In a media press conference, Miguel Bernas, President and Co-founder of Nexplay, Arvie De Vera, CEO and Co-founder of UnionDigital Bank, and Gabriel Benito, CEO and Co-founder of Nexplay, gave more details about the partnership between the two companies, as well as entertained questions regarding gaming and crypto.
The media asked what UnionDigital and Nexplay’s partnership entails for gamers in the Philippines.
De Vera emphasized the gamers’ need to pay for virtual products and services within the game, which is where UnionDigital Banking can become the bridge for gamers and game services. “Having a financial bank account is the first step for more wealth and exclusivity for gamers who are also paid professionally,” he said
“From a digital bank perspective, number one, they have financial needs. So, they need to save. They need to put money in their account. They also need to pay for goods and services in this virtual world. I think that is the bridge we are trying to build. Not just openly, one by one but through community partners who are native to the gaming space. That makes their requirements real,” De Vera added.
Bernas added that the need arises to have a bank account because of the need to purchase in-game assets and services. “When a consumer begins to adopt new products and services, they almost never start up with an intention to tell themselves, ‘Oh! I want to become a fintech-savvy consumer.’ Nobody thinks like that. They usually start adopting new technologies, platforms, and services out of their convenience,” Bernas stated.
Bernas also stated, “Nexplay understands gamers, that is very much our starting point… So the idea is to think of one of the use cases where this would be most relevant to the consumers and would be able to design something accordingly in the most natural way possible”.
Benito, on the other hand, discussed the factors that inspire gamers to interact with fintech services. Gamers who are earning professionally are also looking for a way to help them with their earnings and purchases of virtual assets and merchandise and he believes UnionDigital will bridge these challenges that gamers are facing.
De Vera also clarified that it is important to know more about their financial identity than having financial literacy because gamers may be asked by the bank about the source of their money due to the Anti-Money Laundering Law (AML) when they transfer a huge amount of cash. UnionDigital Bank can help them be identified accordingly.
De Vera was also asked how gaming and digitization progressively impacted unbanked or under-banked Filipinos especially during the pandemic.
De Vera informed the media of his article on LinkedIn published last January 2022. This is in regard to his personal analysis of Filipino’s adoption of blockchain technology during the pandemic. This is where most Filipinos learned to use the crypto wallet Metamask to purchase in-game assets and cash out their earnings from games like Axie Infinity.
“To deny the phenomenon is also amazing. The numbers are there! We have Filipino gamers and digital users. The numbers do not lie because of its scale”, De Vera ended his statement.
This article is published on BitPinas: Nexplay: Why Gamers Interact With Fintech Services
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