Aboitiz’s fintech moves to aid PHL digitization

UBX Philippines Corp., the financial technology (fintech) arm of Aboitiz Group, said Thursday it has started the implementation of a multi-sectoral initiative that will help provide free digital transformation solutions to local and national governments.

The company, along with the Department of Information and Communication Technology (DICT), on Thursday introduced the Digital Transformation ng Pilipinas (DigiPinas) Initiative, a coalition that will “work closely with all relevant stakeholders towards the digital transformation of the country.”

“One of our core values ​​and advocates at UBX is to include everyone, and while we have come a long way toward a more inclusive Philippines, there is still much more to be done. DigiPinas is our answer to the call for an accelerated digital transformation in government to help bring important and critical services closer to Filipinos,” said UBX President John Januszczak.

During his first days in office, President Ferdinand R. Marcos Jr. on stronger collaboration between the government and the private sector to propel the Philippines into a “digital age”.

DigiPinas aims to assist governments in the development of technologies that transform everyday experiences, especially public services and transactions, the group’s statement said.

The coalition will identify national government agencies and local authorities that it can support through digital transformation (digitisation), equipping each government partner with digital tools and solutions to bring their services closer to their constituents.

“Digital transformation is one of the leading drivers of [the] President and we have a long way to go to achieve a digital Philippines,” DICT Director Jose Carlos P. Reyes said during the event. “We need the partnership of the private sector, working simultaneously and synergistically to achieve this goal.”

The Philippines faces obstacles to achieving digital transformation, such as low digital adoption, lack of awareness, gaps in access, gaps in digital skills, and complex regulations. Only 26 percent of micro, small-scale and medium-sized enterprises were aware of digitization programs on offer.

Meanwhile, 32 percent of households in the metropolitan region had access to the internet, but only five percent had access in rural regions such as Bicol province.

“Digitalization of public services will help reduce inequalities and disparities, as the Internet, as they say, is the greatest equalizer. But we are still far from the new digital world we seek. DigiPinas takes a multi-stakeholder approach to address barriers and challenges and help accelerate development not only in major cities and provinces, but in rural towns and remote areas, DigiPinas spokesman Michael Anthony Philippe L. Leachon said.