More talent set to boost PHL fintech industry group

The Philippines needs more talent to improve its financial technology (fintech) industry, according to the top official.

Angelito M. Villanueva, chairman of Fintech Alliance.Ph, told the BusinessMirror that developing young talents who are passionate about digital technology and fintech is the first step. Villanueva added that the academy will play a key role in this goal.

“Collaborate with key universities to harness potential talent, especially at the graduate school immersed in digital technology,” he said. “This is one way we can further develop potential talent for the fintech industry.”

By joining the “10×1000 Tech for Inclusion” program of the International Finance Corp., Villanueva said there is a chance for the country to produce a significant pool of skilled workers in the fintech industry.

Villanueva, also executive vice president and head of innovation inclusion at Rizal Commercial Banking Corp., said the Philippines has been awarded 500 spots in the “10×1000 Tech for Inclusion” program and many applicants have expressed interest in joining. He encourages interested applicants to apply online using a code that will testify that they are approved by the organization, he added.

The program is free and will enable participants to learn from experts around the world on digital technology, digital payments and e-commerce, according to Villanueva.

He added that it is an open and global fintech training platform that enables learners to become drivers of digital economic growth. Its mission is to train 1,000 new talents and technology leaders every year for the next 10 years.

Villanueva said the program can deepen the country’s talent pool and address the poaching of Filipinos by local and foreign sectors.

“We need to accelerate the program to ensure we develop high-quality digital talent to serve the high demand in the local and overseas markets,” he said.

Villanueva said the organization is also pushing for the passage of the Better Internet Philippines for All, Open Internet Services Act and Critical Information Act.

“The whole idea is to provide reliable and affordable access to data services, especially in isolated and disadvantaged areas. Without the digital infrastructure, it would be very difficult to push and promote inclusive digital finance, because as you know, you need to have high-quality, reliable high-speed Internet data,” said he.

Although the country has 75 million mobile phone subscribers, Villanueva said millions of Filipinos still do not have access to data. Citing a recent survey, Villanueva said the country’s mobile penetration rate now stands at 110 percent.

With a robust digital infrastructure, Villanueva said it can increase in e-services such as telemedicine, online learning and online banking and telecommuting.

“Adopting a hybrid arrangement will now be the norm in the post-pandemic,” he said.