E-Wallets, Blockchain Push the Philippines Towards Financial Inclusivity
November 7, 2018. The introduction of electronic wallets (e-wallets), blockchain technology, and other fintech innovations push the Philippines towards financial inclusion. This is the theme of various speakers during Seamless Philippines 2018. This type of disruption will push the country further in terms of achieving higher financial inclusion.
Seamless Philippines 2018 organizer and the managing director of Terrapinn, Ms. Sharon Roessen, said that fintech created a new way to connect and introduce “new products and solutions” to “the unbanked and unserved markets.” She added that the company’s 20 years experience helped them build “Asia’s largest and longest running conference focused on cards and payments and transforming it into a dynamic summit and large-scale exhibition of the converging worlds of e-commerce, retail, and payments.”
According to the data collected by the Bangko Sentral ng Pilipinas (BSP) Financial Inclusion Survey (FIS), there are around 15.8 million adults who own an account with a financial entity. This number is around one-fourth of the entire adult population in the country. Having an account (ex. a bank account) will give its owner the option to save money, receive money, send or receive remittance, and pay bills. With these options checked, a person is financially included.
Mr. Rajan Narayan, Managing Director in Asia Pacific of BPC Banking Technologies, said: “We see a significant shift in the region to cashless and transparent payments initiatives.” He added that being included in Seamless Philippines 2018 was a delight as his company was able to present its suite of products that can help banks in future-proofing their payment processes such as contactless payments and e-wallets.
The founder of Nationlink Network, Mr. Zoilo Jesus Dela Cruz shared how his company is helping in the financial inclusion in the country for almost 35 years.
“For 35 years, Nationlink has been fostering financial inclusion for the Philippines by giving rural communities access to modern banking services, By sharing our key insights and experiences at Seamless Philippines 2018, we hope to empower more institutions in transforming lives of families in remote towns and provinces through fintech innovations, so no one gets left behind.” – Mr. Zoilo Jesus Dela Cruz, Founder, Nationlink Network
Together with around 3,800 entrepreneurs, professionals, and business executives, there were 165 speakers in Seamless Philippines 2018. These people are industry disruptors and are leaders in their field of businesses. The event was held at SMX Convention Center Pasay City.