Circle and Coins.ph Join Forces to Enhance International Money Transfer in the Philippines

Circle Internet Financial (Circle), a global digital financial technology firm and the issuer of USD Coin (USDC), announced Wednesday that it has entered into a strategic partnership with Coins.ph, a Philippines' leading cryptocurrency exchange and digital wallet provider, to provide Filipino users with an affordable and near-instant international money transfer solution.

Wei Zhou, CEO of Coins.ph, said: "Coins.ph's partnership with Circle aims to show how USDC can provide a faster, lower-cost and more accessible remittance option for our 18 million Filipino users and their families and loved ones abroad."

He further stated: "As Coins.ph envisions expanding our services to reach more Southeast Asian markets, we remain determined to facilitate greater access to financial services and dismantle traditional barriers. We are at the beginning of this partnership with Circle, and we anticipate further collaboration in our shared mission to foster a more inclusive financial future."

Raagulan Pathy, Vice President for Asia Pacific at Circle, said: "Working with Coins.ph is an extension of how Circle is making the movement of money more accessible, inclusive and efficient. By making cross-border transactions near real-time and dramatically reducing transaction costs, we support the United Nations' Sustainable Development Goal of reducing to less than 3 percent the transaction cost of migrant remittances by 2023. Together, we're making critical steps toward increasing economic opportunity and prosperity in the Philippines."

Circle has been actively expanding its global footprint in recent years. In June this year, the company received the Major Payment Institution (MPI) license​ from the Monetary Authority of Singapore (MAS), Circle has been expanding its global footprint in recent years. In June of this year, the company received a Large Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This came just a month after it officially opened its local office.

In addition, Circle revealed its European business expansion plans in March this year. The company is working to seek regulatory approval in France​ and plans to make the region a key hub for its European operations.