{"id":12354,"date":"2024-11-12T14:33:56","date_gmt":"2024-11-12T07:33:56","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=12354"},"modified":"2024-11-12T14:33:56","modified_gmt":"2024-11-12T07:33:56","slug":"just-finance-unveils-phpx-bank-backed-peso-stablecoin-innovation","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=12354","title":{"rendered":"Just Finance Unveils PHPX: Bank-backed Peso Stablecoin Innovation"},"content":{"rendered":"<p><i>Introducing the First Bank-Collateralised PHP Stablecoin and Innovative Cross-Border Payment Solutions<\/i><\/p>\n<p><span class=\"legendSpanClass\"><span class=\"xn-location\">SINGAPORE<\/span><\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Nov. 12, 2024<\/span><\/span> \/PRNewswire\/ &#8212;\u00a0A consortium of prominent financial institutions, including the following banks, has announced the launch of <b>PHPX<\/b>, the first bank-collateralised Philippine Peso (PHP) stablecoin:<\/p>\n<ul type=\"disc\">\n<li><b>UnionBank of <span class=\"xn-location\">the Philippines<\/span> (UBX)<\/b><\/li>\n<li><b>Rizal Commercial Banking Corporation (RCBC)<\/b><\/li>\n<li><b>Cantilan Bank<\/b><\/li>\n<li><b>Rural Bank of\u00a0Guinobatan<\/b><\/li>\n<li><b>Additional commercial and rural banks<\/b><\/li>\n<\/ul>\n<p>In collaboration with Web3 fintech company JUST Finance, this initiative marks a significant advancement in digital finance, aiming to enhance cross-border payments and remittances for Filipinos worldwide.<\/p>\n<p>JUST Finance, is a joint venture between FSCO and Ayannah.<\/p>\n<p><b>Key Features of PHPX and the Multi-Currency Exchange:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Bank-Collateralised Security:<\/b>\u00a0PHPX is backed by a consortium of regulated banks and asset managers, ensuring robust financial support and real-time auditing.<\/li>\n<li><b>Regulated Distribution:<\/b>\u00a0Distributed exclusively through licensed banks to meet stringent compliance and ethical standards.<\/li>\n<li><b>Financial Efficiency:<\/b>\u00a0Reduces costs and processing times for remittances and foreign exchange (FX) swaps.<\/li>\n<li><b>Multi-Currency Conversion:<\/b>\u00a0Facilitates seamless swapping of PHPX with major stablecoins, including USDC and EURC, enabling efficient cross-border payments.<\/li>\n<li><b>Tokenized Investment Access:<\/b>\u00a0Offers opportunities to invest in higher-yield, risk-mitigated tokenized real-world assets such as PHP, USD, and EUR-denominated bonds and ETFs.<\/li>\n<\/ul>\n<p><b>Strategic Importance and Market Impact:<\/b><\/p>\n<p>With stablecoin transactions exceeding <span class=\"xn-money\">$US9 trillion<\/span> in the first half of 2024\u2014double the volume of Visa&#8217;s payments\u2014PHPX addresses the growing demand for secure, compliant digital financial solutions. As the first stablecoin exclusively operated through regulated banking networks, PHPX sets a new standard for trust and security in digital finance.<\/p>\n<p>&#8220;This initiative empowers Filipinos with secure, high-yield financial tools, fostering a culture of savings and investment,&#8221; said <span class=\"xn-person\">David Inderias<\/span>, CEO of JUST Finance. &#8220;It&#8217;s a game-changer for financial inclusion and accessibility, enabling Filipinos to hold PHP on-chain and invest in tokenized assets.&#8221;<\/p>\n<p><span class=\"xn-person\">Lito Villanueva<\/span>, Chairman of the Fintech Alliance Philippines, highlighted, &#8220;PHPX&#8217;s regulated framework will enhance cross-border remittances and payments, providing Filipinos worldwide with faster, cheaper, and more secure financial solutions.&#8221;<\/p>\n<p><b>Driving Financial Inclusion and Innovation:<\/b><\/p>\n<p>The Digital Asset Alliance&#8217;s roadmap includes:<\/p>\n<ol type=\"1\">\n<li>Launching PHPX stablecoin for seamless on-chain PHP holding and conversion.<\/li>\n<li>Establishing the Multi-Currency Stablecoin Exchange for efficient, cross-border stablecoin transactions.<\/li>\n<li>Integrating tokenization platforms to democratize access to secure, high-yield investments.<\/li>\n<\/ol>\n<p><b>About the Digital Asset Alliance:<\/b><\/p>\n<p>The Digital Asset Alliance is a collective of top banks, asset managers, and fintech companies dedicated to advancing financial inclusion in <span class=\"xn-location\">the Philippines<\/span>. By leveraging blockchain technology, the Alliance aims to build the country&#8217;s most trusted PHP stablecoin and foster a more inclusive, efficient financial ecosystem.<\/p>\n<p>\u00a0<\/p>","protected":false},"excerpt":{"rendered":"<p><!