The Philippines kicks off ASEAN FinTech Month

DTI, DICT, Digital Pilipinas main launch of Philippine FinTech Festival, MAS’ SFE program

Manila, Philippines, 25 August 2022 /PRNewswire/ — Department of Trade and Industry (DTI) Secretary. Alfredo Pascual led the back-to-back partnership launch of the Philippine FinTech Festival (PFF) and the SME-Financial Empowerment (SFE) program of the Monetary Authority of Singapore (MAS). These initiatives are set amid the rapid development of the Philippine FinTech industry, which drew in a record high 342 million dollars investment in the first half of 2021 alone.

PFF will kick-start the ASEAN FinTech month 17 Octoberfollowed by Cambodia on October 24 and Thailand on October 27, leading up to the annual Singapore FinTech Festival (SFF) in November. PFF is a partner of the World FinTech Festival, which is a series of local market exhibitions, sector dives and networking opportunities organized in collaboration with a global network of trusted partners that build up to SFF.

“Technology is redefining industries, as well as SMEs, that need help from the FinTech community to scale,” said Sec. Pascual.

ASEAN Digitization
The SFE program highlights the benefits of financially empowering SMEs as Sec. Pascual said they should be treated as “digitally driven businesses. They employ 63% of the workforce and contribute 40% to the gross domestic product. But they lack funding, and need technology and their products and services to be seen and sold.”

Under Secretary David L. Almirol Jr. at the Department of Information and Communications Technology (DICT) added that the government’s use of technology can help SMEs grow. He cited challenges, “There are too many manual systems in government that are outdated with inadequate staffing.” He added that collaboration with the private sector can lead to freedom of innovation.

MAS’ Chief FinTech Officer Sopnendu Mohanty said: “Technology can drive ideas to help SMEs scale. Financial empowerment, through the SFE programme, is the first step in helping SMEs better understand and leverage financial and digital tools to grow. Singapore ecosystem is happy to collaborate with The Philippines to support the ASEAN FinTech movement, which will connect FinTech and financial services in the region.”

PFF launch
Technological cooperation critical to ASEAN growth will be more pronounced at the PFF, which will bring together more than 200 key stakeholders, thought leaders, decision makers and some of the country’s largest technology companies.

“PFF will take a deep, constructive dive into the issues surrounding the cooperation between companies at the national and regional level,” said Cupid MaclangConvenor of PFF, World FinTech Festival – The Philippines and Digital Pilipinas, The Philippines the largest movement in the private sector that actively champions technological adoption in industries. “Working with the public sector to increase the country’s digital quotient has always been part of Digital Pilipinas’ advocacy.”

The back-to-back launch was attended by government, business and technology leaders: Jean-Marc Arbogast, Country Manager, International Finance Corporation; Selva Ramachandra, Resident Representative, United Nations Development Programme; Nelly DillerExecutive Director, DTTI – Philippine Trade Training Center; Yoly Crisanto, Globe Chief Sustainability and Corporate Communications Officer; Rico Bautista, President and CEO, Etiqa; Ramesh Nagarajan, Lead, Payment Security, APJ, Outseer; Francis Plaza, CEO of Paymongo; Angeline ThamAngka’s Founder; Arlene MartinezFounding President, Asian Council for Small Business; Tan Chong Huihead of the finance program, Singapore University of social sciences; and Rajan UttamchandaniChairman and Founder, Esquire.

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