“PHL has the numbers to be the epicenter of global fintech innovation”
The CEO of Betur Inc., which operates as “Coins.ph,” believes in the Philippines’ potential “to lead the digital transformation of the financial sector globally.”
“The Philippines has proven that it can be a global leader in financial technology adoption,” said Betur CEO Wei Zhou at the second edition of the Fintech Alliance’s Inclusion and Digital Transformation (INDX) Summit 2.0 last November 23. “With over 100 million people, most of whom are under the age of 30, we have the numbers to become the epicenter of global fintech innovation.”
Zhou added this population segment “is already a leader in Web3 [third generation of the World Wide Web].”
“And with our regulator’s progressive mindset in striking the balance between protecting investors and promoting innovation, we are poised to become a force to be reckoned with,” Zhou said in a statement.
Betur is one of 233 firms registered with the Bangko Sentral ng Pilipinas as a payment system operator as of November 18.
Zhou appeared on a panel on Day 2 of the conference to discuss the challenges of adopting new technologies in the financial sector, and the progressive steps taken by industry and regulators in the Philippines to promote innovation, upskill the workforce and develop relevant skills. Zhou spoke with other leaders from industry and government.
“As the world moves into the Web3 era dominated by digital currencies and blockchain technology, the Philippines is ahead of the curve in terms of both user adoption and proprietary technology development. With hundreds of millions of people now owning digital assets and relying on crypto transactions and cheap fees to make payments and send money seamlessly around the world, regulators in the Philippines have followed a balanced approach that encourages crypto platforms to operate within a well-thought-out out regulatory framework that protects citizens without stifling innovation, Zhou said. “It is an incredibly encouraging sign of the country’s ability to remain at the forefront as innovative new technologies continue to transform economies across Southeast Asia and around the world.”
Coins.ph operates under both “Virtual Currency” and “Electronic Money Issuer” licenses.
Coins.ph said it continues to serve as the leading bridge to the Web3 world, helping millions of people in Southeast Asia easily buy, sell and store a wide variety of digital assets and fiat currencies.
