Binance Founder CZ Advocates Blockchain to Cut High Remittance Fees in Philippines
Diplomacy

Binance Founder CZ Advocates Blockchain to Cut High Remittance Fees in Philippines

During the ASEAN Tech Summit in Manila, Binance founder CZ highlighted the potential of blockchain technology to significantly reduce the high fees associated with the Philippines' over $35 billion in annual remittances. He also emphasized the importance of financial literacy for wider adoption.

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  • Digital Banks, Fintechs Push Back on Zero Transfer Fees

    Philippine digital banks and fintech firms advocate for a cost-based pricing framework for digital payment services, as allowed by the Bangko Sentral ng Pilipinas (BSP). They emphasize sustainability and financial inclusion over permanent fee waivers, citing the need to cover operational costs and investments.