The Philippines and India convened a meeting in New Delhi to discuss strategies for boosting the country’s financial technology (fintech) sector and promoting financial inclusion among Filipinos.
The Department of Finance (DOF) led the first inaugural meeting of the joint working group (JWG) on financial technology (FinTech) with the Indian government on Sept. 12, 2024 in New Delhi, India.
“The long-standing partnership between the Philippines and India speaks of both countries’ shared commitment to broaden and deepen our ties and maximize the vast potential for and opportunities for economic and development cooperation, especially on digital economy, digital payments, digital infrastructure, and financial inclusion,” DOF’s International Finance Group (IFG) officer-in-charge assistant secretary Donalyn Minimo said.
Aligned with President Ferdinand Marcos Jr.’s commitment to investing in the country’s digital transformation, the JWG will enhance economic cooperation in fintech, boost connectivity and interoperability and help develop fintech solutions.
From 2021 to 2023, the Philippines’ fintech sector grew by more than 38 percent, rising from 216 companies to 299 in August 2023.
Based on a Bangko Sentral ng Pilipinas (BSP) report, about $110.5 billion digital transactions were recorded in 2023.
The JWG facilitated the discussion on initiatives, best practices and safeguards to enhance the Philippines’ regulatory frameworks and digital infrastructure.
The discussions opened up opportunities for greater innovation in areas such as digital payments, blockchain technology, and fintech solutions, which will empower both individuals and businesses.
The Philippine delegation expressed its willingness to continue dialogues and partnerships with the Indian Government as it strives to build a robust and inclusive FinTech ecosystem that will not only benefit the citizens but also strengthen the economy.
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