This Is How Cryptocurrencies & Blockchain Could Solve Asia's Financial Inclusion Issue

This Is How Cryptocurrencies & Blockchain Could Solve Asia’s Financial Inclusion Issue

Tuesday, April 25, 2017

In 2016, staff members within the International Monetary Fund (IMF) suggested that virtual currencies could promote financial inclusion. The IMF issued the standard cautions about how virtual currencies (VCs) might be used for money laundering, terrorism and other nefarious purposes. But it also wrote that, “VCs offer many potential benefits, including greater speed and efficiency in making payments and transfer–particularly across borders–and ultimately promoting financial inclusion.”

The “across borders” benefits have led to the launch of Bitcoin startups in places like the Philippines, where remittances from overseas Filipino workers (OFWs) contribute more than $26 billion to the economy. Such was the case with Coins, a mobile-first, blockchain-based platform that facilitates remittances, bill payments and mobile airtime top-ups.

“I was initially looking for a way to solve the issue of expensive cross-border payments, which lead me to blockchain technologies and how they could be used to provide widespread financial access in general,” said Justin Leow, head of business operations for Coins.

Since its launch in 2014, Coins has signed up half a million users and partnered with retail outlets, banks, and other financial service institutions to create a distribution network of more than 22,000 cash disbursement and collection locations in the Philippines. In late 2016, the company raised $5 million in a Series A fundraising round.

Source: Forbes (link opens in a new window)

Categories: Technology

Tags: financial inclusion, fintech

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This Is How Cryptocurrencies & Blockchain Could Solve Asia’s Financial Inclusion Issue

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