FRESNOFORECLOSURE

Manit Parikh speaking at the Binary Summit in Bangkok.

As emerging markets race to digitise, the telecommunications sector stands at a crucial crossroads—one where Web3 could be the game-changer. The Binary Holdings (TBH), based in Bangkok and Dubai, is positioning itself as the bridge to that future.

Founded with the ambition of onboarding the next billion users to Web3, The Binary Holdings is building a scalable, low-cost infrastructure tailored for telecom operators across emerging economies. Its vision is to remove the friction telcos face when adopting blockchain technologies without forcing users to become crypto-native. At the heart of this transformation is TBH’s native blockchain (termed as the distribution layer) and its native token, $BNRY, which powers transactions, loyalty rewards, and decentralised services across a growing ecosystem.

On the sidelines of The Binary Summit (which gathered 100+ top executives from telcos, banking, VC, and blockchain foundations) in Bangkok, CEO Manit Parikh shares with e27 how The Binary Holdings is driving Web3 adoption via telcos, loyalty innovation, and seamless user experiences.

Edited excerpts:

Manit, thanks for joining me. Let’s start with the genesis of The Binary Holdings. Can you walk us through how the business came to life and what problem you’re solving?

Absolutely. The original idea behind The Binary Holdings was to build a double-sided marketplace—unlike YouTube or TikTok, where only the content creator or platform profits. Our vision was to allow users also to earn a share since they’re integral to the platform’s growth.

Also Read: How the right ecosystem partners can propel Web3 games in the next market cycle

This led us to create a platform called Fando, a TikTok-style app centred on sports content. It included a loyalty system and marketplace, which helped us test key hypotheses—are users earning? Are they spending loyalty points? Is engagement increasing? The results showed strong consumption and user activity, and that gave birth to The Binary Holdings.

We realised that with a growing user base, we could add verticals. The key to scaling any business is owning distribution—think of how Google, Meta, or Amazon launch new businesses seamlessly because of their built-in reach. That’s where telecom operators came in.

Telcos became our distribution partners, and we helped them solve core problems: boosting engagement, reducing churn, and increasing ARPU (average revenue per user), which had declined with the rise of super apps.

Today, The Binary Holdings has evolved into a digital infrastructure platform with four key components:

• Our own Layer 1 blockchain
• A Super App infrastructure with verticals like fintech, gaming, learning, and content
• A universal loyalty engine
• A soon-to-launch open marketplace powered by APIs for third-party apps

We reward users across their activity—whether it’s watching content, making telco payments, or gaming—and the loyalty points they earn can be used across our ecosystem. That universality is a game-changer compared to traditional, brand-specific loyalty systems.

Loyalty points aren’t new, especially in the telco sector. What makes your model different, and does loyalty really matter in Southeast Asia?

Loyalty programmes have traditionally been company-funded, almost by default, mostly due to peer pressure in the industry. If 19 telcos are offering loyalty points, the 20th has to as well. But here’s the catch: many loyalty points—up to 60 per cent, in some cases—go unused. That’s a massive opportunity cost. If you’ve allocated US$100 million for loyalty and only US$40 million is used, the remaining $60 million sits idle on your books.

What we did differently was flip the model. Instead of the telco funding the loyalty programme, we brought in vendor-funded loyalty points. Brands in our ecosystem cover the cost in exchange for customer acquisition, visibility, and engagement. That offloads OPEX from the telco and improves their bottom line—while delivering meaningful value to users.

Also Read: For Web3 to take off, we need to fix the rigidity problem of smart contracts

And yes, in Southeast Asia, loyalty matters. There’s a deep cultural inclination toward rewards and deals. It’s not just about saving money—it’s the thrill of getting a good deal. Whether you’re a billionaire or an average consumer, everyone appreciates that. My wife, for example, has 20+ loyalty cards, and we often forget to use them. That inefficiency is what we’re solving with our universal, digital-first loyalty system.

Are you expanding beyond telcos? Any other sectors you’re eyeing for growth?

We already are. We’ve partnered with banks, OTT platforms, e-wallet providers, hospitality companies, and travel brands. Our infrastructure is sector-agnostic—it can work across industries wherever user engagement, digital payments, or loyalty integration is needed.

You mentioned an ambitious target of reaching one billion users. What’s the strategy behind that goal?

To clarify, the goal of one billion users is for 2025. However, the broader ambition is to become one of the world’s biggest companies. We’ve already signed contracts that give us access to a billion users—it’s now a matter of integration and activation. Distribution is key, and with the right partnerships and infrastructure in place, we’re on track.

Are you focusing only on emerging markets like Southeast Asia and South Asia? What about mature markets like Singapore?

The Binary Holdings’s core offerings are designed for emerging and underdeveloped markets with a greater need for digital infrastructure and financial inclusion. But we also have sub-offerings—like our upcoming banking platform, Millennia, or WiFi-based e-commerce tools—that will serve users across income levels and geographies.

So yes, we’ll be present in mature markets, but with tailored value propositions. If you’re just playing a game to earn a few dollars, that appeals more to middle-income segments. But if you’re using advanced banking features, that’s relevant.

Regulation is a major hurdle, especially with Web3 and crypto. How does The Binary Holdings navigate that complexity across different countries?

It comes down to user behaviour. It’d be tough if I asked you to change how you behave online. But if I let you do everything the same as today while tokenising it in the background, you wouldn’t even notice—and that’s where real adoption happens.

We’re not pushing Web3 or crypto explicitly. Instead, we’re building infrastructure where blockchain enables the backend, but the front-end experience remains intuitive and familiar. That helps us sidestep friction while remaining compliant with local frameworks.

Also Read: Can Singapore stay on top of the Web3 world? All signs say yes

So you’re targeting users who may not even realise they’re interacting with blockchain?

Exactly. The tech shouldn’t be the story—utility should be. Whether you’re in a developed or emerging market, the real question is: Can the user get instant gratification? If I give you a dollar, you know what that means.

Similarly, if I offer you a digital reward that has tangible value—regardless of whether it’s tokenised—you’re more likely to engage. That’s the principle we’re building on.

(The writer was in Bangkok to attend the Binary Summit on an invitation by the company)

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