Singapore – At the Singapore Fintech Festival 2023, the Philippines has been recognized as an emerging hub for creative ingenuity and entrepreneurial growth, according to the Presidential Communications Office (PCO). This development is attributed to the Marcos administration's initiatives in fostering innovation and nurturing the startup ecosystem.
According to Philippines News Agency, Assistant Secretary for Digital Media and Communications Patricia Martin of the PCO, the Philippine government's 'Bagong Pilipinas' (New Philippines) agenda aims to strengthen the fields of digitalization and financial technology (fintech). Martin emphasized the role of the Philippine Innovation Act and the Innovative Startup Act in this endeavor during her keynote speech at the festival. She described the digital transformation in the Philippines as a collaborative effort between the government and the private sector, facilitated through public-private partnerships.
Martin highlighted the Philippines' dynamic fintech landscape, which features approximately 300 companies specializing in various fintech services. The country has seen a significant transition of retail payments to digital channels, reflecting the adaptability of Filipinos and the growing integration of financial technology into everyday life.
She underscored the importance of the convergence of technology and finance in enhancing accessibility and empowering individuals and businesses in a globally interconnected landscape. The Go Digital Pilipinas movement of the Private Sector Advisory Council was cited as a key initiative in bridging the digital divide, promoting digital literacy, internet security, and privacy advocacy.
The Financial Inclusion Survey was mentioned to illustrate progress in financial inclusion, noting a substantial increase in formal bank accounts and e-money account ownership. Martin pointed out that the government's National Strategy for Financial Inclusion 2022-2028 is focused on achieving inclusive growth and financial resilience for all Filipinos.
Another significant initiative, the Paleng-Qr Ph Plus, aims to integrate digital payments into the Filipino lifestyle, promoting convenience, efficiency, and broader financial inclusion. Martin emphasized the transformative impact of digitalization and financial technology in shaping a future-ready Philippines at the Singapore FinTech Festival.
The Singapore FinTech Festival, a global platform for the fintech community, is organized by the Monetary Authority of Singapore, Elevandi, and Constellar, in collaboration with the Association of Banks in Singapore. It focuses on the development of financial services, public policy, and technology.