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Editorial

Coins.ph was awarded Best Blockchain or Distributed Ledger Technology or Platform at The Asian Banker Philippine Awards 2019

By The Asian Banker

  • Coins.ph integrated blockchain based e-wallet and remittance services and became the first company in the country to be awarded virtual currency exchange and e-wallet license
  • It has grown rapidly to acquire 5 million customers, 33,000 merchant partners, processing 10 million transactions per month
  • The platform enables end-to-end and cost-effective remittance services

Manila, 10 October 2019  - Coins.ph was awarded Best Blockchain or Distributed Ledger Technology or Platform at The Asian Banker Philippine Awards 2019. The awards ceremony was held in conjunction with The Asian Banker Finance Philippines, the foremost annual meeting for decision makers in the financial services industry in the Philippines, held on 10th October at Shangri-La at the Fort, Manila.

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From left to right: Foo Boon Ping, managing editor, The Asian Banker; Thea Santos, head of operations and Ron Hose, founder and CEO, coins.ph; Wilson Chia, international resource director and Faith Masekesa, senior researcher for Africa, The Asian Banker

Coins.ph integrated blockchain based e-wallet and remittance services, and became the first company in the country to be awarded virtual currency exchange and e-wallet license
Coins.ph is using blockchain technology to revolutionise the remittances in the country. The platform uses its infrastructure coupled with strategic partnerships with two major blockchain networks, Ripple and Stellar, to cater to its growing user base by opening the Philippines to more banks, money transfer operators, or payment providers. The platform enables its users to make bill payments, buy digital currencies, send money, and purchase and sell or do transactions through bitcoin. It became the first company in the country to be regulated as an Electronic Money Issuer (e-wallet) as well as the virtual currency provider to be issued the “Virtual Currency Exchange” license by the Bangko Sentral ng Pilipinas (BSP).

It has grown rapidly to acquire 5 million customers, 33,000 merchant partners, processing 10 million transactions per month

One of the leading e-wallet players in the Philippines, the platform saw its user base triple from 1.5 million at the end of 2017 to 5 million in May 2018. The platform has tied up with more than 33,000 local partners and merchants to enable digital payment thereby moving towards a digital economy and processes with more than 10,000 transactions per month. It implemented a simple registration process for customers through a valid ID and electronic Know-Your-Customer (KYC) process that can also be used by unbanked customers.

The platform enables end-to-end and cost-effective remittance services

Using the digital currency, Coins.ph reduced costs to 60%, as compared with traditional currency and time to transaction. In a display of investor trust, the company recently raised $10 million from two investments. Its investors include Naspers, Global Brain, Wavemaker, Beenext and Pantera Capital. In January 2019, the company was bought by Go-Jek, Southeast Asia's leading on-demand multi-service platform and digital payment technology group.

About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com

Visit The Asian Banker Philippine Awards 2019 gallery at

https://www.facebook.com/pg/TheAsianBanker/photos/?tab=album&album_id=10157617993744804&ref=page_internal

For further information, you may get in touch with:

Mr. Alfred Labicassi
The Asian Banker
Email: alabicassi@theasianbanker.com

 

 

 



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