Author: Rebecca Oi

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Rebecca Oi is a Senior Writer for Fintech News Philippines

Financial inclusion has increasingly gained recognition as a pivotal driver of economic development, fostering empowerment and equitable national growth. It goes beyond the mere accessibility of financial products; genuine financial inclusion necessitates the thoughtful design, seamless accessibility, and tailored responsiveness of these services to cater to the diverse needs of individuals and businesses. In the context of the Philippines, a country teeming with potential yet grappling with persistent challenges, financial inclusion has taken centre stage as a catalyst for economic resilience and shared prosperity. This spotlight on financial inclusion was particularly pronounced during the recently concluded INDX3.0 and 2023 Law…

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The digital age has ushered in a new era of banking efficiency, enabling financial institutions to connect with even the most remote segments of society. Faced with the challenges of modern technology and the demands of discerning customers, banks now view technological investment as paramount to their success. Taking this into stride, Security Bank in the Philippines has committed itself to technological evolution, investing a slice of its earnings in tech advancements. With a firm focus on enhancing the customer journey, Rahul S. Rasal, EVP & Head – Retail Banking Segment of Security Bank spoke to Fintech News Philippines on…

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In the dynamic landscape of the Philippine fintech sector, 2023 has emerged as a pivotal year, signifying the nation’s determined stride toward enhanced financial inclusion and digital transformation. Digital banking in the Philippines is progressively making its mark, with significant shifts observed in recent years. The transition is marked by the Bangko Sentral ng Pilipinas (BSP) issuing Certificates of Authority (COA) to all six licensed digital banks in the Philippines. With regulatory measures, technological integration, and strategic alliances coming into play, the Philippines is gradually embracing a new era of financial services. The recently released Fintech Philippines Report 2023 encapsulates this…

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In the ever-evolving banking and finance landscape, the digital revolution has emerged as a driving force, revolutionising how financial services are delivered and consumed. With a focus on enhancing customer satisfaction, Philippine National Bank (PNB) began a strategic effort in 2022 to optimise its branch network, reducing the count from 670 to 651. This adjustment reflects the growing preference for digital services among the Filipino population. The shift towards digitalisation has not only paved the way for greater efficiency and accessibility but has also catalysed reaching previously underserved segments of the population. In an exclusive interview with Fintech News Philippines,…

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In the Philippines, financial inclusion remains a pressing issue, particularly in rural areas where access to financial services is limited. This lack of access can perpetuate a cycle of poverty that is difficult to overcome.  The traditional rural banking sector plays a vital role in serving these communities, but many face significant challenges in adapting to the rapid changes in the financial landscape.  On the other hand, fintech firms are emerging as game-changers in the financial services sector, and they have the potential to bridge the gap and improve financial inclusion in the country. The Philippines fintech industry to grow…

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The Bangko Sentral ng Pilipinas (BSP) has embraced the responsibility of championing sustainability in the Philippine financial system. As a central bank, the BSP recognises the urgent need to address climate change and other environmental risks to safeguard price stability, and financial stability, and support the sustainable development goals of the National Government. In its maiden Sustainability Report, the BSP highlights its progress and commitment to integrating sustainability objectives across its operations, regulatory frameworks, and collaborative efforts with stakeholders. The report highlights that despite contributing only 0.39 percent of global greenhouse gas emissions, the Philippines is one of the most…

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The Philippines has become a hotbed for cryptocurrency adoption due to its tech-savvy population and growing internet penetration. In recent years, cryptocurrencies have grown significantly, with more people using digital currencies for various purposes, including remittances, investments, and online transactions.  This has led to the government’s development of a regulatory framework for virtual currencies, reflecting their positive outlook toward crypto adoption, albeit with caution. The government’s optimism towards crypto adoption is evident as they continue to seek ways to regulate and monitor the market. This cautious approach is understandable, given the potential risks associated with cryptocurrencies, such as volatility and…

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The Bangko Sentral ng Pilipinas (BSP) and the Japan International Cooperation Agency (JICA) have teamed up to launch the Credit Risk Database (CRD) Scoring Model, aimed at improving the creditworthiness assessment of small and medium-sized enterprises (SMEs) in the Philippines. The scoring model is expected to help financial institutions assess the creditworthiness of SME borrowers, particularly those without credit histories or adequate collateral. Through a data-driven approach, the CRD Scoring Model will provide banks with additional information to better manage credit risk and bridge the funding gap for micro, small, and medium enterprises. At the launch ceremony, held at the…

