Coins.ph Expands Offering to Global Market Targeting OFWs

The Philippine-based pioneering fintech firm Coins.ph expands globally as the company embarks on an ambitious journey to expand its global footprint. The company, founded in 2014 with an existing user base of 18 million, aims to double its users by the end of 2024. This expansion plan is not just about increasing numbers; it’s a strategic move to enhance the company’s presence on a global scale, extending its services beyond the Philippine shores to regions like Europe, Latin America, Australia, and Africa.

Coins. ph’s growth strategy focuses on re-engaging its users, mainly targeting 1-2 million monthly active users through a robust campaign. CEO Wei Zhou remains optimistic Despite declining user activity in 2023, primarily due to challenges in the cryptocurrency sector. With his extensive experience as the former chief finance officer of Binance, Zhou brings a unique perspective and expertise.

A significant aspect of Coins.ph’s strategy is tapping into the lucrative market of overseas Filipino workers, particularly in the Middle East. With an estimated two million Filipinos working abroad and contributing to a remittance inflow of around $10 billion, this demographic presents a vast opportunity for the company.

Coins.ph has been forging strategic partnerships to cater to this market, notably with Circle, to adopt stablecoins. Stablecoins offer a solution to common transactional challenges like high fees and slow processing times, promising a more efficient and cost-effective way of transferring funds.

Innovation is one of the primary goals of Coins.ph’s expansion. The company has recently integrated the Solana blockchain and introduced the Universal Money Address. This initiative aims to bridge the gap between traditional fiat currencies and digital assets, offering users a seamless, integrated financial experience worldwide. Moreover, integrating Solana‘s native token, SOL, into its platform is expected to provide additional benefits like airdrops, giveaways, and the inclusion of innovative games and non-fungible tokens (NFTs), enhancing the overall user experience.

A commitment to regulation and compliance marks coins.ph’s journey. Operating under the regulatory oversight of the Bangko Sentral ng Pilipinas (BSP), the company holds licenses for virtual currency and electronic money issuance, underscoring its commitment to operating within the bounds of regulatory frameworks. This responsible approach has been a cornerstone of the company’s strategy, ensuring trust and reliability in its services.

The company’s success in acquiring operational licenses in various international jurisdictions further solidified the expansion into new territories. A notable achievement in this regard is acquiring a digital currency exchange registration from the Australian Transaction Reports and Analysis Centre (AUSTRAC). These licenses are not just formal permissions; they represent Coins.ph’s ability to navigate complex regulatory landscapes and establish a regulated, compliant presence in new markets.

Furthermore, Coins.ph has proactively fostered collaborations within the digital asset ecosystem. In December 2023, the company spearheaded the formation of the Digital Asset Exchange Alliance (DAEA), partnering with other prominent digital asset exchanges in Southeast Asia. This alliance is part of Coins.Ph’s commitment. The company is interested in expanding its services and contributing to the growth and stability of the digital asset sector in the region.

As Coins.ph prepares for this significant phase of expansion, there’s a clear focus on inclusivity and accessibility. The plan to make the app available and downloadable in countries outside the Philippines is a step towards breaking geographical barriers. This move is particularly beneficial for overseas Filipinos, who now have a more streamlined and cost-effective way to send remittances back home.

However, the company acknowledges the challenges and complexities of tapping into markets like the United States and other Asian countries. In these regions, Coins.ph is exploring the potential of partnerships as a more viable option than direct licensing, which can be prohibitively expensive and complicated.

Coins.ph is expanding its user base and redefining the boundaries of financial technology and cryptocurrency services. By combining strategic partnerships, regulatory compliance, and innovative technology, the company is poised to become a global leader in the fintech and digital asset exchange industry, bringing its unique blend of services to users worldwide.

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