Fintech Alliance INDX Summit 2.0 Amplifies Digital Transformation, Inclusion
In partnership with Enderun Conferences, FinTech Alliance.PH recently hosted the second edition of the Inclusion and Digital Transformation (INDX) Summit at the Enderun Tent in McKinley Hill, Taguig City from November 22 to 23, 2022.
“This monumental event is the gathering of Filipino visionaries and trailblazers. The past two years have been golden for the fintech (financial technology) industry in the Philippines and throughout Southeast Asia. It is only fitting that we reflect on our successes and welcome promising years that is coming,” said Lito Villanueva, founder of FinTech Alliance.PH, and executive vice president and head of innovation and inclusion of Rizal Commercial Banking Corp.
Statistical review
According to the Philippine Statistics Authority, the value of the digital economy in the Philippines grew by 7.8 percent to reach P1.87 trillion in 2021. E-commerce burst through the pandemic and continued to grow after the shutdown. Online sales changed from being a side job to becoming a primary source of income. The main drivers of the digital economy, which contributed 9.6 percent of the country’s gross domestic product in the same year, included digital infrastructure, e-commerce and digital content.
Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla stated that “to digitize more peer-to-business and business-to-business payments, the BSP is collaborating with the payment industry to launch new innovative payment streams.”
For Finance Ministry Secretary Benjamin Diokno: “The Covid-19 pandemic has redefined what we considered to be ‘business as usual’ [and] it also provided an opportunity for economists worldwide to pick up the pace [toward] a more digital economy. Although progress is being made to adapt to the new normal, there is still much to be done before it is able to achieve its goals.”
PH through digital transformation, inclusion
GCash (Coin) President and CEO Martha Sazon said: “Digitization or digital economy is a very complicated value chain. It starts from internet connectivity, device availability and the various regulators around it, and into our space – fintech, e-commerce and the various economic services. Throughout the value chain, you have the government at each and every step. But you have various private sectors participating in it. While we can offer advanced technology, best practices from our partners and execution, we need partnership from the government to make it easy for us to participate and to increase penetration.”
In fact, as the Philippines transitioned to a new digital economy, the government continued to support the fintech industry and moved in a positive direction by imposing standards and regulations.
During Senator Mark Villar’s speech at the INDX Summit, he stated that: “[Although] the pandemic has exposed and brought pressure on necessary reforms in areas such as public health, social safety nets, disaster response and rural development, what reinforces all these reforms is the digital imperative. Going digital is the way and the key.”
“We are ready to support further innovations for more efficient, convenient and secure use of digital assets, as well as to legislate to ensure that digital transactions are properly protected. Our hopes for a fairer and successful post-COVID society include the establishment of important pillars of digital economy such as robust digital infrastructure, digital skills, e-government, e-commerce and a feasible legislative and regulatory environment,” said Villar.
Conclusion
INDX Summit 2.0 was concluded by the Fintech Alliance Ambassador’s Gala, which brought together key leaders of missions and other international development agencies as well as regional and global partners.
Albay Second District Rep. Joey Salceda, who was also the chair of the Ways and Means Committee said: “Digital financial technology must be reliable. With more digitization of finance comes the digitization of the most predatory in the sector and its underground mutations. Technology. can do so much, but the goal must be to create values and virtues in society.”
A number of ground-breaking initiatives have also been launched during the first FinTech Alliance Ambassadors Gala. These included the first off-campus Fintech and Regulatory Innovations Technology program in the Association of Southeast Asian Nations region by the Cambridge Center for Alternative Finance by the Judge Business School at the University of Cambridge in partnership with Mapua University and FinTech Alliance.PH; the launch of BSP-gov. Nestor Espenilla, Jr. FinTech and matching program for inclusive financial grants; and the collaboration with Myregruppen’s 10 x 1000 Tech for Inclusion. The event also saw the resignation of several members of the board of trustees as well as incoming new members.
