Fintech in the Philippines

Opportunities to Move the Technology and the Country Forward

0
482

The Philippines is an interesting market with a huge potential to develop and grow its blockchain technology and fintech industries along with it.

1) Population

The country’s youth is a huge population at over 100 million (top 13 in the world), making the Philippines one of the markets with the most potential. Not many countries in the world would have a market where one single company can hire 10,000 engineers who understand the technology to push it forward. If talents can be engaged and trained at a much younger age, the country can easily produce ten times more talent in the future.

A hugely unbanked population is another opportunity for fintech to provide professional alternative financial services and platforms other than the traditional banks and startups from the more developed countries.

2) Diaspora

There are 10 million Filipinos all over the world, living and working outside the country. This presents a unique market of opportunities in providing financial solutions for remittances and home-bound investments. This size and scope of diaspora present both opportunities and challenges for new fintech-based solutions and innovations.

3) Infrastructure

For whatever reason, this country is serving as a financial hub in a very niche market. Recent investment flow into an online gaming industry (mainly from China) is one good example.

Cagayan Special Economic Zone (CEZA) is offering fintech and blockchain friendly regulations.

English is widely used and local business communities are friendly to foreign players.

4) History

Experience matters a lot. Thirty to forty years ago, this country was richer than South Korea and Singapore. If four Asian Tigers, along with Hong Kong and Taiwan, took 30-40 years to be a leading economy in Asia, new tigers won’t even need 5-10 years to do the same. Markets are moving way faster than before.