ihb.io / Greg Garneau / August 12th, 2015
A new focus on bringing financial services to the unbanked—those without easy access to traditional banking channels—represents a strategic shift in the way banking is done. This is especially true in certain countries in Asia. The Philippines is one them and it presents a huge opportunity for bitcoin to thrive.
Not only does the archipelago nation have a considerably sized tech and mobile-savvy population, but the country also commands a large share of the global remittance market. As a fintech startup focused on bitcoin, Satoshi Citadel Industries has five products serving the Bitcoin ecosystem. This is how they describe themselves.
We seek to streamline financial services by creating Bitcoin solutions that reduce the costs of using and transferring money. Our aim is to realize the full potential of Bitcoin technology by changing the way people think about money and value, ultimately empowering the individual Filipino and engineering the future of finance in the country.
In the Philippines, mobile-subscriber penetration is almost 80 percent, if not more, but banking penetration is roughly 35 percent, leaving 21 million mobile subscribers with no bank account.