-- wp:html --><\/p>\n<p><i>Introducing the First Bank-Collateralised PHP Stablecoin and Innovative Cross-Border Payment Solutions<\/i><\/p>\n<p><span class=\"legendSpanClass\"><span class=\"xn-location\">SINGAPORE<\/span><\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Nov. 12, 2024<\/span><\/span> \/PRNewswire\/ &#8212;\u00a0A consortium of prominent financial institutions, including the following banks, has announced the launch of <b>PHPX<\/b>, the first bank-collateralised Philippine Peso (PHP) stablecoin:<\/p>\n<ul type=\"disc\">\n<li><b>UnionBank of <span class=\"xn-location\">the Philippines<\/span> (UBX)<\/b><\/li>\n<li><b>Rizal Commercial Banking Corporation (RCBC)<\/b><\/li>\n<li><b>Cantilan Bank<\/b><\/li>\n<li><b>Rural Bank of\u00a0Guinobatan<\/b><\/li>\n<li><b>Additional commercial and rural banks<\/b><\/li>\n<\/ul>\n<p>In collaboration with Web3 fintech company JUST Finance, this initiative marks a significant advancement in digital finance, aiming to enhance cross-border payments and remittances for Filipinos worldwide.<\/p>\n<p>JUST Finance, is a joint venture between FSCO and Ayannah.<\/p>\n<p><b>Key Features of PHPX and the Multi-Currency Exchange:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Bank-Collateralised Security:<\/b>\u00a0PHPX is backed by a consortium of regulated banks and asset managers, ensuring robust financial support and real-time auditing.<\/li>\n<li><b>Regulated Distribution:<\/b>\u00a0Distributed exclusively through licensed banks to meet stringent compliance and ethical standards.<\/li>\n<li><b>Financial Efficiency:<\/b>\u00a0Reduces costs and processing times for remittances and foreign exchange (FX) swaps.<\/li>\n<li><b>Multi-Currency Conversion:<\/b>\u00a0Facilitates seamless swapping of PHPX with major stablecoins, including USDC and EURC, enabling efficient cross-border payments.<\/li>\n<li><b>Tokenized Investment Access:<\/b>\u00a0Offers opportunities to invest in higher-yield, risk-mitigated tokenized real-world assets such as PHP, USD, and EUR-denominated bonds and ETFs.<\/li>\n<\/ul>\n<p><b>Strategic Importance and Market Impact:<\/b><\/p>\n<p>With stablecoin transactions exceeding <span class=\"xn-money\">$US9 trillion<\/span> in the first half of 2024\u2014double the volume of Visa&#8217;s payments\u2014PHPX addresses the growing demand for secure, compliant digital financial solutions. As the first stablecoin exclusively operated through regulated banking networks, PHPX sets a new standard for trust and security in digital finance.<\/p>\n<p>&#8220;This initiative empowers Filipinos with secure, high-yield financial tools, fostering a culture of savings and investment,&#8221; said <span class=\"xn-person\">David Inderias<\/span>, CEO of JUST Finance. &#8220;It&#8217;s a game-changer for financial inclusion and accessibility, enabling Filipinos to hold PHP on-chain and invest in tokenized assets.&#8221;<\/p>\n<p><span class=\"xn-person\">Lito Villanueva<\/span>, Chairman of the Fintech Alliance Philippines, highlighted, &#8220;PHPX&#8217;s regulated framework will enhance cross-border remittances and payments, providing Filipinos worldwide with faster, cheaper, and more secure financial solutions.&#8221;<\/p>\n<p><b>Driving Financial Inclusion and Innovation:<\/b><\/p>\n<p>The Digital Asset Alliance&#8217;s roadmap includes:<\/p>\n<ol type=\"1\">\n<li>Launching PHPX stablecoin for seamless on-chain PHP holding and conversion.<\/li>\n<li>Establishing the Multi-Currency Stablecoin Exchange for efficient, cross-border stablecoin transactions.<\/li>\n<li>Integrating tokenization platforms to democratize access to secure, high-yield investments.<\/li>\n<\/ol>\n<p><b>About the Digital Asset Alliance:<\/b><\/p>\n<p>The Digital Asset Alliance is a collective of top banks, asset managers, and fintech companies dedicated to advancing financial inclusion in <span class=\"xn-location\">the Philippines<\/span>. By leveraging blockchain technology, the Alliance aims to build the country&#8217;s most trusted PHP stablecoin and foster a more inclusive, efficient financial ecosystem.<\/p>\n<p>\u00a0<\/p>\n<p><!-- \/wp:html --><\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[5,7],"tags":[],"class_list":["post-12354","post","type-post","status-publish","format-standard","hentry","category-cision-pr-newswire","category-cision-pr-newswire-en"],"_links":{"self":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/12354","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12354"}],"version-history":[{"count":0,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/12354\/revisions"}],"wp:attachment":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}