Business NEWS

Filipino-fintech company Ventaja International Corp., the government’s pioneer collection partner for overseas Filipino workers’ contribution and payments to pension funds, has announced a complete overhaul of its platform to expand its services to more Filipinos.

PearlPay, a Filipino fintech company, is hoping that over 10 rural banks and micro financing institutions could go live this year using their world-class digital banking solutions.

As part of the efforts to boost the Philippines’ agricultural production, the Philippine government should find a way to be able to tap into financial technology (FinTech) in linking farmers with financial services.  

The Authority of the Freeport Area of Bataan (AFAB) is joining the digital bandwagon as it shifting focus on attracting financial technology (fintech) firms engaged in blockchain, distributed ledgers and other fintech solutions firms from emerging digital econoImies to locate operations in the freeport.

2020 saw significant changes to the way we live, work and play. As people stayed in the safety of their homes for weeks and months on end, we needed to alter our daily routines and use technology more than ever. From Zoom meetings and food deliveries to online shopping and Netflix bingeing—and occasionally, doing all these things at the same time—our smartphones, laptops, and the almighty internet have become absolute musts in the new normal. 

2020 has been a year full of challenges, with the world still reeling from the effects of the COVID-19 economically. In the Philippines, consumers have adjusted to the new normal by adopting, among others, fintech services to make their financial lifestyles more convenient and themselves safe against the pandemic.

The Philippines has positioned artificial intelligence (AI), the cloud, and 5G as building blocks of its post-pandemic economic recovery, propelling the growth of emerging sectors like edutech, fintech, and insurtech. 

Leading business groups, industry associations, and foreign chambers of commerce gather together in the World Fintech Festival (WFF), the globalized version of one of the world’s most prestigious tech events, the Singapore Fintech Festival (SFF), to collaborate on and accelerate the country’s forward momentum into digitalization. The innovation of industry verticals into the online arena is key to making the business community and the nation as a whole more competitive on the international level.  Participating in the week-long virtual convention from Dec. 7-11 are the following organizations which hail from both the private and public sectors: the Fintech Philippines Association (FPH); the Distributed Ledger  Technology Association of the Philippines (DLTAP); Impact Hub; the National ICT Confederation of the Philippines (NCIP); the Philippine Association for Digital Commerce  and  Decentralized  Industries (PADCDI); the British Chamber of Commerce; the Dutch Chamber of Commerce; the European Chamber of Commerce; and the French Chamber of Commerce. 

The biggest names in the technology industry, both on an international and national level, are set to appear virtually in the World Fintech Festival (WFF),  one of the most highly anticipated global online tech events which will be held from December 7-11. The Philippine version, also known as WFF-Philippines, will have industry icons like Microsoft founder Bill Gates, its current CEO Satya Nadella, UnionBank Vice-Chairman Tito Ortiz, Lazada President and CEO Ray Alimurung as well as tech investor Manny Pacquiao speaking during the same week. These talks can be accessed by WFF participants from all over the world, including the Philippines.

Qatari businessmen are pushing for the planned cooperation on Islamic banking with the Philippines as they looked into collaboration in fintech, agro industrial ventures, furniture manufacturing, renewable energy, and industrial parks development in Mindanao.

The COVID-19 health crisis have shut down workplaces and schools at all levels, banned public gatherings, and for all intents and purposes interrupted normal life as we know it pre-pandemic, especially for adolescents who were not even allowed to leave the house.