One of the most established Indonesian ride sharing platform, Go-Jek, has announced a business partnership with Coins.ph. Coins.ph is one of Filipino’s local payments and crypto wallet platform. This comes after an unsuccessful effort by Go-Jek to gain an entry to the Philippine’s mainstream market at the beginning of the month. At the moment, the Filipino company is in the process of creating beta access to users in the Coins Pro’s waiting list as well as its in-development crypto exchange.
Go-Jek Acquires Coins.ph.
Barely two weeks after the reports that an application by Go-Jek was rejected went round, the company finally made a new announcement. On Friday, 18th January 2018, the company stated that it was acquiring Coins.ph, a Filipino-based crypto wallet as well as payments services app. On this newly acquired application, users will be able to use Ethereum, Bitcoin Core and Bitcoin Cash to carry out different online transactions. Some of these operations include the payment of bills. Following this move, Go-Jek has begun to spread its beta access to Coins Pro, its in-development crypto exchange.
Go-Jek In The Financial Technology Market
As one of the most established FinTech companies, Go-Jek has made a great investment in this whole market. So far, it has been able to acquire a number of the stakes in the business of Coins.ph. Based on the official information, the company spent a whopping $72 million in the transaction with Coin.ph. since the time it came to the market for the first time in 2011, the company has attracted the attention of more than five million Indonesia residents.
Currently, it is processing more than six million operations in a period of 30 days. on the other hand, was launched in the year 2014, and has also faired quite well in the market. For the period it has been in the market, it has managed to get the attention of a number of investors who have put in a total of $10 million in the company. This has been done through two main ventures as well as two Series A funding rounds.
Filipinos Don’t Have Good Access To Basic Financial Services
Both the Go-Jek and Coins.ph. have their eyes set on one main thing; the great Filipino market. In this market, 77% of the adult part of the citizens do not have access to basic financial services. This is because this number do not even own bank accounts. Whereas there is a small number of the citizens who can access the financial services, close to 70% of the citizens in this country own mobile handsets.
The use of the mobile phones is demographics confluence and the market analysis have their own observations. They strongly believe that the use of the smartphones makes the country’s market ready for a nationwide crypto adoption. According to the current CEO and the founder of Coins.ph., Rose Hose, their team has managed to come up with a scalable service giving the Filipinos opportunity to enjoy financial access.