Philippine crypto wallet Coins.ph said it has received a virtual currency exchange licence from the central bank, while FPH has agreed to acquire the local subsidiary of Medical Services of America (MSA).
Coins.ph gets virtual currency exchange licence
Philippine fiat and crypto wallet services provider Coins.ph has announced that the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, has granted it an Advanced Electronic Payment and Financial Services (EPFS) licence.
The licence covers the operations of Coins Pro Exchange, a professional-grade order book exchange that is available to Coins.ph users. The exchange allows users to buy and sell digital currencies at larger volumes and for lower fees. Users can place market, limit, and stop-limit orders across more than 20 PHP spot trading pairs.
“The advanced EPFS licence will facilitate more transparency and safeguards, as it ensures that we can continue to provide secure and reliable services to our users,” said Wei Zhou, Coins’ Chief Executive Officer
The BSP has previously granted Coins.ph licences to operate as a Virtual Asset Service Provider (VASP), Electronic Money Issuer (EMI), and Remittance and FXD/MC.
Deal to help FPH expand local footprint
First Philippine Holdings Corporation (FPH), one of the country’s oldest and largest conglomerates led by the Lopez family, has agreed to acquire the local subsidiary of Medical Services of America Inc (MSA) for an undisclosed amount.
MSA is a provider of a range of cardiopulmonary services and equipment for hospitals and home-serviced patients. It was originally organised in the US in 1973 as a provider of healthcare services and distribution, rental, and supply of medical equipment.
In the Philippines, the company started as a servicing firm for four partner-hospitals in 1978. It now works with over 50 partner-hospitals and clinics around the country through its 200 employees.
The acquisition expands FPH’s presence in the local healthcare industry. Its healthcare portfolio includes Asian Eye Institute and Philippine Impact health. The conglomerate also has interests in power generation, infrastructure, manufacturing, and property development.
MSA was advised by PwC Philippines and Cabrera & Co, while FPH received advice from SGV & Co and Puno Law for this transaction.