Revolut, Coinbase spot talent pool, digital economy
Two global fintech companies in meetings with Finance Secretary Ralph Recto in Davos, Switzerland are considering setting up operations in the Philippines, recognizing the country’s vibrant talent pool and growing digital economy.
In two separate social media posts on Thursday and Wednesday, the Department of Finance (DOF) said Recto met with officials of Revolut, a global fintech leader and licensed digital bank in the United Kingdom and Europe.
He also met with representatives of Coinbase, one of the leading cryptocurrency companies in the United States, to discuss potential invesment in the Philippines.
Recto, special envoy of President Ferdinand Marcos, Jr. and head of the Philippine Delegation to the World Economic Forum (WEF), held the meetings on the sidelines of the main forum running from January 20 to 24.
Recto has yet to give further details of the meetings as requested by the Malaya Business Insight.
Revolut’s interest
According to the Finance department, Recto met with Revolut Chairman Martin Gilbert and other senior officials of the company to discuss their interest in tapping into the business potential of the Philippine market, a move that could establish the company’s footprint in the Asean region.
The DOF said Revolut recognized the Philippines as a highly attractive market due to its vibrant talent pool and significant opportunities in the digital economy.
The company highlighted its strategic edge, including a diverse global presence and innovative financial offerings that will empower Filipinos and small businesses with improved credit access and more competitive foreign exchange solutions.
According to Revolut, its possible entry into the Philippine market could create more jobs and enhance financial literacy and empowerment among Filipinos.
Coinbase interest in blockchain
Meanwhile, Recto met with Coinbase co-founder and CEO Brian Armstrong to explore the company’s potential entry into the Philippine market.
The DOF said Coinbase initiated the meeting to convey its strong interest in expanding its footprint with the Philippines.
It recognized the country’s growing digital economy and the increasing adoption of blockchain technology.
Recto welcomed Coinbase’s interest, emphasizing the Philippine government’s commitment to fostering innovation in the financial sector.
He also highlighted the government’s willingness to provide a robust regulatory framework that supports cryptocurrency adoption while safeguarding consumer protection and financial stability.