Call Prefix : PR-MS

Call Suffix : 2023

Call Cutter : TCN-719

Location : SEARCA Library

Format : Printed

Series : PIDS Research Paper Series 2023-01

Publisher : Philippine Institute for Development Studies (PIDS)

Publication Date : 2023

Publication Place : Quezon City

Summary : Financial technology (fintech) in the Philippines has gained more attention in recent years, especially during the onset of the COVID-19 pandemic when lockdowns were prevalent and cashless payments were encouraged. Thus, digital payments and engagements through various platforms have increased, resulting in more diversified financial products and services. Despite these developments, financial inclusion in the Philippines has lagged behind other Association of Southeast Asian Nations member-states. This paper analyzes the state of the fintech industry and investigates how the government can support the development of its ecosystem to ensure its contribution to the country's development goals. It concludes that the Philippines has a strong fintech industry, as indicated by a growing number of fintechs (particularly in payments, lending, and banking technology verticals) and increasing capitalization. Finally, for the fintech industry to support the country's financial inclusion goals, the availability of talent and credit for the sector must be improved. (authors' abstract)