Previously presented as the Singapore Fintech Festival (SFF), from 07 to 11 December 2020 the first-ever World Fintech Festival (WFF) will showcase the best Financial Technology (FinTech) practices in the Philippines cementing its global digital footprint in this space.
This year’s WFF will put the spotlight on key executives and decision-makers from different Asian nations to discuss how FinTech produces societal impacts. Tech legends Bill Gates, Sundar Pichai, and Satya Nadella will broadcast their talks to WFF participants in ten (10) free sessions via YouTube and Facebook.
Co-presented by Globe, the leading telecommunications company in the country, the WFF-Philippines intends to galvanize local industries to accelerate the adoption of FinTech, be open to innovation, and invest in their workforce’s digital upskilling. The event is designed to bring together the public and private sectors to help build inclusive digital economies.
During the virtual presser last 18 November 2020, Sopnendu Mohanty, Chief Fintech Officer of the Monetary Authority of Singapore (MAS), cited the Philippine FinTech industry’s readiness, “The Philippines is the country that I will never ignore. You have a remarkable GDP and a fairly young demographic. The true test of a company’s strength comes from a crisis—and the businesses in the Philippines have truly demonstrated this.”
The WFF – Philippines is organized by GeiserMaclang Marketing Communications, Inc. (GMCI) in partnership with MAS and SingEx. It is expected to draw in the same crowds who attend the SFF, including business leaders and CEOs from 140 countries.
Industry leaders who will headline the WFF-Philippines were present during the virtual presser: Melchor Plabasan, Director, Bangko Sentral ng Pilipinas; Martha Sazon, President and CEO of Mynt and Chairman of the EMoney Association of the Philippines Inc.; Dr. Justo Ortiz, Chairman, UnionBank of the Philippines and President of the Fintech Philippines Association; Noel Bonoan, KPMG Vice Chairman and COO; and Atty. Mark Gorriceta, Managing Partner of Gorriceta Africa Cauton & Saavedra.
“We are championing the Philippines, following the footsteps of Singapore, as an incubator for technology and fintech. At the same time, tech is here to serve the underserved, the underbanked, and the under sheltered. Fintech has created opportunities for people on the spot,” according to WFF-Philippines Convenor and GMCI’s Co-founder Amor Maclang, who moderated the panel discussion, says the event can amplify the Philippines as a tech hub attractive to global investors. Maclang made use of the sari-sari stores and online entrepreneurial shops as examples of FinTech’s inclusivity.
Bangko Sentral ng Pilipinas (BSP) has also paved the way for the country to be more open when it comes to seamless and contactless payment behaviors. Its data shows a surge in the use of internet banking, mobile apps, and services like Instapay and PesoNet during the pandemic. BSP Director Melchor Plabasan revealed some initiatives, saying, “More than four million accounts were opened during the first two months of the lockdown. We recently crafted a three-year roadmap that aims to develop an efficient, safe, and secure digital-payment ecosystem. We aim to shift 50% of retail payments to online, and ensure that 70% of adult Filipinos will have access to digital accounts.”
Martha Sazon, President and CEO of Mynt, the mother company of the country’s leading mobile wallet app GCash, revealed one of the trends observed during the lockdown: “It is the younger generation who is most aware of their financial stability within this time. These things have pushed us to provide savings, credit, and insurance, all within GCash. To date, we have gained 26 million GCash customers, which is ten times higher than our monthly users in 2017.” Ms. Sazon is the current Chairman of the EMoney Association of the Philippines.
UnionBank of the Philippines, the pioneer in digital banking, was able to accommodate the large spikes of consumer demand when the clamor for online transactions soared during the first few months of the COVID-19 crisis. Dr. Justo Ortiz, UnionBank Chairman, pointed out the future of money movements: “Financial transactions, embedded in actual live transactions people do day to day, are the ultimate end game. Whatever you do, whether you buy food, take a trip — we will embed it in financial transactions across the board.”
“The challenge of our generation. As the speed of innovation is accelerating, we need to double-time and intensify our efforts so nobody will be left behind. Learning, unlearning, and relearning will be a consistent process in our digital journey to become a robust and competitive digital society,” added Dr. Ortiz.
The World Fintech Festival-Philippines lineup of speakers will span the length of the five-day global program which will run from 07 to 11 December 2020.
Register to attend the World Fintech Festival via https://www.fintechfestival.sg/register-now.