Philippines recognizing the importance of Fintech

Philippines is making headlines as specialists believe that Philippines has the potency to become a major hub for the Fintech firms in the Southeast Asia. With the collaboration of Philippines-Japan Forum on Investments and Cryptocurrency, the NOAH Foundation organized a conference where thinkers from different parts of the world participated and apprised the participants of cryptocurrency, blockchain technology and Fintech firms.

According to NOAH Foundation Director Josef Werker, given the current frenzy of new technologies among the public, the necessity of organizing such conference has become even more prominent.

He further added, “We felt that this is the perfect opportunity to bring together experts to become our knowledge partners so they could best share how cryptocurrency, blockchain technology and Fintech impact the way people live right now, and more important, how they could affect the way we do things in the future.”

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Moreover, cryptocurrency and blockchain, technology expert Miguel Antonio Cuneta, cofounder and chief community officer of Satoshi Citadel Industries (SCI), was of the view that blockchain technology and other Fintech firms would revolutionize the field of finance, governance and banking in the same way as Internet did to the telecommunications and media sector.

He later on emphasized the fact that financial innovators have solved most of the problems that the financial sector faced such as fast, secure and low-cost movement of money around the world. Further, Ron Hose, founder and CEO of Coins.ph, stated major structural changes are under way, especially in the way payments are made to one another.

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Further, Ramon Vicente V. de Vera, head of Fintech Business Group at UnionBank, opined that traditional banking system is not built for financial inclusion rather it is geared more towards the financial exclusion. In this regard, the Fintech industry is expected to define the experience for the people who were casted out by the incumbents.

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