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Agriculture is the primary source of livelihood for rural Filipino families and is considered the backbone of the Philippine economy. According to the latest Census of Agriculture of the Philippine Statistics Authority (PSA), the Philippines has 5.56 million farms/holdings covering 7.19 million hectares and contributes to about 18 percent of the country’s Gross Domestic Product (GDP). However, the industry has been facing several challenges in recent years.  Agricultural productivity in the Philippines has been lagging behind its Southeast Asian neighbors for many years. Several challenges have beset the industry, including traditional farming methods, insufficient infrastructure, and market forces. One of the agriculture sector’s challenges…

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According to the latest report from Gobi-Core, the Philippines’ tech ecosystem continues to be one of the most resilient in Southeast Asia. However, despite this impressive growth, the Philippines still faces a significant challenge: a need for more tech talent. The burgeoning issue has been a point of contention for many startups and companies in the country, and it is one that the government is looking to address. IT Business Process Association of the Philippines (IBPAP) President and CEO, Jack Madrid, recently told the European Chamber of Commerce of the Philippines that the attrition rate in the country’s Information Technology and Business…

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The Philippines has the potential to become the number one blockchain hub, according to the newly formed Blockchain Council of the Philippines. The archipelago is home to several blockchain startups and amongst the highest internet and NFT penetration rate of a digital population. In addition, the Philippines ranked first for non-fungible token (NFT) ownership out of 20 countries, with 32 percent of Filipino internet users saying they own NFTs. It is also one of the most digitally connected, with a mobile phone penetration rate of 140 percent and an internet penetration rate of 68 percent. The number of mobile connections in the Philippines increased by 6.9…

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Many are familiar with the term Overseas Filipino Workers (OFW), but how about the Metaverse Filipino Workers (MFW)? Instead of going outside the country, they work in the metaverse without having to leave their homes. That’s where the Philippines is heading with Web3, the next internet revolution.  Web3: read-write-own Unlike the Web1 “read” era, where you can only read the webpages like a book, or Web2 “read-write” environment, where one can like, comment, and contribute content, but without having complete control of the content, Web3 allows users to “read-write-own.”  One does not have to, for example, reach a certain quota…

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Isabel Ridad, the current Chief Operating Officer (COO) of fintech firm PayMongo, has been appointed as the acting CEO following the resignation of Francis Plaza, the company’s founder. Ridad joined in early 2021 as Chief of Staff and has worked as the company’s COO since February of this year. This is a significant change for the company, which has been growing rapidly since it was founded in 2019.  In a statement, the company announced that Plaza, who will be stepping down effective on 30 November, is pursuing other ventures but will remain an advisor to PayMongo Philippines and PayMongo Payments boards. The…

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Did you know that only 3 % of the Philippines’ 113 million population have insurance? That’s a vast potential that is attracting more attention when coupled with their changing attitude to insurance thanks to digitalisation. This includes a better understanding of insurance as providing a financial safety net when something terrible happens.  A recent Statista survey found that 49 % of respondents in the Philippines said they purchased online insurance from insurance provider sites/apps. The leading methods of purchase are e-commerce, travel sites, and comparison sites respectively. More digital solutions and business models by insurtech in Philippines There are more…

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Concerns and awareness about cybersecurity have been at the forefront as the Philippines increase digital payment services and move towards a cashless society. The parallel relationship between usage and scam has been evident in the age of fintech, and the Southeast Asia country is no stranger to this.  According to Business World Online, the Bangko Sentral ng Pilipinas (BSP) reported fraud and scam complaints involving a total of ₱2 billion worth of financial transactions from 2019 to 2021, with 2021 accounting for ₱540 million in transactions in the complaints received by the BSP’s consumer assistance mechanism. Internet security Kaspersky said that…

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The Philippines has been gaining tremendous momentum in its bid to become a cashless society. Such is the speed of the process that, according to the latest Visa Consumer Payment Attitudes Study, 92 percent of Filipinos have been using multiple cashless methods to shop and pay. About 61 percent of Filipinos have used less cash in their wallets, resulting in fewer cash transactions (60 percent).  The study also showed the Philippines has the highest awareness of QR code payment in the Southeast Asia region, with the covid pandemic accelerating the consumer expectations of The Philippines becoming a cashless society by three…

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Two Filipino fintech companies’ leaders received awards at the recent Singapore Fintech Festival (SFF) Global FinTech Awards 2022 UNO Digital Bank Manish Bhai, Founder, CEO, was awarded the Top 10 FinTech Leaders award. Meanwhile, GeiserMaclang founder Cristina Amor Maclang walked away with the ASEAN FinTech Leaders award.  The award has garnered 223 submissions across all nine award categories, with 48 finalists shortlisted and the eventual winners selected by distinguished experts from industry leaders, investors, and professionals at the SFF Global FinTech Awards 2022. “Innovative technologies continue to hold tremendous potential in boosting FinTech offerings and shaping the broader financial sector.…

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