The Philippine Fintech Market to Reach 44 BN USD Despite the Socio-Economic Hurdles
15 out of 20 FinTech companies in the Philippines closed their doors, unable to withstand the competition. Nevertheless, the local FinTech landscape remains underinvested. By 2024 the FinTech market in the Philippines should grow to 44 Bn USD, estimated by the analysts of the financial holding Robocash Group.
The number of FinTech companies has grown from 126 to 222 entities since 2016 in the Philippines. On average, about 15 to 20 new startups appear each year, while 10 to 15 companies close their doors, unable to withstand the competition. The largest growth occurred in the mobile wallets, online payments and wire transfers segments.
Photo courtesy of geralt.