“Once you’re able to have this foundation between private and government, we have our skill in the government, you have skill in the private (sector), combine them altogether, I think possibilities will be endless.”
The Department of Information and Communications Technology (DICT) Undersecretary David Almirol Jr., expressed his goal to integrate the electronic government (e-government) platforms and services into the financial technology (fintech) applications developed by the fintech companies in the country.
“Imagine, inside your app you will put government transactions in your app. Imagine in your app you have Passport, NBI, SSS, PhilHealth, Pag-IBIG. In your app, we’ll have all the things that we need, the SMEs (need), to build the online stores,” he added.
Almirol said this in his keynote speech during the media and partner launching of World Fintech Festival-Philippines / Philippine Fintech Festival (PFF) and the Monetary Authority of Singapore’s (MAS) SME Financial Empowerment Programme, organized by Digital Pilipinas, a private sector-led movement for creating a digital and innovation ecosystem in the country.
Meanwhile, the Department of Trade and Industry (DTI) Secretary Alfredo Pascual called on the help and support of the private, explaining that the government will be successful in the country’s digitalization through the help of the private sector.
“Part of our mandate in DTI is to attract big investors into the country, particularly those investors that will set up businesses that will export their products. So, in the value chain, there will be a value chain on each company, then they all link together, and our objective is to create jobs and roll the economy. Together, we can do that,” Pascual said.
He also shared his experience in leading the digitalization of the University of the Philippines when he was the University’s President from 2011 to 2017. This digitalization helped the latter’s students, faculties, and the whole UP system when the pandemic hit in 2020.
“The pandemic had destructive effects, but it opened up opportunities, it opened our minds, and it accelerated things that we’re trying to do slowly before. But the pandemic changed the world view, and now we see the value of innovation and the value of digitalization,” Pascual stressed.
Along with Almirol and Pascual, the media launch was also attended by Jean-Marc Arbogast, the Country Manager of International Finance Corporation; Selva Ramachandran, Resident Representative of United Nations Development Programme (UNDP); and Amor Maclang, Convenor of Digital Pilipinas, as speakers.
Some of the big names from the industries were also present during the events, some of the Executives are from Coins.ph, UnionBank, PhilLife, Alibaba Cloud, GCash, Angkas, Paymonggo, and many more.
The Philippine Fintech Festival (PFF) even on Oct 17 is set to gather more than 200 key leaders in the industry to take a deep dive into the impact of fintech, especially in Southeast Asia.
“The PFF will take a deep, constructive dive into the issues surrounding the cooperation of local enterprises at the national and regional levels. Working with the public sector to increase the country’s digital quotient has always been part of Digital Pilipinas’ advocacy,” said Maclang, Convenor of Digital Pilipinas and Philippine Fintech Festival.
On the other hand, DICT Undersecretary David Almirol expounded on his idea by giving a more specific scenario:
- From the real money of the user entrusted to UnionBank
- The information is processed using AlibabaClouds
- Then, users can use platforms to buy from Shopee or Lazada to pay through an e-wallet.
- Users can also buy crypto (Either ETH or BTC) from that wallet.
- Then use DragonPay to use to buy Insurance.
Lastly, when asked about when there is one thing that these executives wish from the government?
Maria Yolanda Crisanto, a representative from mobile wallet giant GCash, answered, “LESS REGULATION!”
This article is published on BitPinas: DTI, DICT Lead Partnership Launch of Philippine Fintech Festival 2022
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.