In a groundbreaking development poised to redefine cross-border remittances for millions of users, Coins.ph, a leading cryptocurrency exchange, and digital wallet provider in the Philippines, has forged a strategic partnership with Circle, a prominent U.S.-based fintech conglomerate.
This collaboration, announced on October 10, 2023, aims to revolutionize the remittance industry by providing faster, more affordable, and accessible options for the 18 million users of Coins.ph, who rely on international money transfers. The partnership is set to alleviate the financial burden of sending remittances, particularly in a region where traditional methods involve high fees and lengthy transaction times.
The High Cost of Sending Money to Asia
According to World Bank data, the average cost of sending a $200 payment to Asia in 2022 was 5.7%, illustrating the financial burden faced by individuals who rely on traditional remittance channels. This challenge is exacerbated in the Philippines, where a substantial portion of the population remains unbanked, accounting for 44% of adults in 2021, as reported by the Philippines Central Bank.
Remittances: A Vital Contributor to the Philippine Economy
The importance of remittances to the Philippine economy cannot be overstated, with a staggering $36.1 billion in remittance flows recorded in 2022 alone. However, high fees and prolonged transaction times associated with traditional remittance methods have long hindered the efficiency and affordability of these essential transfers.
A Bold Partnership with a Transformative Vision
In response to these challenges, the partnership between Circle and Coins.ph seeks to revolutionize the remittance industry, beginning with the Philippines, one of the world’s largest recipients of remittances. Their ambitious project includes comprehensive educational campaigns and community engagement initiatives designed to empower Filipinos abroad with the knowledge and tools to utilize USDC for remittances.
Wei Zhou, CEO of Coins.ph, expressed his enthusiasm for the partnership, saying, “Coins.ph’s partnership with Circle aims to show how USDC can provide a faster, lower-cost, and more accessible remittance option for our 18 million Filipino users and their families and loved ones abroad. Coupled with our recent innovations in Web3 technology, this initiative demonstrates Coins.ph’s commitment to providing users access to innovative services that have a tangible impact on their everyday lives.”
Coins.ph: A Hub for Cryptocurrency and Financial Solutions
Coins.ph, established in 2014, is a prominent cryptocurrency exchange and digital wallet platform in the Philippines. In addition to enabling cryptocurrency transactions, Coins.ph allows users to conveniently pay bills and remit money through its digital wallet, offering a holistic financial solution for its customer base.
A New Era of Remittance Services
With the Circle partnership, Coins.ph aims to usher in a new era of remittance services, simplifying the process, reducing costs, and providing access to financial services for the millions of Filipinos who rely on international money transfers to support their families and loved ones. This collaboration marks a significant step forward in the evolution of financial technology in the Philippines, benefiting both the unbanked and the broader population.
As the Coins.ph and Circle partnership takes flight, it promises to be a game-changer for the remittance industry in the Philippines, offering hope for millions of Filipinos seeking more affordable and accessible options to support their loved ones abroad.
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