August 22, 2024 | 12:00am
Sports and fintech are parallels. Our Philippine Olympian stars are a shining example of what can be achieved through dedication, discipline and the noble and relentless pursuit of excellence. It is tempting to look at their achievements as merely individual merits, but the truth is, they represent every Filipino’s capability to define and redefine the odds of human potential.
They have given us moments of national pride that echo far beyond the world of sports.
Just as the journey to Olympic gold was marked by years of training, overcoming obstacles and refining the athletes’ craft, the fintech industry in the Philippines has been on a similar path of growth and innovation.
Over the past few years, the fintech sector has transformed from a developing industry into a robust one – a cornerstone of the country’s financial ecosystem. This transformation has been driven by a combination of leadership, strategic partnerships and a focus on leveraging technology to enhance financial inclusion.
The fintech industry, much like our national athletes, has had to navigate challenges such as regulatory hurdles, technological limitations and infiltrating the Filipino market. Yet, through persistence and innovation, it has managed to not only survive but thrive, bringing about significant changes in how Filipinos interact with financial services.
Now, the country depends on us. Rather, it demands from us. And this is a good thing. Digital payments and technology-forward ways of living are fast-growing to be the norm now and we are here to see this era through, with a mindset geared toward the future.
This is exactly what we strived to commemorate at the Manila Tech Summit 2024 – a two-day convergence that gathered over 1,000 of the brightest minds and most influential leaders in fintech and digital innovation. This summit exemplifies our commitment to staying ahead of the curve, ensuring that the Philippines is not just a participant but a leader in the AI revolution.
We have our past achievements to thank
Fintech Alliance PH, now with over 100 corporate members, collectively generates more than 95 percent of digital retail financial transaction volume in the country today. Recently, Asian Banking and Finance recognized FinTech Alliance PH with a cybersecurity innovation award for its industry-led nationwide cybersecurity awareness and education campaign dubbed #WagMagpalokoMagingScamAlerto.
From our participation at the Singapore FinTech Festival and the mounting of Bagong Pilipinas: The Philippines Country Pavilion to the establishment of the Asia FinTech Alliance, we have set new benchmarks for collaboration and excellence across borders. This coming November, the Alliance will again stage the Bagong Pilipinas Country Pavilion at the SFF.
The Bangko Sentral ng Pilipinas (BSP) achieved its twin goals of the Digital Payments Transformation Roadmap: transitioning 50 percent of retail payments to digital by 2023 and ensuring that 70 percent of adult Filipinos have transaction accounts with the support of the entire industry. This accomplishment indicates that we are on the right path, with digital payments now playing a vital role in the daily lives of Filipinos. It also reflects our nation’s ability to adopt digital solutions that promote economic growth and financial inclusivity. The launching of the Department of Information and Communication Technology’s e-Verify program bolsters existing financial inclusion efforts by making identity verification safe, easy, and within reach for all Filipinos.
We have surpassed expectations with the Philippine Development Plan 2023-2028, exceeding our fintech target within less than two years. As of early 2024, 285 fintech entities were operating in the Philippines – an incredible feat that underscores the rapid growth of our financial ecosystem. We also proudly presented the Annual Philippines FinTech Report for 2024, a comprehensive document that highlights the remarkable progress our nation has made in the fintech and digital landscape over the past year.
Annual gatherings like the Manila Tech Summit are not only crucial for measuring our progress and identifying points for improvement. Most importantly, they are about fostering growth and camaraderie within our industry. The summit provides a unique platform for stakeholders to share insights, exchange ideas and forge strategic partnerships that drive innovation and economic development. It is through these collaborations that we can collectively address the challenges ahead and seize the opportunities presented by AI and other emerging technologies.
We have proven that no man is an island. Fruitful bonds and partnerships are the fuel for our collective fire. The fintech industry’s focus on private and public collaboration and cutting-edge innovation is similar to the teamwork and support that have been vital to our athletes’ success. This collaborative spirit has led to the development of new services that not only meet the needs of consumers but also drive the industry forward, much like how their achievements inspire a new generation of athletes.
As we celebrate our Olympian victories, we also take a much-needed pause to recognize the achievements of the fintech sector, a field that, much like our Olympic champions, is breaking new ground and setting new standards of excellence. The lessons learned from these successes will undoubtedly guide us toward even greater achievements.
That’s what the Manila Tech Summit is all about.
Lito Villanueva is the Philippines’ top leader in digital transformation and inclusive digital finance. As EVP and Chief Innovation and Inclusion Officer at RCBC, he has led award-winning digital initiatives. He is also the founding chairman of Fintech Alliance PH, overseeing 95 percent of the nation’s digital retail financial transactions, and serves as the first global chairman of the Alliance of Digital Finance Associations.
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