February 19, 2020 – The 2019 Genome Report cited that the Philippines’ fintech market is projected to reach $10.5 billion by 2022. Because of that, there is a huge opportunity for the industry to accelerate, especially now that the Philippine Innovation Act and Innovative Startup Act has been enacted, which has a Php 1 billion budget to help startups.
The program aims not only to support fintech companies but the entire ecosystem as a whole.
Fintech companies will come together for the first Philippine Fintech Festival, happening on May 20-21, 2020 in Shangri-La, BGC.
According to the Department of Trade and Industry Undersecretary Rafaelita Aldaba, the budget will allow the Philippines to catch up with other ASEAN countries, particularly Singapore, which leads the fintech space.
Ms. Aldaba noted the various legal frameworks supporting the growth of fintech, including the E-Commerce Act, the Consumer Act of the Philippines, Cybercrime Prevention Act, and the Data Privacy Act.
The Bangko Sentral ng Pilipinas (BSP), for its part, is aiming to raise digital transactions this year by 30%. Fintech, which mostly are payment solutions (according to a BSP officer) will play a role in reaching the BSP target. InstaPay and PESONet are two payment infrastructures to make sure consumers can perform interbank and non-bank transactions faster. The BSP is also allowing companies engaged in virtual currency to operate in a sandbox, supporting them with a framework regarding licenses of virtual currency exchanges.
Source: Manila Bulletin
This article is published on BitPinas: Fintech Transactions Expected to Double in 2022