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The Philippines has become a global leader in financial technology outsourcing. The country’s large pool of talented, English-speaking workers, relatively low labor costs and strong regulatory environment have made it an attractive destination for companies looking to outsource their fintech operations.
According to Ralf Ellspermann, CEO of Piton-Global and one of the country’s leading fintech outsourcing experts, “Philippine BPOs are ideal partners, offering cost-effective support for companies while maintaining the highest standards of quality and data security. The combination of advanced technologies such as blockchain, cloud computing and AI, and a highly educated workforce familiar with industry-specific compliance and regulatory requirements, make the country a leader in fintech outsourcing.”
“One of the most commonly outsourced services in the fintech arena is customer support. Companies turn to the Philippines for their customer service needs because of the country’s large pool of professionals trained in financial services and able to provide first-class support,” he adds.
Another often outsourced aspect of the fintech industry is back office operations. This includes tasks such as data entry, account reconciliation and compliance monitoring. These tasks are easily performed by highly skilled workers who are familiar with industry-specific regulations and are able to work efficiently and accurately, resulting in improved operational efficiency, improved customer experience and cost savings.
BPOs in the Philippines can support a wide range of languages - not only English, but also Spanish, German, Mandarin and Japanese. This makes it a serious outsourcing competitor for companies looking to expand their operations worldwide.
In terms of security, leading outsourcing providers have implemented strict standards and protocols to protect client data. These include PCI DSS, SOC 2 and ISO/IEC 27001 to ensure the protection of client information. Many companies have also implemented security measures such as encrypted data transfer and secure servers to protect client data and provide another layer of security.
– Leading fintech players that outsource to the Philippines include Stripe from the US and Wise from the UK, says Ellspermann. According to a report from McKinsey & Co. The Philippines is expected to remain at the forefront of outsourcing fintech services, with the country’s fintech industry projected to grow at a compound annual growth rate of 20 percent over the next five years. A PwC report states that the Philippines is set to become a hub for innovation in the fintech industry, with an increasing number of fintech startups and incubators in the country.
Ellspermann notes, “The Philippines has a deep understanding of the fintech industry and the specific needs of these companies. The nation’s workforce is highly trained in finance and can offer a wide range of services, including data analytics and compliance monitoring. The Philippines’ strong regulatory environment ensures that companies can outsource their fintech operations with confidence, knowing their data is protected and secure. This depth of expertise and understanding of the industry is what sets the Philippines apart as a leader in fintech outsourcing.”
The Philippines has become a key destination for fintech companies looking to outsource their operations thanks to its highly skilled workforce, advanced technology and a strong regulatory environment. “As leading research firms highlight the country’s strengths, more fintech companies will turn to the Philippines for their outsourcing needs,” concludes Ellspermann.
