The company aims to address common challenges in traditional remittance services, such as high costs and slow processing times, by offering a system designed for faster, more affordable, and transparent cross-border transactions.
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Coins.ph is currently applying blockchain technology and stablecoin solutions to the Philippines’ remittance market.
With international remittances forming a significant part of the Philippine economy, reportedly totalling USD $38 billion in 2024, Coins.ph is presenting its services as an option for businesses seeking cross-border payment methods.
Traditional remittance channels often present challenges. These include transaction costs that average 6% to 7%, processing times of two to five business days, limited operating hours, and potential hidden charges through exchange rates.
Wei Zhou
Wei Zhou, CEO of Coins.ph, stated, “Traditional remittance methods present challenges with cost, speed, and accessibility. Coins.ph leverages blockchain technology and stablecoins to provide a solution that offers faster, affordable, and always-available services, directly addressing these pain points for businesses and their customers.”
Coins.ph suggests its stablecoin infrastructure can enhance remittance efficiency. The company indicates that its system aims to reduce transaction fees, facilitate fund transfers more quickly, offer 24/7 availability, and ensure transparent transactions with fair exchange rates.
By utilising blockchain, Coins.ph intends to simplify cross-border transactions and lower costs by reducing the number of intermediaries. Stablecoins, by their inherent design, maintain the value of money transferred.
To support its services, Coins.ph is collaborating with local entities, including payment gateway DragonPay.
Robertson Chiang
Robertson “Dick” Chiang, Founder and CEO of Dragonpay, commented on the partnership’s aim to support, quoting him, “innovative remittance solutions that not only reduce costs and delays but also expand access for underbanked communities.”
Other local partners mentioned include Tala Financing, Pisopay, and Paynet. Globally, Coins.ph supports players like Veem and BC Remit and is involved with Mastercard’s Crypto Credential and Circle Payments Network.
Coins.ph plans to expand its settlement options. The company also wants to add more stablecoin pairs as businesses increasingly recognise the potential benefits of blockchain-based remittances.
Featured image: Edited by Fintech News Philippines, based on images by Coins.ph and streeoncamara via Freepik.
