Over a thousand attendees joined the annual summit organised by Fintech Alliance Ph, an association for fintech and digital innovators in the Philippines.
This year’s theme, “AI Unlocked: Shaping Our Digital Future,” focused on the impact of artificial intelligence on various sectors including finance, infrastructure, regulations, digital marketing, labor force, education, and healthcare.
The summit began with remarks from Founding Chairman Lito Villanueva, who emphasised the importance of addressing issues like deep fakes, digital security, and workplace evolution.
“Together, we renewed our commitment to make finance accessible to all Filipinos and propel the country toward becoming an AI-ready nation.”
Villanueva highlighted the growth of the Philippine fintech sector, noting that it has met government growth targets ahead of the 2028 goal.
He mentioned the success of the Bagong Pilipinas pavilion at the Singapore Fintech Festival and plans to participate again in 2024.
He also pointed out the founding of the Asia Fintech Alliance to boost regional collaboration, the increase in Fintech Alliance PH’s membership to over 100 corporate members, and the organisation’s role as a key partner in governance and compliance.
Additionally, the organisation won the 2024 Cybersecurity Innovation Award for its campaign to educate consumers on digital scams.
The discussions at the summit centered on AI’s potential for innovation, with an emphasis on safe risk management and responsible usage.
Chuchi G. Fonacier, Deputy Governor of the Financial Sector at Bangko Sentral ng Pilipinas, shared,
“While the BSP recognises the significance of AI, our focus must remain on responsible usage. Exciting times await, but we need to be vigilant.
Fintech Alliance Ph aims to adapt Europe’s AI Act (2024), the first legal framework addressing AI risks, in a manner suited for the Philippines.”
Kathy Mercado, president of the Philippine Marketing Association, discussed how AI is being used in marketing to customise ads and engage customers.
Arianne Ferrer, External Affairs Director of Tala Financing, further highlighted AI’s potential, emphasising its ability to increase financial access for Filipinos.
Eugene Acevedo, CEO and President of RCBC, added to the conversation by acknowledging the challenges of integrating AI but underscoring its essential role in enhancing customer service.
The summit underscored AI’s transformative potential across sectors, advocating for responsible usage and innovation to shape the Philippines’ future.
Industry leaders, educators, and stakeholders explored AI’s ability to enhance financial access, marketing strategies, and education, emphasising collaboration and vigilance.
The first day concluded with a mixer at Kao Manila, providing attendees an opportunity to network and share ideas.
Fintech Alliance PH has also partnered with Fintech News Philippines on the Fintech Philippines 2024 Report.
Get more insights on the Philippines fintech ecosystem and download the report here.
