the adoption of new technologies in the financial sector and the progressive steps taken by industry and regulators in the Philippines to promote innovation, upskill the workforce, and develop relevant competencies.
Zhou also noted that the Philippines is ahead of the curve in terms of both user adoption and homegrown technology development:
“With hundreds of millions of people now owning digital assets and relying on crypto’s instant transactions and cheap fees to make payments and send money seamlessly around the world, regulators in the Philippines have pursued a balanced approach that encourages crypto platforms to operate within a well-thought-out regulatory framework that protects citizens without stifling innovation. That is an incredibly encouraging sign for the country’s ability to remain at the forefront as innovative new technologies continue to transform economies across Southeast Asia and around the world.”
During the Global Blockchain Summit held last October in Bataan, Coins.ph representative Eprom Galang and other local fintech industry representatives from leading entities shared how their firms are introducing and driving the adoption of digital assets among Filipinos amid the doubts and skepticism regarding the new technology as well as the current bear market. (Read more: Coins.ph, Binance, Maya Highlights Efforts in Digital Asset Adoption in PH)
Coins is fully regulated by the Bangko Sentral ng Pilipinas (BSP) and operates under both Virtual Currency and Electronic Money Issuer licenses. In a panel discussion during the PH Web3 Festival, Zhou stressed what would happen if they failed to follow regulations— they would go to jail. (Read more: Coins.ph CEO on What Happens if BSP-Licensed Exchanges Do Not Follow The Rules)
This article is published on BitPinas: Coins.ph CEO: Philippines Poised to Lead Global Fintech Innovation
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.