Philippines Champions Global and Local Public-Private Partnerships to Strengthen Fintech Ecosystem at the Singapore Fintech Festival 2023

UnionBank and UnionDigital booth at SFF 2023

President Ferdinand Marcos Jr. underscored strategic collaboration with diverse domestic and international stakeholders to position the Philippines as a hub for digital innovation and entrepreneurship. This was highlighted during his keynote address at the Singapore Fintech Festival (SFF) 2023, the world’s largest fintech event, where he made history as the first statesman to deliver a holographic speech at the said festival.

He emphasized that both local and global public-private partnerships (PPPs) play a vital role in enabling the Philippines to adopt new technologies that would strengthen the country's fintech ecosystem. The implementation of innovative solutions, coupled with enhanced financial education and inclusion initiatives, will effectively meet the needs of underserved communities in the country. This, in turn, serves as a tangible demonstration of the Philippines’ potential to contribute solutions to regional and global challenges.

UBX sets up advocacy body to champion development of inclusive open finance framework in PH

UBX, the financial technology (fintech) venture studio of the Aboitiz Group, is setting up a foundation that will champion the development of an inclusive Open Finance Framework in the Philippines. 

To be called the Philippine Open Finance Foundation, the institution aims to make the adoption of open finance as a technology that empowers Filipino consumers with the right set of financial tools and solutions for their needs. 

“They say it takes a village to raise a child, and since Open Finance in the Philippines is still infancy, UBX has decided to launch a shared village we call the Philippine Open Finance Foundation,” UBX Managing Director for Open Finance Jaime Garchitorena said at the Singapore Fintech Festival on 2 November, Wednesday. 

The Philippine Open Finance Foundation will bring together relevant stakeholders, including other financial institutions, government agencies, non-government organizations, civic groups, and the academe to come up with meaningful initiatives that will support the development of Open Finance in the Philippines. 

UBX leads multi-sectoral initiative to drive accelerated digital transformation in PH government

#DigiPinas Initiative to capacitate national, local governments with digital tools and solutions to bring services closer to Filipinos 

UBX, the financial technology (fintech) venture studio of the Aboitiz Group, is leading the multi-sectoral initiative that will drive the accelerated digital transformation in government to help bring essential and critical services closer to Filipinos. 

On Thursday, October 27, UBX officially introduced the Digital Transformation ng Pilipinas (#DigiPinas) Initiative, a multi-stakeholder advocacy group that will work closely with all relevant stakeholders towards the digital transformation of the country.

Fintech, blockchain, open finance expertise to help UnionDigital usher future of banking in PH

With its expertise in fintech, blockchain, and open finance in the country, UnionDigital is well-positioned to offer financial services to customers regardless of how digital finance would evolve. This was the key message of UnionDigital CEO and co-founder Arvie De Vera during his presentation at the BusinessWorld Insights Forum. The topic for the day was on digital banks and the transformation of the financial sector in the country.

“When we started this digital transformation journey, our aspiration was to adopt the mindset and agility of a tech company, but retain the governance and trust of a regulated bank. That aspiration became a reality on December 2020 when the Bangko Sentral ng Pilipinas (BSP) released its digital bank regulations. Six months later, UnionDigital was born, and operates as a tech company and also a bank,” De Vera said.

GCash sets fintech standard, drives PH economy amidst pandemic

GCash, the undisputed leader and preferred mobile wallet in the Philippines, sets the standard on what fintech should be in the country -- an everyday brand making financial services very convenient, making it as easy as “messaging”, while empowering Filipino individuals, businesses, and the government, to keep running amidst the threat of COVID-19 nationwide.

Filipinos have turned to fintech during the pandemic: more than half a million digital entrepreneurs found a living by selling products online through social media platforms using GCash as a means to transact, all this while at least 26% of MSMEs have shut down in the country, unable to shift their businesses towards an online model. This proves that financial technology isn’t anymore simply a payment platform, but an emerging channel driving various industries forward.

Driving inclusive finance through mobile technology: Fintech leader GCash says PH making strides in promoting financial inclusion

Leveraging technology for digital finance has long been recognized by major think tanks and global, multilateral, and intergovernmental organizations as a catalyst in promoting inclusive finance especially in emerging markets like the Philippines.

Financial technology (fintech), according to studies conducted by the World Bank and Alliance for Financial Inclusion, plays a key role to providing access to the unbanked and underbanked, as it brings financial tools and instruments closer to those who need them the most.

China and India have been successful in improving the state of financial access in their countries through fintech players, and their citizens are now reaping the huge benefits of financial services today.

GCash bags BSP awards for digital transformation and innovative mobile financial services

For its innovative and responsive digital financial services, the Bangko Sentral ng PIlipinas (BSP) recognized G-Xchange Inc. as its Outstanding Partner for Digital Transformation and Outstanding Partner for Innovative Financial Services for 2019.

On top of bagging the two awards, G-Xchange, the registered entity for GCash, was also a finalist for Outstanding Partner for Digital Excellence and Top Instapay Volume Contributor, which recognizes InstaPay participants that contributed significantly toward the realization of the BSP’s 20% by 2020 vision under the National Retail Payment System project.

Coins.ph: Anatomy of a Philippine digital startup success

When Silicon Valley entrepreneur Ron Hose founded Coins.ph in 2014, he only had one goal in mind -- to drive financial inclusion in the Philippines and eventually expand to other countries in Southeast Asia which have low penetration of formal financial services.

Ron’s determination, coupled with powerful technology and huge potential for growth in a largely underserved market, made Coins.ph a highly-attractive investment for international and local investors that included Quona Capital, Naspers, Pantera Capital, and Kickstart Ventures -- all of which strongly believed in the company’s ability to scale and succeed.

Payoneer empowers digital entrepreneurs and freelancers at the Manila chapter of global business event

Payoneer regional head and country manager Miguel Warren
 offers support for the SME BPOs and freelance professionals
and help enable their businesses to go global.

Global fintech company Payoneer successfully staged their flagship event, “The Payoneer Forum: Go Beyond and Expand Globally” recently held at the SM Aura SMX Convention Center in Taguig City. 

In addition to attracting Manila-based freelancers, business owners and online entrepreneurs to the forum, Payoneer also flew in several delegates from the provinces for free in order to include enterprising Pinoys from the rural areas.

The forum provided information and ideas for the growing community of Filipino digital entrepreneurs, startup BPOs and freelancers, equipping them with knowledge about industry trends and expanding a business globally.

AlipayHK and GCash launch cross-border remittance service powered by Alipay’s blockchain technology

Real-time remittance service made available between Hong Kong and the Philippines   

AlipayHK and GCash today announced the launch of a cross-border remittance service through their e-wallet platforms, powered by cutting-edge blockchain technology developed by Alipay, the online payment platform operated by Ant Financial Services Group (“Ant Financial”, “Ant”). This is the first blockchain-based cross-border digital wallet remittance service globally, offering a fast, secure, convenient, transparent and low-cost way to transfer money directly between individuals in Hong Kong and the Philippines.