GOVERNMENT and industry leaders from the Philippines and Singapore kicked off “Digital Pilipinas: A Closer Look at the Philippine Sandbox,” a movement aimed at influencing reforms via technology and innovation across local and global arenas.
Monetary Authority of Singapore (MAS) Chief FinTech Officer Sopnendu Mohanty, Trade Secretary Ramon M. Lopez, Finance Secretary Carlos G. Dominguez, as well as Digital Pilipinas Convenor and GeiserMaclang Marketing Communications Inc. Cofounder Amor Maclang expressed their support for a more technologically-capable and innovation-driven digital landscape in the Philippines and across Southeast Asia.
The Philippines, according to Mohanty, is a market in Asia that has the biggest potential to fully transform digital-wise. The fintech leader of MAS emphasized, however, that all the Filipino citizens must gain from the sandbox: “You must ensure that the sandbox will benefit all the citizens for public good. We are promoting technology for people to progress, so the public good is important to make the sandbox successful.”
Even prior to the health crisis that crippled almost all the economies globally, the Philippines has already embraced the digital era. Together with the nation’s business community, its public sector has already shifted to digitization.
“Before the pandemic, the government has already been utilizing digitalization to push the ease of doing business,” Lopez explained. “The adoption of e-commerce facilitated the digital transformation of business.”
Beyond the online marketplace, the state has also pushed for various innovations like in the financial services field.
Digital Pilipinas has a 12-point agenda that provides solutions to address challenges within the local industry and economic ecosystem, as it introduces a way to leverage on information and communications technology-driven opportunities. It covers the following areas: fintech, govtech and regtech; proptech; digital transformation; overseas banking; future of mobility; insuretech; e-commerce; cyber security; Internet of Energy; future of education; digital cities; and gaming.
This movement has a multi-month series of activities that will culminate on November 11 and 12 at the World FinTech Festival Philippines, which will gather the nation’s top tech leaders to delve on trends and how organizations can become stronger under the new normal.