{"id":59066,"date":"2023-10-11T10:59:27","date_gmt":"2023-10-11T02:59:27","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=59066"},"modified":"2023-10-11T10:59:29","modified_gmt":"2023-10-11T02:59:29","slug":"coins-ph-circle-promote-financial-inclusion-through-remittances","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2023\/10\/11\/coins-ph-circle-promote-financial-inclusion-through-remittances\/","title":{"rendered":"Coins.ph, Circle promote financial inclusion through remittances"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Coins.ph, the Philippines&#8217; leading cryptocurrency exchange and digital wallet provider, announced a partnership with Circle Internet Financial (Circle), a global fintech firm and issuer of USDC, to drive awareness of USDC-denominated remittances as a secure, low-cost and near-instant solution for international money transfers for the 18 million Filipino users of Coins.ph.\u00a0<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">USDC is a regulated, fully-backed digital dollar, or stablecoin, that is available 24\/7, moves at internet speed and is always redeemable 1:1 for U.S. dollars. Because USDC runs on global blockchains \u2013 which have low barriers to entry and minimal transaction costs \u2013 it is playing a growing role in facilitating cross-border payments and remittances worldwide.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With\u00a0$36.1 billion in remittance flows\u00a0in 2022 alone according to the\u00a0<em>Bangko Sentral Ng Pilipinas<\/em>\u00a0(Central Bank of the Philippines), remittances continue to be a vital contributor to the Philippines&#8217; economy. However, conventional remittance channels often involve high fees and lengthy transaction times. The average cost of sending a $200 remittance to the Asia region in 2022 is 5.7%,\u00a0according to the World Bank. In the Philippines, remittances are even more challenging for the unbanked, who comprised 44% of the adult population in 2021, according to the\u00a0country\u2019s central bank.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By&nbsp;driving real-time settlements and minimal transaction costs,&nbsp;Coins.ph and Circle\u2019s partnership aims to improve the existing remittance landscape, starting in the Philippines, the fourth largest recipient of remittances globally. The initiative begins with educational campaigns and community engagement initiatives to help Filipinos abroad learn to use USDC for remittances. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cCoins.ph\u2019s partnership with Circle aims to show how USDC can provide a faster, lower-cost and more accessible remittance option for our 18 million Filipino users and their families and loved ones abroad,\u201d said Coins.ph CEO Wei Zhou. \u201cCoupled with our recent innovations in Web3 technology, this initiative demonstrates Coins.ph\u2019s commitment to providing users\u2019 access to innovative services that have a tangible impact on their everyday lives.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">USDC has gained global recognition as a trusted stablecoin, and its applications span from delivering humanitarian aid and relief to facilitating e-commerce and cross-border transactions and serving as an integral component of decentralized finance (DeFi) platforms. \u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWorking with Coins.ph is an extension of how Circle is making the movement of money more accessible, inclusive and efficient,\u201d said Raagulan Pathy, Vice President for Asia Pacific for Circle. \u201cBy making cross-border transactions near real-time and dramatically reducing transaction costs, we support the\u00a0United Nations&#8217; Sustainable Development Goal\u00a0of reducing to less than 3 percent the transaction cost of migrant remittances by 2023. Together, we\u2019re making critical steps toward increasing economic opportunity and prosperity in the Philippines.\u201d \u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The partnership between Coins.ph and Circle not only underscores the real world impact of digital currencies on millions of lives, but also heralds a shared vision for the future by both companies. \u201cAs Coins.ph envisions expanding our services to reach more Southeast Asian markets, we remain determined to facilitate greater access to financial services and dismantle traditional barriers. We are at the beginning of this partnership with Circle, and we anticipate further collaboration in our shared mission to foster a more inclusive financial future,\u201d said Zhou.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Coins.ph and Circle\u2019s partnership aims to improve the existing remittance landscape, starting in the Philippines, the fourth largest recipient of remittances globally.<\/p>\n","protected":false},"author":6,"featured_media":59075,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[4321,96,2727,1656],"class_list":["post-59066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-coins-ph","tag-technology","tag-technology-adaption","tag-technology-investment"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/59066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=59066"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/59066\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/59075"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=59066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=59066"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=59066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}