THE Philippines is set to take centerstage with its outstanding financial technology (fintech) practices and international digital footprint in the upcoming virtual World Fintech Festival (WFF) from December 7 to 11.
Formerly the Singapore Fintech Festival (SFF), the 2020 WFF-Philippines will have Asia’s top executives and decision-makers talk on how they pilot fintech to create impacts on the society.
Attendees will witness global tech legends Bill Gates, Google Chief Executive Officer (CEO) Sundar Pichai, and Microsoft CEO Satya Nadella broadcast their discussions in 10 free sessions via YouTube and Facebook.
Copresented by Globe, the event is also aimed at motivating local industries to increase their own adoption of fintech, be open to innovation, and spend for the digital upskilling of their employees. It is designed to enjoin the public and private sectors to help build inclusive digital economies.
According to Monetary Authority of Singapore (MAS) Chief Fintech Officer Sopnendu Mohanty, the country is now ready for the fintech industry’s rise. He said during their recent webinar: “The Philippines is the country that I will never ignore. You have a remarkable GDP [gross domestic product] and a fairly young demographic. The true test of a company’s strength comes from a crisis—and the businesses in the Philippines have truly demonstrated this.”
Organized by GeiserMaclang Marketing Communications Inc. (GMCI) in collaboration with MAS and SingEx, WFF-Philippines, a first in the country, is seen to attract business leaders and CEOs from 140 countries.
“We are championing the Philippines, following the footsteps of Singapore, as an incubator for technology and fintech. At the same time, tech is here to serve the underserved, the underbanked, and the undersheltered. Fintech has created opportunities for people on the spot,” said WFF-Philippines Convenor and GMCI Co-Founder Amor Maclang.
Bangko Sentral ng Pilipinas has enabled the country to embrace seamless and contactless payments. Its data on the use of Internet banking, mobile apps, and services has grown during the pandemic.
“More than 4 million accounts were opened during the first two months of the lockdown. We recently crafted a three-year roadmap which aims to develop an efficient, safe and secure digital-payment ecosystem. We aim to shift 50 percent of retail payments to online, and ensure that 70 percent of adult Filipinos will have access to digital accounts,” said BSP Director Melchor Plabasan.
Martha Sazon, president and CEO of Mynt, which manages GCash, bared this trend observed amid the lockdowns: “It is the younger generation who is most aware of their financial stability within this time.”
On the other hand, UnionBank of the Philippines accommodated the strong demand for online transactions during the first few months of the Covid-19 crisis. Its chairman, Dr. Justo Ortiz, pointed out that “financial transactions, embedded in actual live transactions people do day to day, are the ultimate end game. Whatever you do, whether you buy food, take a trip—we will embed it in financial transactions across the board.”
Meanwhile, KPMG has leveraged on tech to improve its operations, services and client management system. Its vice chairman and chief operating officer, Noel Bonoan, explained: “We assist our clients on automation, artificial intelligence, and cybersecurity. You cannot properly assist them if your organization cannot practice what you preach.”
For Atty. Mark Gorriceta, managing partner of law firm Gorriceta Africa Cauton & Saavedra, a fast, accountable action is key to digitalization, saying that “we help our clients navigate and understand its intricacies. In aiming for responsible fintech, we closely work together with the BSP, the Insurance Commission, and the Securities and Exchange Commission.”