Coins.ph Joins Circle Payments Network to Enable Philippine Peso Payouts
Coins.ph has announced its integration into the Circle Payments Network (CPN) to facilitate more efficient cross-border payments into the Philippines.
The platform has assumed a new role as a beneficiary financial institution within the network.
Through this position, it aims to streamline fund settlements into Philippine Pesos (PHP) for institutions, enterprises, and individual users.
Member institutions of the CPN can now route funds directly to Coins.ph through this integration. The platform then distributes these payouts across its extensive local network, which includes over 120 banks and e-wallets.
The move is designed to reduce the friction often associated with traditional international transfers, offering potentially lower fees and faster access to funds for recipients, including Overseas Filipino Workers (OFWs) and their families.
Wei Zhou, CEO of Coins.ph, highlighted the strategic intent behind the partnership.
For Circle, the partnership expands its reach in Southeast Asia.
Irfan Ganchi, SVP of Product Management, Payments at Circle, noted that the collaboration strengthens local payout capabilities.
He explained that enabling PHP payouts through the network allows Coins.ph to help institutions deliver compliant, real-time settlements in a key Southeast Asian market, ultimately supporting their mutual goal of a more inclusive financial system.
The partnership utilises blockchain-based rails to manage settlements, aiming to provide real-time status updates and greater transparency for users sending money into the country.
Featured image: Edited by Fintech News Philippines based on an image by noob via Freepik.
The post Coins.ph Joins Circle Payments Network to Enable Philippine Peso Payouts appeared first on Fintech News Philippines.
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