Globe fintech sticking to fiat currencies for now: CEO

ABS-CBN News

Posted at May 22 2018 06:50 AM

MANILA – Globe Telecom's financial technology arm said it was sticking to fiat currencies for now, as more money services dabble in blockchain technology.

Mynt, which operates scan-to-pay service GCash with help from China's Ant Financial, has "consciously stayed away" from cryptocurrencies, said its CEO Anthony Thomas.

"It has sufficient liquidity, it’s not exposed to the kind of volatility that cryptocurrency is now," he said.

Mynt will be "very careful" in case it uses blockchain, Thomas said, adding, "We will implement it were it adds real value."

On Tuesday, finance industry stakeholders announced the establishment of the Blockchain Association of the Philippines.

Unionbank said during the launch that it would interconnect rural banks using blockchain technology to make transactions faster.