With the median age of Filipinos at 23 and the majority of the population able to speak in English, a New Zealand entrepreneur, Ms. Rachel Stevens, finds the Philippines attractive for foreign financial services companies to set up shop.
The co-founder of cryptocurrency platform Invsta, Ms. Rachel Stevens, finds the Philippines appealing for financial services. This is because of the country’s population of more than 100 million people and a booming middle class with growing income.
“On top of this, the population is tech-savvy and very very young, with a median age of just 23. Millennials are eight times more likely to buy bitcoin than baby boomers so it’s an incredibly large and attractive market for us.” – Ms. Rachel Stevens, Co-Founder and CEO, Invsta
The co-founder added that when she visited the country for an Asia New Zealand Foundation trip, she was able to make crucial connections to some players in the local market.
Although the price of bitcoin is declining in the market, she said that cryptocurrencies and the blockchain are here to stay. According to her., the technology has the capacity to disrupt the current slow and traditional financial systems.
She took note of the massive amount of remittances being sent back to the country from OFWs living abroad. This is where crptocurrency and blockchain will help by speeding up the transaction at a lower cost. In addition, she said that the country has the best workers in the world and has lower wage costs than the people in New Zealand.
“The Philippines will remain a great country to outsource tech work to because its people are some of the best in the world and have far lower wage costs than New Zealand.” – Ms. Rachel Stevens, Co-Founder and CEO, Invsta
Invsta is a cryptocurrency exchange platform that aims to make investing in cryptos simplified. According to its official website, its mission is to give its users the power to invest wisely in crypto without the hassle of technical trading.
Official Website: https://www.invsta.com/