UK blockchain firm launches token in Philippines to overcome banking void

UK-based Online Blockchain plc (OBC) has launched a cryptocurrency in the Philippines called the ManilaCoin – a token primarily aimed at fostering financial inclusion.

The British firm says the ManilaCoin has been “designed as an alternative form of finance and transaction; it’s free to use, 100% secure and self-governing”.

OBC adds that the new altcoin does not rely on any interaction with an authoritative body or government, therefore “putting Filipinos in control of their own finances”.

READ MORE: Philippines to launch cryptocurrency in economic zone

About 86% of people in the Philippines have no bank accounts or access to bank services, the country’s Central Bank has reported.

In contrast, Filipinos have a higher rate of crypto acceptance than any other population in the Southeast Asian region.

“This unique combination of openness to crypto and the lag between the banking services and financial exclusion puts Online Blockchain and its ManilaCoin in a favourable position,” says OBC’s CEO, Clem Chambers.

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“OBC is applying the tried and true strategy of thinking globally but acting locally.

“We are looking at different opportunities for crypto projects locally where we see a need and a community to serve. The Philippines is one of those.”

The launch of the new token in the Philippines comes amid efforts by the country’s government to promote crypto and blockchain growth.

In April, the Philippines announced it is aiming to become a cryptocurrency hub. The government has already rolled out a series of initiatives opening up the market to blockchain firms.

The nation’s Cagayan Special Economic Zone is set to welcome 10 Asian crypto firms to launch operations on the island.