Fintech innovations to work towards financial inclusion in the Philippines
Various innovations in finance technology (fintech) — such as e-wallets and blockchain — continue to grow significantly in the Philippines. Presenters at Seamless Philippines 2018 also noted that these fintech innovations can become key drivers in pushing forward financial inclusion in the country.
The event recently drew in over 3,800 professionals, entrepreneurs, and business executives to discuss e-commerce, retail, and digital payments at the SMX Convention Center.
Sharon Roessen — managing director of Terrapin, the organizer behind Seamless Philippines — said fintech allows to make space for new products and solutions, which can connect “unbanked and unserved markets” to government, financial, and social services.
Road to financial inclusion
According to the 2017 Financial Inclusion Survey (FIS) of the Bangko Sentral ng Pilipinas (BSP), 15.8 million or around one fourth of the total Filipino adult population own an account for saving money, receiving salary, sending or receiving remittance, and paying bills — a basic indicator of financial inclusion.
Rajan Narayan of BPC Banking Technologies, a company supplying technology and relevant services such as shared retail payments business transformation solutions, said there has been a “significant shift” in the region towards cashless and transparent payments initiatives.
A lot of other companies also discussed how their technologies have been contributing in building a more financially inclusive system in the country.
Government leaders were also present at the event to talk about how various digital innovations have improved a number of public services.
via Philippine Star
