Author: Izzat Najmi Abdullah

The Philippines stands at the brink of a groundbreaking financial transformation, where technology and innovation hold the key to rewriting the country’s economic story. Yet, beneath this promising horizon lies a sobering reality: 44% of the bankable population—those aged 15 and older—remains unbanked or underbanked Such disconnect stifles not only economic growth but also personal empowerment, leaving millions without access to essentials like credit, investment opportunities, or even basic banking services Barriers such as geographic isolation, digital illiteracy, and high transaction costs magnify this financial divide. However, amid these gloomy skies, a ray of sunshine filled with rainbows still awaits,…

The fintech industry is reshaping the financial landscape in 2024, driving innovation and fostering financial inclusion in unprecedented ways. With its burgeoning digital economy, the Philippines has emerged as a key player in this global movement. From the surge of digital banking to groundbreaking advancements in stablecoins and anti-fraud measures, the fintech sector is tackling long-standing challenges while creating new opportunities. Let’s explore the top stories shaping the fintech ecosystem in the Philippines in this eventful 2024. Digital Banking: A Revolution in Deposits and Challenges Ahead To kick things off on the top fintech stories in 2024 within the Philippines,…

The Philippines is gearing up for a potential surge in digital banks (digibanks). With the Bangko Sentral ng Pilipinas (BSP) hinting at granting more licenses in 2025, the number of players could soon exceed ten. While this expansion aims to boost financial inclusion and innovation, a critical look at the current landscape reveals a potential pitfall on where or not there will be an over-reliance on incumbent-led digital banks. A Homogenous Playing Field? The six existing digital banks in the Philippines – Tonik Digital Bank, GoTyme Bank, Maya Bank, Overseas Filipino Bank, UNObank, and UnionDigital Bank – have undoubtedly made strides in addressing…

Southeast Asia currently find themselves in the midst of a serious challenge in financial crime (fincrime). Countries like the Philippines, Singapore, Malaysia, Thailand, and Vietnam are witnessing an escalation in illicit activities, driven partly by their banks’ limited use of artificial intelligence (AI) in combating threats such as money laundering and also fraud. A recent report by SymphonyAI, in corporation with Regulation Asia uncovered the challenges and opportunities in addressing these vulnerabilities, spotlighting the urgent need for AI adoption in the region’s financial systems. Rising Financial Crime Is A Regional Concern Financial crime in Southeast Asia is growing more complex…