The Philippines is all set to cement its role as the next hotbed for fintech and tech innovation with all the necessary ingredients to tech up already present in the Southeast Asian country.
The country is certainly ripe for fintech growth with its solid financial and business ecosystem (with projected GDP growth of 6.2% in 2020), an innovation-ready regulatory environment, a large, young, and increasing population with an internet penetration rate of 63% — most of them through mobile devices.
The Undersecretary of the Department of Trade and Industry (DTI) stated that the government strongly believes that this is a pivotal moment for the nation to become more relevant and competitive in the global marketplace.
DTI continues to remain supportive of the growing fintech industry because of its massive potential for financial inclusivity for the nation’s citizens.
With all the work and tech innovation building up in the country in recent years, the Philippines is ready to expand its horizons.
The Undersecretary explained the significance of being at the centre of tech innovation, citing how fintech companies and products have largely contributed to the government’s relentless drive for financial inclusion.
These include telecoms and traditional banks successfully launching their own fintech products offering millions of consumers access to formal credit products; small and medium enterprises as well as farmers being given alternative finance by start-up firms who link them to banks and other investors; and mobile wallets and start-up firms working on modernizing remittances through online payments and use of cryptocurrencies amid the growing number of Filipinos working overseas.
The Philippines is now primed to move on to the next level and transition into a world-class digital economy via the Philippine Fintech Festival — an international gathering of experts and leaders in innovation.
The Philippine Fintech Festival scheduled for May 2020
The forthcoming Philippine Fintech Festival (PFF), to be held 20 to 21 May 2020, will explore the widening horizon for the tech and fintech potential of the Philippines.
It was developed in partnership with various government agencies including the Bangko Sentral ng Pilipinas (BSP), Department of Information and Communications Technology (DICT), Department of Science and Technology (DOST), and Department of Trade and Industry (DTI) as well as private corporations and organizations.
The fintech event promises to be a showcase of the latest technological innovations both here and abroad to local and international businesses.
This will definitely go a long way in helping us develop the country’s capability for innovation through the continuous development of information and communications technology.
Global innovation experts will gather to discuss the future of banking, industry transformation, and financial inclusion for the plenary sessions.
In addition, there are several exciting events geared for those participating in the festival such as Business Matching activity with Trade Connect where entrepreneurs can network with possible investors and learn from their peers in the industry.
Attendees can also attend the Final Pitch wherein start-ups can present their innovative business ideas to industry leaders and venture capitalists.
While the PFF Hackathon will challenge students and tech enthusiasts in creating impactful solutions for current pressing issues in the Philippine financial industry.
Access to the ASEAN Financial Innovation Network (AFIN)’s APIX platform will be made available to Hackathon participants as part of their toolkit. These activities will culminate during the PFF Awards wherein winners from these activities will be recognized.
The Philippine Fintech Festival aims to empower enterprises via a digital revolution in order to remain relevant and competitive amid a rapidly changing business environment.