The Philippines made a robust exhibiting on the Singapore Fintech Competition (SFF) 2024, held from 6 to eight November, underneath the “Bagong Pilipinas” pavilion.
The initiative includes key authorities companies such because the Bangko Sentral ng Pilipinas (BSP), Securities and Change Fee, Division of Finance, Division of Commerce and Business, Division of Info and Communications Know-how (DICT), and Land Financial institution of the Philippines.
Different non-public sector members embody Maya Financial institution, Philippine Airways, PLDT Enterprise, Atram Investments, JuanHand, Bureau, Tala, Alter, Finscore, CIBI, and Netcore.
The competition, one of many world’s largest fintech occasions, hosted greater than 66,000 members from 150 nations final yr and is predicted to attract an excellent bigger viewers this yr.
With a give attention to synthetic intelligence, the occasion aligns with President Marcos Jr.’s imaginative and prescient for a sustainable and inclusive digital economic system.
In keeping with the BSP, over 50% of retail funds within the Philippines are actually digitised, reflecting the speedy adoption of digital finance.
The digital monetary sector contributed 8.4% to the Philippines’ GDP in 2023, equal to PHP 2.05 trillion.
As a part of the “Bagong Pilipinas” initiatives, Fintech Alliance.PH Chairman Lito Villanueva launched the 2024 Philippine Digital Lending Business Report.
The report was developed in partnership with analysis agency GeoPol and in collaboration with Billease, House Credit score, Tala, and AsiaLink Group of Firms
It highlights key developments, together with the rising choice for clear and quick mortgage companies.
The report additionally underscores the challenges, akin to the necessity for stronger fraud prevention and expanded monetary literacy programmes.
The ‘Bagong Pilipinas’ pavilion additionally featured the worldwide launch of the Name to Motion for Monetary Well being Metric, an initiative that included a case research on the Philippines offered to Queen Máxima, the United Nations Secretary Common’s Particular Advocate for Monetary Well being.
“Constructing on the success of final yr, now we have curated an thrilling lineup of groundbreaking content material that includes participating displays, revolutionary world initiative launches, and dynamic partnership bulletins.
This yr, our authorities companions will as soon as once more current a compelling overview of how the Philippines is positioning itself as an funding haven by our proactive strategy to improvement,”
mentioned Lito Villanueva, Founding Chairman of the Fintech Alliance and EVP and Chief Innovation and Inclusion Officer of RCBC.