February 29, 2024

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Cryptocurrency Gaining Traction in the Philippines

Cryptocurrencies are widely regarded as a tool to aid the growth process in developing countries. As of January 2021, there are over 4,000 crypto-assets in existence. While many of these cryptos have little to no following or trading volume, others are extremely popular among dedicated communities of backers and investors.

According to reports, the Philippines is one of the world’s fastest adopters of crypto assets. As per data, stated that the pandemic has fuelled the trend, with Filipinos releasing the value of cryptocurrency as an investment and income-generating currency.

A rise in crypto-friendly technology in the country has also aided adoption, putting the Philippines on par with Vietnam and Nigeria. The Philippine market overall has yet to embrace crypto assets, but individuals and businesses have invested in them through their international and digital connections.

Despite the Philippines’ strict regulatory environment, the first cryptocurrency was recently launched and presented to a large audience of entrepreneurs in order to help them grow their financial resources more effectively. With the rising popularity of digital cryptocurrency in the world, the crypto was successfully launched at the Cove Area in Okada Manila.

This cryptocurrency attempts to limit itself to markets that have adequate knowledge and understanding of blockchain and cryptographic tokens, smart contracts, storage mechanisms (such as digital or token wallets), blockchain-based software systems, and blockchain or distributed ledger technology.

The mission of the Philippines’ fintech company is to make cryptocurrency and blockchain technology accessible and useful to Filipinos by integrating them into financial supply chain areas and rural banks. According to the chairman of the fintech company’s board of directors, “there are more uses beyond what people currently experience.” Many central banks are experimenting with digital currencies.

Moreover, the new crypto will be a utility and service-oriented digital currency powered by its own blockchain. As blockchain technology continues to emerge and develop, an influx of governments, corporations and both public and private sector influencers continue to spread awareness and champion the practical benefits of blockchain for efficiently and effectively solving a multitude of complex global challenges.

Bangko Sentral ng Pilipinas (BSP) had also recently launched a new security framework to prevent crypto from being used in money laundering. Speaking about the changes, BSP’s Director of Technology Risk and Innovation Supervision stated that the use of crypto has revolutionised remittances and payments while also opening new fundraising opportunities.

The new framework also emphasises that all transactions involving the transfer of virtual assets must be treated as cross-border wire transfers. Service providers will be compelled to apply corresponding BSP wire transfer rules, particularly the obligation to provide immediate and secure transmittal of originator and beneficiary information from one virtual asset service provider to another for certain transactions.

Cryptocurrencies have the potential to provide significant benefits by overcoming a lack of social trust and increasing access to financial services, as they can be viewed as a medium to support the growth process in developing countries by increasing financial inclusion, providing better traceability of funds, and assisting people to escape poverty.

The speed at which crypto assets are gaining traction is a clear indication that traditional financial institutions can no longer hold the fort as well as they once did, and that other financial needs are emerging that must be addressed. Correspondingly, the world is facing an increasing need to break down borders in order to achieve full social and financial inclusion – and blockchain technology has everything it needs to address such issues. It will only be a matter of time before these crypto-assets find their way into people’s lives, shaping for the better in the interests of economic growth and inclusion.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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