More talents seen to boost PHL fintech industry–group

by: BusinessMirror

THE Philippines needs more talent to enhance its financial technology (fintech) industry, according to its leading official.

Angelito M. Villanueva, chairman of the Fintech Alliance.Ph, told the BusinessMirror that developing young talents who are passionate about digital technology and fintech is the first step. Villanueva added the academy will play a key role in this objective.

“Collaboration with key universities to tap potential talents, especially in the graduate school who are immersed in digital technology,” he said. “This is one way where we can further develop potential talents for the fintech industry.”

By joining the “10×1000 Tech for Inclusion” program of the International Finance Corp. and Alipay, Villanueva said there is a chance the country can produce a substantial pool of skilled workers in the fintech industry.

Villanueva, also the executive vice president and chief innovation inclusion officer of Rizal Commercial Banking Corp., said the Philippines has been allotted 500 slots in the “10×1000 Tech for Inclusion” program and a lot of applicants have expressed interest to join. He urges interested applicants to apply online using a code that would testify they are endorsed by the organization, he added.

The program is free of charge and will enable participants to learn from experts all over the world on digital technology, digital payments and e-trading, according to Villanueva.

He added it is an open and global fintech training platform that enables learners to become drivers of digital economic growth. Its mission is to train 1,000 emerging talents and tech leaders each year for the next 10 years.

Villanueva said the program can deepen the country’s talent pool and address the poaching of Filipinos by local and foreign sectors.

“We have to speed up the program to make sure we develop quality digital talents to service the high demand in the local and overseas markets,” he said.

Villanueva said the organization is also pushing for the passage of the bills namely the Better Internet Philippines for All, Open Internet Services Act and the Critical Information Act.

“The whole idea is to provide reliable and affordable access to data services especially in isolated and disadvantaged areas. Without the digital infrastructure, it would be very difficult to push and promote inclusive digital finance because as you know you have to have reliable, quality high-speed internet data,” he said.

Although the country has 75 million mobile phone subscribers, Villanueva said millions of Filipinos still don’t still have access to data. Citing a recent survey, Villanueva said the country’s mobile penetration rate is now at 110 percent.

With a robust digital infrastructure, Villanueva said it can boost in e-services such as telemedicine, online learning and online banking and telecommuting.

“Adopting a hybrid scheme would now be the norm in the post-pandemic era,” he said.

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