Blockchain, crypto can bring transformative impact to iGaming, says GlobiancePay exec
Addressing the potential synergy between blockchain technology and iGaming, fintech company GlobiancePay highlighted the transformative impact cryptocurrencies can have on the industry.
In an interview with SiGMA News during the recently concluded ASEAN Gaming Summit in Manila, Mauricio Carrillo-Palacio, Head of Americas and Chief Strategy Officer of GlobiancePay, said that by integrating crypto payments and creating tailored wallets for clients, iGaming companies can enhance transaction efficiency and user experience, tapping into the advantages offered by the blockchain.
Eyeing Asian expansion
Meanwhile, Carrillo-Palacio said the company envisions a future where traditional banking and cryptocurrency seamlessly coexist. He also explained why the firm, which was founded in 2018 in Europe, is looking into expanding its operations in Asia.
In the 2023 Global Crypto Adoption Index of Chainalysis, Asian countries occupy eight spots in the top 20 ranking with grassroots adoption of digital assets. These are India, Vietnam, the Philippines, Indonesia, Thailand, China, Bangladesh, and Japan.
Philippines and Asia: A thriving market
According to Carrillo-Palacio, the Philippine market, particularly in the gaming and betting sectors, presents a ripe opportunity for GlobiancePay’s expansion. With Manila hosting numerous expos and events, the company views the Philippines as a pivotal market for integrating blockchain and crypto into existing industries. Similarly, he said, the broader Asian market shares a similar enthusiasm for iGaming and betting, aligning seamlessly with GlobiancePay’s versatile payment and wallet gateways.
Crypto remittance
One significant application of crypto in the Philippines lies in remittance, a market crucial for the nation given its large population of overseas Filipino workers (OFWs). Carrillo-Palacio told SiGMA News that GlobiancePay aims to revolutionize remittance services, offering a cost-effective alternative to traditional methods. By leveraging blockchain technology, he said that the company endeavours to drastically reduce remittance fees, empowering both senders and recipients while also investing in educational and financial literacy programs.
In recent data from the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, personal remittances from Filipinos working abroad hit a record high in 2023, driven by a surge in the deployment of overseas workers. BSP data indicates that remittances from overseas Filipino workers (OFWs) totalled $37.2 billion (€34.3 billion), marking a 3 percent increase from the $36.1 billion (€33.3 billion) recorded in 2022. These remittances accounted for approximately 8.5 percent of the country’s gross domestic product and 7.7 percent of gross national income in 2023. Cash remittances processed through banks also saw a notable increase, reaching $33.5 billion (€30.9 billion) last year, up by 2.9 percent from $32.5 billion (€30 billion) in 2022.
The importance of crypto and blockchain education
Carrillo-Palacio emphasized the pivotal role of education in fostering the growth of the cryptocurrency and blockchain market. Recognizing the prevalence of scams and misinformation, he said that GlobiancePay integrates educational initiatives into its projects, spanning from remittance programs to youth financial literacy endeavours. By equipping individuals with knowledge and skills, the company aims to combat scams and drive industry-wide growth.
Bitcoin’s trajectory and regulatory landscape
Reflecting on Bitcoin’s potential to reach over $100,000 by the end of 2024, Carrillo-Palacio underscores the dynamic nature of cryptocurrency markets. While acknowledging the uncertainty inherent in market trends, he remains optimistic about the prospects of leading cryptocurrencies, driven by advancements in blockchain technology. Moreover, he emphasizes the importance of regulatory frameworks in fostering trust and stability within the industry.
Becoming a global crypto bank
Looking ahead, Carrillo-Palacio said GlobiancePay aims to become the world’s first fully regulated global crypto bank and to democratize access to financial services. By targeting the unbanked population worldwide, GlobiancePay seeks to realize a bold vision of financial inclusion, powered by blockchain innovation.
Upcoming SiGMA event: BIS SiGMA Americas 2024, find all the details here.
