Lynx Global has partnered with cryptoasset custody and trading solutions provider Copper.co to improve financial inclusion to the underserved population in Southeast Asia. The process begins with the digital hotbed of the Philippines. Under this association, Copper.co will provide custody and complete institutional cryptoasset trading solutions to DA5, Lynx Global’s group company, with operations in Australia and the Philippines. The services will be secured by multi-party computation.
“At Lynx, we are pleased to help play a pivotal role to enable and facilitate the digital transformation of the financial sector in underserved markets,” their CEO Michael Penner said. “The Southeast Asia region holds immense opportunities in digital economy, digital payments and digital asset adoption. To date, almost 500 million people lack any form of financial service offerings, and within Southeast Asia, it is cited that more than 290 million adults are unbanked.”
“With this partnership, our business is well-positioned to take advantage of the tremendous growth opportunities that are available for our unmatched products to reach large, unserved populations. By combining Copper.co’s globally recognized institutional-grade cryptoasset custody solution with Lynx’s expanding regional local payment and financial infrastructure network, we can ensure easy access to financial services for all our customers.”
“We’re delighted to be supporting this fast-growing network,” Copper CPO Alex Ryvkin added. “As Lynx Global expands their reach in the Southeast Asia region, we look forward to supporting them as they further their cryptocurrency offering and expand on their goals of providing more services for financial inclusion to serve the growing customer base that is becoming more educated and sophisticated in the use of technology and finances.”
Lynx Global said it has been developing its financial platform through strategic acquisitions focusing on enabling the growth of financial services in emerging markets. With DA5, the business continues to extend the benefits of fintech innovations to the unbanked and unserved population. In a release they described DA5 as an “established, well recognized fintech provider in the Philippines”, with a national presence and suite of comprehensive payment services including remittance, cash-in/cash-out locations, and bill payments.
Upon receipt of the Philippine Central Bank’s approval, DA5 will be able to offer businesses and consumers various ways to digitize their cash through an electronic money issuer license and convert virtual assets to fiat currency through a virtual asset service provider license.