Philippines to embrace blockchain technology
The Philippines will be introducing a new Ethereum-based cryptocurrency developed by a group of fintech experts that aim to solve the country’s banking issues and common transaction problems faced by tourists, an article on March 19 reports.
The Philippines as Southeast Asia’s next fintech hub
Powered by Ethereum blockchain system, The Noah Project will initially release NOAHCOIN (NOAH) in June of 2018, its whitepaper reveals. NOAHCOIN owners should expect seamless transactions in the Philippines, as one of its premium beach resorts in the South, Dakak will start accepting NOAH payments. Tourists simply need to exchange their fiat money to NOAH for uninterrupted fun while at the resort. To encourage transactions using NOAH, tourists are given special discounts and freebies that are not available with local peso transactions, according to Josef Werker, director of NOAH Foundation.
After the digital coins’ launch, a 419-hectare futuristic Noah City is expected to be built in the Philippines’ capital, Manila where the token can be used. Fintech experts agree that the country is a great place for enhancing fintech concepts.
Fintech also aims to solve the country’s banking problem
Although the Philippines is one of the countries with the fastest booming economy in the world, a January 2017 Consumer Finance Survey (CFS) revealed that 8 out of 10 families in the country have continued to be unbanked since 2014. The survey said the majority of unbanked people were in the provinces and the main reason is that they don’t have enough money to maintain a bank account. NOAHCOIN aims to target the 70 percent of people who don’t have access to banking products and services. NOAH is also expected to release a cryptocurrency-based digital wallet in the third quarter of 2018 that will significantly reduce the cost of sending money by 2-3 percent.
Fintech is the future of banking
According to the CEO of a blockchain-based financial platform solution operating in the country, more and more people in the country are resorting to alternative banking solutions like digital wallets, however, it doesn’t mean that it will compete with or replace traditional banking institutions. Like in some advanced countries, the Philippines uses blockchain technology for other functions as well as a cryptocurrency.
NOAH Foundation organized the Philippines-Japan Forum on Investments Cryptocurrency attended by fintech experts from the U.S., Australia, Philippines, and Japan.