Mauricio Carrillo-Palacio, Head of Americas and Chief Strategy Officer of GlobiancePay, an ambitious financial technology company, used the recently held ASEAN Gaming Summit in Manila to discuss the impact of crypto-currencies on the iGaming industry, as well as the potential for integration of block chain technology and the industry.
Integrating Options for Crypto and iGaming
Carrillo-Palacio addressed the relations between the transformative technology and the iGaming companies to indicate that the latter could take advantage of the block chain ledger to improve transaction efficiency and user experience. He said that such efficiency could be achieved by enabling these companies to tailor wallets for their clients by integrating crypto payment facilities in their operations.
Carrillo-Palacio told Sigma that the simultaneous use of traditional and crypto currencies is seamlessly feasible. He added that GlobiancePay is committed to expanding crypto and aligning it with traditional banking. According to the executive, this is one of the underlying reasons why the fin-tech company, founded in Europe in 2018, is looking to expand in Asia.
Philippine Expansion Due to High Digital Adoption Rating
The executive also indicates that the Philippine market has an extensive digital assets adoption in its operations to present a lucrative potential for GlobiancePay’s expansion. According to the 2023 Global Crypto Adoption Index of Chainalysis, other Asian countries within the world’s top 20 digital asset adoption ratings are India, Vietnam, Indonesia, Thailand, China, Bangladesh, and Japan.
According to Carrillo-Palacio, the company sees the Philippines as the key market for crypto and block chain integrations into the iGaming industry. Also, GlobiancePay is looking to benefit from the busy Asian market by tailoring diverse payment options.
Cost-Effective Crypto Remittance
One of these options refers to the introduction of a crypto remittance payment facility in the Philippine market. As the country has a large population of overseas workers, Carrillo-Palacio said that GlobiancePay’s revolutionary payment method would offer a cost-effective solution to reduce remittance fees.
Recent data from the Philippine central bank show that private individuals working abroad remitted a record of $37.2 billion (€34.3 billion) back home in 2023. The figure represents a 3% increase over a total of $36.1 billion (€33.3 billion) remitted in 2022. The record amount hit in 2023 representing around 8.5% of the Philippine GDB and 7.7% of gross national income testify about the vast potential for payment providers.
Dynamic Block Chain and Crypto Market Nature
That’s exactly where GlobiancePay sees the potential for expansion and implementation of its solutions. In this respect, Carrillo-Palacio stressed the importance of suitable education of the stakeholders to foster the industry-wide growth of crypto-currency and block chain market. Carrillo-Palacio explained the dynamic nature of these markets driven by block chain technological developments to point out the significance of ensuring knowledge, skills, and regulatory compliance to achieve safety and stability across the industry.
Looking to Become the World’s First Crypto Bank
As a testimony of the value of these operations, the executive said that the pioneering Bitcoin has currently got the potential to be worth more than $100,000 by the end of 2024. Therefore GlobiancePay is committed to becoming the first global crypto bank. According to Carrillo-Palacio, the company aims to install a fully regulated and democratized access to financial services.
While seeking financial inclusion of the worldwide population, GlobiancePay remain powered by block chain technology in writing – at least – its own history.
Source: “Blockchain, crypto can bring transformative impact to iGaming, says GlobiancePay exec”. SiGMA. April 13, 2024.