Coins.ph Undercuts Wise with Competitive Exchange Rates
Coins.ph, a leading digital wallet and remittance service in Southeast Asia, has been making waves in the industry by undercutting major players like Wise and legacy remittance giants. In an interview at Coinfest Asia, the company's representatives revealed their strategy of offering competitive exchange rates to gain market share.
According to the team, they have been able to 'let them get to 5 bips' - a reference to the smallest unit of price movement in cryptocurrency markets - by implementing efficient operations and minimizing costs. This approach has allowed Coins.ph to offer lower fees and exchange rates than its competitors, making it an attractive option for users.
The company's focus on cost-cutting measures is not just about undercutting rivals; it also reflects a broader shift towards digitalization in the remittance industry. With more people turning to online platforms for financial services, companies like Coins.ph are well-positioned to capitalize on this trend.