How the fintech space is tackling emerging markets after the pandemic: CFO Summit 2023 Highlights

by James · April 30, 2023

January 30, 2020 is marked as the day when the Philippines was chained by the first case of novel coronavirus disease 2019 (commonly known as COVID-19). At the time, the country was not the only one affected by the virus, but it was now widespread throughout the world. Because of this, hospitals became overcrowded and some establishments and businesses (big or small) accepted their fate and closed down. The world has quickly turned to digital transactions to avoid physical contact – and the Philippines is no stranger to this digital transformation.

Three years after the shock of the pandemic, the Southeast Asian country now faces a post-pandemic world. Companies like Harper & Hill Inc. offer solutions for this new age of digitization, and organize events like the CFO Summit 2023 to provide some insight on how to help fintech as well as business in this modern world.

The challenges of COVID-19

The 3rd Annual CFO Summit 2023 was held at the Crowne Plaza Manila Galleria on 3-4. April with the main focus on “The Future of CFO in Emerging Markets: Post-Pandemic.” Its five-point agenda tackled market and user experience issues and solutions; financial inclusion; digital and latest technology; data-driven finance; and government regulation and compliance.

More than 15 industry expert speakers shared some hard-earned lessons learned due to COVID-19 – most focused on adapting quickly to advanced technology for their businesses to thrive.

“Many of the companies during the pandemic had to rush into digitization because, as you know, there were shutdowns. And based on the surveys, the two-year digitization was done in two months. So it’s very extraordinary during the pandemic,” noted Cherry Kua, financial controller at Microsoft (NASDAQ: MSFT ) Kua added that since many firms have not measured the technology before, some were forced to learn it due to the need to survive.

Ideas that can shape the future of business

Some speakers at the event looked further ahead as they conveyed ideas that could shape the business world. Among them were organizational culture director communication psychology thought leader Arthur Carmazzi and founder and CEO of Block Tides Myrtle Anne Ramos, who had thoughts on using new technologies such as metaverse and web3 to help the sector.

Carmazzi believes that on-the-job training in the metaverse where trainees have an AI coach who can advise and inform them about the company’s dos and don’ts and give them insight into what’s really going on can help with induction and create better leaders.

As for Ramos, the Philippines still needs more people and funding in the web3 space. – We need more entrepreneurs. We need more changemakers here. We need more leaders in the room. And at the same time, if it will be possible, of course we need more access to financing for Filipinos. That is my call to everyone and the government,” she said.

It is clear that the world will never be the same since the pandemic. As Angelo Valdez, president and CEO of Harper & Hill Inc., put it, we need to educate our people—especially our financial leaders—as we enter this new digital world.

“We need technology and not just technology, but we need to educate all these economic leaders [on] value and put everything [of this] together, from the banking industry to fintech to which system they will use. And, of course, bridge the gap over time. Time is very, very important. where are we now? Are we ready after the pandemic?” he asked.

Follow these links to view the summaries of the third CFO Summit, Day 1 and Day 2.

Watch highlights from Digital Pilipinas Southeast Asia Tech Week: The search for the PH tech unicorn is on

New to Bitcoin? Check out CoinGeeks Bitcoin for beginners section, the ultimate resource guide for learning more about Bitcoin – originally envisioned by Satoshi Nakamoto – and blockchain.