Digital lending, e-wallets most promising fintech services in PH | AsiaTechDaily

Digital lending, e-wallets most promising fintech services in PH |  AsiaTechDaily

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Digital lending, savings deposits and mobile money/e-wallets are set to be the most promising fintech sectors in the Philippines going forward, according to Robocash analysts.

A survey conducted by the World Bank also showed that the main drivers of financial inclusion and fintech are government policy and the Covid-19 pandemic. Approximately 68% of those questioned claim to have experienced and/or have experienced serious financial difficulties during this period.

The Philippines is no exception to this general trend, as revealed by Robocash analysts. The country’s financial services have become more accessible, as have the number of accounts
increased by 1.5x to 51.4%. Even more impressive is that the share of credit and debit card owners has grown threefold (to 15.9%), of mobile accounts – fivefold (to 21.7%).

Finally, there is apparently simultaneous growth in borrowing (from 10.7% to 17.5%) and savings in financial institutions (11.9%-19.2%). These improvements are most remarkable, as they set
up digital lending, savings and mobile money to be the most promising fintech sectors in the Philippines.

The Robocash analysts provide further insight, commenting: “From our perspective, Findex has confirmed most of what we already knew. We conducted a similar survey in the Philippines in 2021. The results are largely in line with the World Bank’s findings: the share of financial institution accounts (Findex – 45.9%, RCG – 38%), loans from financial institutions (17.5% vs. 22.5% ), to mention some”.

The Robocash analysts said the catalyst behind such explosive growth is the Covid-19 pandemic, as 68% of respondents claimed to have experienced financial hardship at the time, and were therefore forced to adapt. “Of course, the government’s financial inclusion policy has also played its part.”

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Robocash Group operates in the Philippines through the online credit service Digido, along with a financial mobile app UnaCash. The group was founded in 2013 and focuses on offering technological financing solutions for those underserved by the traditional banking system.

All products in the group are built entirely in-house using artificial intelligence, machine learning and data-driven technologies to provide precise and comprehensive risk management, comfort and speed for customers and efficiency for business.

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