THE CEO of Betur Inc., doing business as “Coins.ph,” believes in the Philippines’s potential “to globally lead the digital transformation of the financial sector.”
“The Philippines has proven it can be a global leader in the adoption of financial technology,” Betur CEO Wei Zhou said 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, the majority of whom are below the age of 30, we have the numbers to become the epicenter of global innovation in fintech.”
Zhou added this population segment “are already the leaders in Web3 [third generation of the World Wide Web].”
“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 was quoted in a statement as saying.
Betur is one of 233 firms registered with the Bangko Sentral ng Pilipinas as Operator of Payment System as of November 18.
Zhou appeared on a panel on Day 2 of the conference to discuss the challenges posed by the adoption of 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 competencies. Zhou spoke alongside 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 homegrown technology development. 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,” said Zhou. “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.”
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 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.