The race towards digital finance: Philippines’ traditional lenders & fintech startups gear up to get a strong foothold
Manila, 10th April 2024: With the Philippine Central Bank actively promoting digital banking and electronic payments, the country has been witnessing a motivated shift towards digital finance. Often boasting itself as “the most digital bank” in the Philippines, Rizal Commercial Banking Corp. (RCBC) is offering a wide range of digital financial services.
It comes as no surprise that the leading bank’s popular consumer finance app DiskarTech has already witnessed over 5 million downloads. On the other hand, the fast-growing startup GoTyme Bank which received its digital banking license back in 2021 is catching up fast and has forecasted 5 million users in 2024.
The potpourri of factors comprising Philippines’ young population, the growing middle class, and the high internet usage via smartphones, is creating the ideal environment for the growth of digital finance in the country.
Furthermore, Philippines’ digital finance industry has been fuelling a constant competition between the big players. For instance, the country’s biggest traditional lender, BDO Unibank is poised to extend its presence and popular digital wallet, Maya which already boasts of more than 10 million users recently garnered a digital banking license as well.
Needless to mention, fintech events in Philippines are now becoming increasingly popular for the sheer display of tech advancements in financial services and digital banking. In that light the country’s foremost fintech event, World Financial Innovation Series (WFIS) is coming up with another annual edition on 13 – 14 August 2024 at Manila Marriott Hotel. Visit website: http://13.234.204.109/
