Disclaimer: This article is for informational purposes only and does not constitute financial advice. BitPinas has no commercial relationship with any mentioned entity unless otherwise stated.
📬 Get the biggest crypto stories in the Philippines and Southeast Asia every week — subscribe to the BitPinas Newsletter.
Philippine cryptocurrency exchange Coins.ph partnered with Hong Kong-based HashKey Exchange, a subsidiary of HashKey Group, to establish a 24/7 digital asset-powered remittance corridor between the two countries.
Coins.ph x HashKey
In a media release, Coins.ph highlighted that the partnership enables seamless, real-time fund transfers between Philippine Pesos (PHP) and Hong Kong Dollars (HKD) through direct integration between the locally licensed Virtual Asset Service Provider (VASP) and HashKey Exchange.
The two entities noted that the collaboration aims to reduce remittance friction and provide faster, more affordable cross-border payments for both retail and institutional users.
“This partnership is a game-changer not only for crypto users but for the millions of Filipinos with strong ties to Hong Kong… Through Coins.ph’s platform in the Philippines and with HashKey’s fully licensed infrastructure in Hong Kong, we’re building a 24/7 crypto-powered bridge between the two regions. This is a major step forward in making remittances faster, cheaper, and more accessible for everyone.”
Wei Zhou, Chief Executive Officer, Coins.ph
Meanwhile, HashKey Exchange Managing Director Randall Chan said the initiative supports the firm’s Global Shared Liquidity initiative, which seeks to connect regulated exchanges across regions to form a unified global trading network.
“HashKey Exchange is proud to collaborate with Coins.ph to build a secure, transparent, and 24/7 value transfer corridor between Hong Kong and the Philippines.”
Randall Chan, Managing Director, HashKey Exchange
The media release emphasized that the corridor will operate within regulatory frameworks in both jurisdictions.
The companies emphasized their regulatory compliance, with Coins.ph licensed by the Bangko Sentral ng Pilipinas (BSP) and HashKey Exchange operating under Hong Kong’s virtual asset regulatory framework.
Looking Forward
Beyond remittances, the partnership aims to support enterprise users and enable business-to-business cross-border transactions.
Expansion plans include broader Southeast Asian markets through Coins.ph’s global arm, Coins.xyz, and Coins Brazil.
“Our goal is more than just a corridor—it’s a foundation for interoperable digital finance across Asia… As regulatory frameworks solidify across the region, we’re moving quickly to serve not just individuals, but also institutions that require compliant and efficient cross-border settlement solutions.”
Wei Zhou, Chief Executive Officer, Coins.ph
Coins.ph Recent News
Last month, Coins.ph announced that its Philippine peso-backed stablecoin, $PHPC, has officially exited the BSP Regulatory Sandbox after meeting and exceeding key performance indicators. With regulatory restrictions lifted, $PHPC is now set for broader use in remittances and cross-border transactions, aiming to lower costs and improve transfer speeds.
In May, the VASP partnered with BSP-licensed electronic money issuer Pays0 to enable direct conversions between Philippine pesos and cryptocurrencies, aiming to bridge traditional finance with the digital asset economy. The collaboration was noted to leverage blockchain technology to offer faster, more secure, and cost-effective financial services, including remittances, payments, and cross-border transactions.
Last April, Coins.ph joined the Circle Payments Network to enhance global remittances for Filipinos, aiming to make cross-border money transfers faster, cheaper, and more efficient using regulated stablecoins like $USDC.
This article is published on BitPinas: Coins.ph, HashKey Forge Crypto Corridor Between Philippines and Hong Kong
What else is happening in Crypto Philippines and beyond?