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Coins.ph CEO: Philippines Poised to Lead Global Fintech Innovation

Coins.ph CEO: Philippines Poised to Lead Global Fintech Innovation

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Surgery by Nathaniel Cajuday

The Philippines can become a hub for fintech innovation globally.

Wei Zhou, CEO of domestic e-wallet and crypto exchange Coins.ph, highlighted this while attending the Fintech Alliance’s Inclusion and Digital Transformation (INDX) Summit 2.0 held last November 23. The summit was attended by several industry and government leaders who discussed the Philippines’ lead in the digital transformation of the financial sector, 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 shown that it can be a world leader in the adoption of financial technology. With over 100 million people, most of them under the age of 30, we are destined to be the center of global innovation in fintech. We are already leading the way in Web3, and with the progressive mindset of our regulator to strike a balance between protecting investors and promoting innovation, we are poised to be a force to be reckoned with. he explained the event in the introduction.

In addition to the CEO, his panel includes other leaders from industry and government, such as Emilio B. Aquino, chairman of the Securities and Exchange Commission. They discussed the challenges posed by the introduction of new technologies in the financial sector, as well as the progressive actions taken by the Philippine industry and regulatory authorities to promote innovation, upskill the workforce and develop appropriate competencies.

Zhou also noted that the Philippines is leading the way in both user adoption and domestic technology development:

“With hundreds of millions of people now owning digital assets and relying on crypto’s instant transactions and cheap payments to make payments and send money seamlessly around the world, Philippine regulators have followed a balanced approach that encourages crypto platforms to perform well. A thoughtful regulatory framework that protects citizens without stifling innovation. It’s an incredibly encouraging sign of the country’s ability to stay ahead as innovative new technologies continue to transform economies in Southeast Asia and around the world.

At the Global Blockchain Summit in Bataan last October, Coins.ph’s Eprom Galang and other local fintech industry leaders shared how their companies are embracing digital resources and promoting their adoption among Filipinos amid doubts and skepticism about the new technology. as well as the current bear market. (Read more: Coins.ph, Binance, Maya Highlight 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. During a panel discussion during the PH Web3 festival, Zhou highlighted what would happen if they didn’t follow the rules – they would go to jail. (Read more: Coins.ph CEO What Happens If BSP Licensed Exchanges Don’t Comply)

This article was published on BitPinas: Coins.ph CEO: Philippines Poised to Lead Global Fintech Innovation

Disclaimer: BitPinas articles and its external content do not constitute financial advice. The team delivers independent, unbiased news to provide information on Philippine crypto and beyond.

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