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Entrepreneurs have started fintech companies in emerging markets like India (Unocoin), the Philippines (Coins.ph) and Africa (BitPesa), using blockchain and the internet to transfer money and convert currencies for less than banks charge.
Since its launch in 2014, Coins has signed up half a million users and partnered with retail outlets, banks, and other financial service institutions to create a distribution network of more than 22,000 cash disbursement and collection locations in the Philippines. In late 2016, the company raised $5 million in a Series A fundraising round.
In the Philippines, 7 out of 10 people do not have a bank account. But with the advancement of of mobile technology, there's been an explosion of new apps promising lower fees and more convenient transactions. New services use peer to peer transfers and other technologies to reduce cost. Some like Coins, even use Bitcoin.