Binance is seeking to partner with and invest in banks operating in the Philippines and help them gain access to the Web3 space.
Expansion in South-East Asia
Binance is exploring the Philippines as an important hub for the company. CEO Changpeng Zhao highlighted the Philippines as an advanced country in terms of payment services, mobile penetration, technical talent, and an understanding of cryptocurrency.
As reported in a press release, the recent move is an effort to make blockchain a global entity by going local. The Philippines is a “very important” market in Southeast Asia according to Zhao, and Binance seeks to form partnerships and invest in banks that operate in the Philippines and help them gain access to the Web3 space.
In his visit to the South-Asian country, the CEO also announced that the firm was planning to acquire licenses from the Philippines’ financial regulators.
“There are at least two licenses that we are interested in. There is VASP (Virtual Asset Service Provider) license. There is an EMI license, which is more for traditional services,” he stated.
The VASP license authorizes a company to convert fiat to pesos and vice versa legally. However, with an EMI license, the holder can operate and pay out electronic money.
The Binance CEO decided not to make any promises about when their developments in the country would expand since numerous external factors were beyond their control. Yet, he is hopeful that these developments will occur within months.
Zhao also lists five things Binance typically does before entering a market: seek regulatory approval, recruit talent, invest, educate, and support charities. Ultimately, the goal is to foster collaboration and show potential partners how to use these technologies.
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
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