In an era of rapid digital transformation, Pouch.Ph is positioning itself as a game-changer in the Philippines, offering quick and affordable money transfers from the country to US banks. With its innovative app feature, “Send Globally,” it aims to simplify cross-border payments and promote financial inclusivity within the Southeast Asian archipelago.
Pouch.Ph’s Send Globally Feature: Redefines Money Transfers
Pouch.Ph just unveiled its latest offering, “Send Globally,” revolutionizing money transfers from the Philippines to US banks. This feature empowers customers of the platform, including Filipino expats, to seamlessly send Philippine pesos that are promptly converted to US dollars and deposited into recipients’ US bank accounts.
The convenient and competitive rates offered by Pouch.Ph make it a go-to platform for Filipinos from diverse backgrounds seeking fast and secure cross-border transactions.
Enhancing Efficiency and Affordability
With the “Send Globally” feature, Pouch.Ph drastically reduces the processing time for money transfers, eliminating the weeks-long waiting period typically associated with traditional methods. Leveraging the Bitcoin Lightning Network, the platform ensures speedy and cost-effective transactions, making it easier than ever to send money across borders.
The elimination of intermediaries minimizes the risk of payment delays, providing businesses and individuals with a reliable and efficient platform for their financial needs.
Crypto Adoption Surge in the Philippines
Pouch.Ph looks to capitalize with the booming crypto market in the Philippines. In line with this, the country has witnessed a significant rise in crypto adoption, ranking second in Chainalysis’s Global Crypto Adoption Index 2022, just behind its ASEAN neighbor, Vietnam.
The country’s thriving remittance market has paved the way for notable crypto platforms like Coins.ph, Rebit.ph, and Bitmarket.ph, contributing to the modernization of the financial industry. Recognizing the potential of digital payments, the Banko Sentral ng Pilipinas (BSP) aims to launch a wholesale central bank digital currency (CBDC) project by the end of 2022, aligning with the country’s vision for a digital payment ecosystem.
Government Support and Technological Innovation
The election of Ferdinand Marcos Jr. in 2022 as the new president has brought renewed focus to digital and technological innovation in the Philippines. The Philippine president emphasizes the need to adopt emerging technologies, opening the door for expanded crypto adoption.
The government and central bank have already initiated collaborations with experts to regulate and monitor blockchain and crypto technologies, ensuring a secure environment for investors, stakeholders, and citizens.
Demographics of Filipino Crypto Owners
The ownership of cryptocurrencies in the Philippines is skewed toward men, with 63% of Filipino crypto owners estimated to be male. Bitcoin remains the most popular cryptocurrency, owned by approximately 37% of Filipino crypto enthusiasts.
Based on UOB’s Fintech in ASEAN 2021 report, the majority of Filipino crypto owners fall within the age bracket of 18-34 years, accounting for 46%, while 35% belong to the 35-54 years age group.
Pouch.Ph’s launch of the “Send Globally” feature has revolutionized money transfers from the Philippines to US banks, offering a convenient and competitive solution for Filipinos and expats alike. Furthermore, the growing crypto scene in the Philippines, supported by government initiatives and increasing trust in cryptocurrencies, reflects the country’s commitment to embracing digital payment solutions.
As the Philippines continues its journey towards becoming a prominent blockchain hotspot in Southeast Asia, the future holds immense potential for the adoption of crypto technologies and the transformation of the financial landscape.
Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines.
In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013.
Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO’s core management team, contributing to strategic planning and business development endeavors.