Coins.ph: Harnessing the power of blockchain to help overseas Filipinos send money home
Applicant name: Coins.ph
Innovation Name: Coins.ph
Innovation Type: Solution
Website: https://coins.ph/
Mission: Coins.ph: Harnessing the power of blockchain to help overseas Filipinos send money home
Innovation Description: 10% of the Philippines population – 10M people – live and work overseas. Many of the 100M Filipinos at home rely on money from overseas to support families. Today it’s costly and slow for that money to arrive in their hands.
Coins.ph, the Philippines’ leading ewallet, is using cutting-edge blockchain technology to revolutionize remittances. Through partnerships with two blockchain solutions – Ripple and Stellar – Coins enables dramatically faster, more affordable payments to the Philippines.
As the preferred Filipino network partner, Coins opens the Philippines to any bank, MTO, or payments provider globally using these networks. Remittances made to Coins wallets then allow OFWs to better manage funds – making payments for a variety of bills or services that Coins offers directly from the wallet.
This solution saves Filipinos time and money; for example, Ripple reported that institutions piloting xRapid saved 40-70% compared to traditional foreign exchange brokers, with payments settling in 2 minutes or less compared to 2-3 days.
Status of Innovation: In-market
Innovation Active Since: 12/06/2016
Applicant Type: Private Company
Headquarter City: Manila
Headquarter Country: Philippines
Year Founded: 2014
Main Category
Main Category Choice: Technology Innovation
Why do you think you should win this category?:
Since 2014 the Coins mobile wallet and payment application has been using innovative technology to help everyone, including those without a bank account, access financial services.
Companies partnering with Coins through xRapid gain access to one of the largest retail distribution footprints of any blockchain company globally, operating through Coins.ph’s 33,000+ partner locations and a recipient base of over 5 million Coins.ph wallet holders.
As a company licensed by the Philippines Central Bank to offer remittances, virtual currency, and exchange services – and the first ever digital currency startup to be granted a license for electronic money – Coins is uniquely positioned to provide this solution.
Coins is committed to using diverse technologies to tackle payments challenges. Through integrations with public blockchains (Ripple and Stellar) to traditional MTOs (with Western Union, Filipinos globally can send money to Coins ewallets), Coins is a pioneer in using technology to transform the remittance industry.
Secondary Category
Secondary Category Choice: Remittance Synergies
Why do you think you should win this category?
Coins, by acting as the preferred local anchor partner, is opening up the Philippines to a network of exchanges and payments providers integrated into blockchain networks around the globe who want to use faster, lower-cost liquidity solutions to send money to the Philippines.
These companies working with Coins immediately gain access to the country’s largest cash distribution network, and one of the largest retail distribution footprints of any blockchain company globally, operating through Coins.ph’s 33,000+ partner locations, as well as a recipient base of over 5 million Coins.ph wallet holders.
Coins is committed to creating an ecosystem of payments solutions through its mobile wallet and application to help everyone access a variety of financial services directly from their phone. The partnerships with Ripple and Stellar extend Coins’ commitment to creating payments synergies by helping partners more efficiently reach consumers, and helping consumers have more affordable ways of receiving remittances.
Team Members
Full Name: Lisa Kienzle
Role: Head of International Growth
Linkedin: https://www.linkedin.com/in/lisakienzle
Supporting Links
Coins.ph and Western Union Partnership Announcement: http://ir.westernunion.com/news/archived-press-releases/press-release-details/2019/Coinsph-Wallet-Holders-to-Receive-Western-Union-Money-Transfers/default.aspx
Coins.ph and Ripple Partnership Announcement: https://ripple.com/insights/xrapid-brings-on-three-new-exchange-partners/
Coins.ph and Stellar Partnership Announcement: https://www.stellar.org/blog/global-partnerships/
Entry Representative
Full Name: Lisa Kienzle
Role: Head of International Growth
