Coins.ph CEO says PH poised to lead global fintech innovation

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Recap of Fintech Alliance PH 2019 INDX. (Fintech Alliance PH)

Wei Zhou, CEO of Coins.ph (Coins), the Philippines’ leading digital wallet provider and crypto exchange platform, said the country has the potential to globally lead the digital transformation of the financial sector.

During the second edition of the Fintech Alliance’s Inclusion and Digital Transformation (INDX) Summit 2.0, Zhou, alongside other leaders from industry and government, discussed the Philippines’ head start in financial sector digital transformation due to having favorable demographics and progressive regulation.

“We are already the leaders in Web3, and with our regulator’s progressive mindset in finding the balance between protecting investors and promoting innovation, we are poised to become a force to reckon with,” Zhou said at the event. 

Wei Zhou, CEO of Coins.ph.

Zhou spoke alongside other leaders from industry and government, including Emilio B. Aquino, the Chairman of the Securities and Exchange Commission, who delivered a keynote address introducing the panel.

“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 homegrown technology development,” Zhou explained.

Coins is fully regulated by the Bangko Sentral ng Pilipinas (BSP) and operates under both Virtual Currency and Electronic Money Issuer licenses. Coins continues to serve as the leading bridge to the world of Web3, helping millions of people in Southeast Asia to easily buy, sell and store a wide array of digital assets and fiat currencies.

“With hundreds of millions of people now owning digital assets and relying on crypto’s instant transactions and cheap fees to make payments and send money seamlessly around the world, regulators in the Philippines have pursued a balanced approach that encourages crypto platforms to operate within a well-thought-out regulatory framework that protects citizens without stifling innovation. That is an incredibly encouraging sign for the country’s ability to remain at the forefront as innovative new technologies continue to transform economies across Southeast Asia and around the world,” he added.