The FintechAlliance.ph recently welcomed the approval of the digital bank licensing regulations by the Bangko Sentral ng Pilipinas (BSP). MoneyGuru (MoneyMax) Netbank (Community Rural Bank of Romblon) PayMongo Philippines Inc. Cashwagon (Green Money Tree Lending Corp.) Cebuana Lhuillier (PJ Lhuillier Inc.) Gorriceta Africa Cauton & Saavedra Micro-D International Inc. These include: libaba Cloud (Singapore) Pvt Ltd Brankas Digital Technologies Inc. Last year, the fintech group welcomed 14 new members. “Collectively, the Alliance is committed to accelerate the realization of a digital economy amidst the pandemic,” he added. Villanueva, the group’s chairman said in its year-end report. “Fintech Alliance is ready to help in getting back our economy on its feet again,” Angelito M. “The cost of identifying individuals and ultimately being able to lend to them is extremely high and it needs to come down in order to lower the hurdles for customers to engage with fintech services,” Gastl said.įor the part of FintechAlliance.ph, it vowed to participate in promoting the digitalization of financial services in the country to aid economy recovery. President Duterte and Cabinet members also approved the allocation of additional P3.52 billion for the said initiative. This is in addition to the 50-million target registration.
Last month, Malacañang announced that additional 20 million individuals are eyed to be registered to the Philippine Identification System by the end of this year. While there is demand, Gastl pointed out that the “lack of a national ID system” is hindering the growth of fintech adoption. “People that could not imagine to start a loan application online a few months ago are now processing all their banking services through online banking.”
“Covid has significantly accelerated the digital service adoption in the Philippines,” Gastl said. Among the financial services these fintech applications are offering include savings, cash withdrawal, money transfer and even lending. The lockdown measures imposed amid the coronavirus pandemic has forced the public to turn to digital banking, opening accounts online. Managing Director Moritz Gastl told the BusinessMirror. “The challenge is for us and many other fintechs to meet the growing demand of the customer base and to match them with the right products,” First Circle Growth Finance Corp. WITH the increasing shift to digital, the financial technology (fintech) sector is tasked with upgrading offering to meet the surge in demand for online banking services, a fintech executive said.
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