Analysis: Keeping an Eye on Fintech in the Philippines
The fintech industry is still in the infancy stage here in the Philippines. However, it is an industry that we should closely monitor given its very attractive growth prospect and potential to disrupt traditional financial institutions. In fact, it would not be surprising if a fintech company would someday be worth as much as one of the top 10 banks in the country, which is already happening in other countries.
It is a widely known fact that the Philippines has a young and tech-savvy population. This should make it easier to convince Filipinos to adopt fintech.
The country is also underbanked. According to the Bangko Sentral ng Pilipinas (BSP) Financial Inclusion Survey, only 29 percent of all adults were banked as of 2019. This means 51.2 million Filipinos remain unbanked.
Photo courtesy of Fiona Graham / WorldRemit Comms.