The combination of low levels of financial inclusion, a steadily growing GDP and high smart phone usage has resulted in the Philippines becoming a key market in Asia for venture capital and private equity investors, as well as strategic players looking for investment or product rollout opportunities in the FinTech sector. The Philippine government has recognized the important role FinTech plays in financial inclusion and economic development and has, over the last several years, pursued several regulatory and policy initiatives to help create a cash-light society.
With a poor financial services infrastructure and only 28% of Filipinos having an account at a traditional bank, the FinTech sub-sectors which have seen the greatest levels of growth are electronic payments and lending.
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Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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