There is a robust economic growth taking place in Southeast Asia and inability for traditional banks and financial institutions to capture the market was leading to the financial inclusion of millions. The percentage of underbanked people is skyrocketing. Less than half of the 610 million adults had an access to banking services while only 5% had credit cards. Low penetration of financial services and high penetration of smartphones showed the unmet needs of a technologically ready society.
Companies like coins.ph are trying to tackle problems and inefficiencies in the financial market, whether in payments, lending or remittances.
What Is Coins.ph?
Ron Hose, who was a Silicon Valley entrepreneur turned venture capitalists saw this massive financial opportunity in Southeast Asia and co-founded Coins.ph in Manila in 2014. Initially they were a bitcoin exchange but quickly added digital payment and international remittance services to their platform. They have quickly become Southeast Asia’s leading mobile blockchain enabled platform that enables anyone, including the ones without bank accounts, to access financial services directly from the phone.
They have been developed on AWS Cloud which allows their developers to quickly test their product cross different environments and conditions. It also enables them to respond elastically to the growth in user traffic. Approaches like cloud computing has helped Coins.ph to automatically scale up their computing requirements to be able to handle large customer transactions.
Coins.ph Bitcoin Exchange & Crypto Payment App Advantage
It is a better way to send money. You can create a wallet in minute with no minimum cash-in amounts and no monthly fees. This makes a user’s life very convenient by never having to stand in line for shopping, paying bills and sending money to banks. It is a safe and secure platform which uses SSL connections, AES-225 Encryption and a 2-Factor authentication process.
How Does Coins.ph Help Your Business?
Coins.ph helps businesses go cashless. This in turn helps companies to scale effectively by making cash disbursals automated and enabling easy payments to suppliers and employees all over the world. Businesses can leverage their merchant gateway to invoice customers and get paid. Remitting money has also become a quick and frictionless process.
What Does The Government Gain From Coins.ph?
It provides for greater accountability as every single transaction is recorded over the blockchain which provides a single, globally accessible and unmodifiable ledger. Coins.ph does not replace existing financial system rather they work with it. Blockchain technology saves costs for government, banks and end consumers by reducing reliance on cash and providing an efficient way to transfer value. Their diligent KYC prevents fraud, money laundering and other illicit activities.
Operating in Philippine and Thailand, they have already become the most trusted digital currency in Southeast Asia and have plans to go beyond. They aim to increase financial inclusion by delivering financial services directly to people through their mobile phones. Their CEO, Ron Hose, says that they are to remittances what Skype was to international calling. They are on their path for disruption on that scale.
You can learn more about them on their website at coins.ph/