The United Kingdom aims to boost trade opportunities in the Philippines by forging collaborations with artificial intelligence and fintech companies, the British trade commissioner for Asia Pacific said.
“We look forward to unlocking new trade opportunities, connecting UK businesses with Philippine FinTech companies to drive growth,” Martin Kent, the UK trade commissioner for Asia Pacific, said in a recent media roundtable.
The UK brought AI companies to the Philippines during the UK-Southeast Asia Tech Week, which ran from March 24 to 25. The companies established connections with more than 40 Philippine companies to explore and discuss commercial opportunities.
“This week, I’m also announcing the launch of the Tech Growth Program, which is a partnership with Philippine venture capital firm Kickstart Ventures,” Kent said.
The program will match UK startups with potential investments from Kickstart Ventures through the Ayala Corp. Technology Innovation Venture Fund. The fund is one of the largest venture funds in the Philippines.
Kent said the collaboration reflects the UK’s strong commitment to providing innovative technology to the Philippines.
The strategic partnership with FinTech Alliance Philippines, also announced this week, marks the beginning of a new era in UK-Philippines FinTech cooperation, he added.
On a global scale, the UK ranks third in venture capital investments.
“We are home to over 180 unicorns, more than 25,000 funded startups, and hold the position of the third-largest AI market globally.” Kent said.
The UK-Philippines trade relationship at the moment is valued at 2.8 billion pounds.
“We’re absolutely committed to growing this and as the ambassador mentioned last week we held our Joint Economic and Trade Committee (JETCO) in London,” he added.
There are more than 200 British companies operating in the Philippines.
The top UK exports to the Philippines are electrical goods, meat, aircraft and pharmaceutical products.
UK companies are seeing the opportunity here in the Philippines,
Kent said.
The UK government is committed to growing trade relations with the Philippines and building mutual business opportunities for the long term, he added.
