INNOVATIONS in telecommunications and technologies such as blockchain and digital delivery of services are going to make the Philippines a hotbed for fintech developments in the region.
“Now, the Philippines is primed to move on to the next level and transition into a world-class digital economy via the Philippine Fintech Festival, an international gathering of experts and leaders in innovation,” Department of Trade and Industry (DTI) Undersecretary Dr. Rafaelita “Fita” Aldaba said as she underscored the significance of being at the center of tech innovation, citing how fintech companies and products have largely contributed to the government’s relentless drive for financial inclusion.
According to the experts at the launch of the Philippine Fintech Festival, which will be held on May 20 and 21 this year, the Philippines is at a point where there is a supply of expertise, as well as a digitally transforming environment making it suitable to introduce innovations..
The ingredients necessary for the country to become the next fintech and tech innovation hub include its 6.2 percent GDP growth, an innovation ready regulatory environment, which has quickly shifted archaic laws into more flexible policies that allow for IT growth, a solid financial and business ecosystem, the growing and relatively young population and, an Internet penetration rate of 63 percent mostly through mobile devices.
The Philippine Fintech Festival (PFF) was organized to size up and further move the widening horizon for country’s tech and fintech potential forward. It will be held at Shangri-La at The Fort on May 20-21, 2020, and aims to be a platform where tech leaders and innovators can engage, inspire, and collaborate on business, industry and nation transformation.
The PFF features game-changing tech solutions that shape the dynamic Southeast Asian economies to become more competitive and financially inclusive. Attendees can learn how their businesses and enterprises to accelerate their transformation journey through tech showcases so decision-makers can touch, feel and experience the latest technologies.
The PFF is in partnership with various government agencies including the Bangko Sentral ng Pilipinas (BSP), Department of Information and Communications Technology (DICT), Department of Science and Technology (DOST), and Department of Trade and Industry (DTI), along with private corporations and organizations such as Distributed Ledger Technology Association of the Philippines (DLTAP) and FinTech Philippines Association (FPH).