The Philippines is rapidly emerging as a powerhouse in the fintech sector, driven by a synergy of government initiatives and private sector innovations. With the country's digitalization efforts accelerating, fintech adoption is poised to reach 72% of the population by 2024. This burgeoning growth is highlighted by the impressive $344 million in funding raised in 2022 and the widespread use of 867 active fintech applications across the nation.
The increasing penetration of smartphones, now owned by over 74% of Filipinos, further bolsters the fertile ground for fintech expansion. Recognizing the potential of digital financial products, the Central Bank of the Philippines (BSP) has launched several pivotal initiatives, such as the National Strategy for Financial Inclusion 2022-2028 and the Digital Payments Transformation Roadmap 2020-2023. These efforts are complemented by the Open Finance Framework, all aimed at fostering a robust and inclusive financial ecosystem.
In alignment with these national objectives, the government is also digitalizing critical agencies like the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) to streamline financial processes and boost efficiency.
To further propel this dynamic sector, the World Financial Innovation Series (WFIS) will return to Manila, taking place at the Marriott Hotel on August 13-14, 2024. This prestigious event will convene over 600 technology and business leaders from leading banks, insurance companies, and microfinance institutions across the Philippines. WFIS offers a unique platform for industry stakeholders to explore the latest trends, exchange innovative ideas, and foster strategic partnerships.
The International Trade Council (ITC) proudly supports the promotion of the WFIS Philippines. The ITC's endorsement underscores the event's significance in shaping the future of financial services and advancing economic growth in the region.
As the Philippines continues to navigate its path towards a more digitized and inclusive financial landscape, events like WFIS play a crucial role in driving dialogue, innovation, and collaboration among key players in the fintech ecosystem.
ABOUT THE ORGANIZER
Tradepass is renowned for orchestrating high-impact events that bring together thought leaders and innovators in the financial services and technology sectors. By facilitating knowledge exchange and networking opportunities, Tradepass aims to drive progress and foster collaboration across industries.
For more information about the event and to register, visit the official WFIS Philippines website: https://philippines.worldfis.com/
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