The summit was co-presented by Finblox & YGG Alerts, and sponsored by PDAX. Some of the most prominent figures in the Filipino crypto industry gathered to discuss the topic of “Decrypting Crypto & NFT Opportunities,” which included guest speakers from Finblox, PDAX, BreederDao, Blockchain Space, UnionDigital Bank and Playdex. Additionally, nearly 100 crypto enthusiasts rallied to show their support at the Okada Hotel Manila - resulting in a full house and smashing success for the event.
During his section, Peter Hoang (CEO of Finblox) discussed the barriers to financial inclusion in the Philippines and why crypto (and Finblox) are positioned to make a huge impact in the lives of under-served communities.
Here, we learned some shocking statistics:
- 7/10 adult Filipinos are financially excluded and don’t have a bank account. More people have a cell phone than those that have bank accounts.
- Without bank accounts, people usually keep cash at home and do not have an avenue to grow their assets, which are eroding due to inflation. At the macro level, it also hurts the economy.
- Many believe that bank accounts are only for saving and require high minimum balances, so they do not bother opening one. However, bank account benefits they don’t know of include generating interest, and remittances.
- Bank branches and ATMs are less frequent in remote and rural areas. This limits financial inclusion and access to much-needed financial services.
Why crypto and Finblox can help:
- With crypto savings accounts, users can earn an average of 5-15% on the value of their assets every year to beat inflation.
- Crypto is borderless and can be accessed anywhere with a device and internet connection.
- High degree of speed, privacy, and security involved when using crypto for transfers and remittances. Bank transfers can take days or even weeks, and are prone to human error. They’re also costly.
Peter believes that financial inclusion is not only about providing access to the financial services - it is also about providing wealth building tools for everyone to be able to grow their assets. The greatest opportunity to expand financial access is making financial services relevant to people’s lives. And that biggest relevance is giving everyone the ability to earn and grow their wealth.
Maria Gaitanidou, the Chief Launch Officer of UnionDigital Bank - touched briefly upon the same points with her speech about how DAOs and traditional finance can work together. To quote:
Traditional banks can work with crypto communities by banking them, offering safe and accessible financial services through their platform. Banks can also empower them, offering hyper-personalized products that best suit their needs. By co-creating with DAOs, and closely collaborating with communities to have a better view of their wants and needs - traditional financial institutions can help accelerate crypto adoption in the country.
Later that evening, Peter Ing (CEO of Blockchain.space), Jovan Que (Head of Growth at BreederDAO), and Patrick Lao (Head of Metaverse at PDAX) offered their perspectives on play-to-earn games, gaming guilds, and the future role that the metaverse will play in crypto adoption and financial inclusion not just for the Philippines - but the entirety of Southeast Asia.
For full coverage of the event, you can view the video here: https://fb.watch/cIzIMjystV/
This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.
Finblox Blog is associated with Finblox - a reliable cryptocurrency earnings platform where you can buy and earn passive income on your digital assets.