FinTech Alliance.PH showcases national progress at SFF 2024

FinTech Alliance.PH, a consortium of unicorns, fintech startups, and digital players in the Philippines, represented the nation at the highly anticipated Singapore FinTech Festival (SFF) 2024.

Under the theme “Bagong Pilipinas,” the Philippines will showcase its fintech and digital finance innovations at one of the world’s largest fintech gatherings, the Singapore EXPO, from November 6 to 8, 2024.

“We are building essential infrastructure and linkages to support the ethical development of artificial intelligence systems for high-impact practical applications,” stated President Ferdinand R. Marcos Jr.
As the largest festival of its kind, SFF functions as a knowledge platform for the global fintech community.

“Building on the success of last year, we have curated an exciting lineup of groundbreaking content featuring engaging presentations, innovative global initiative launches, and dynamic partnership announcements. This year, our government partners will once again present a compelling overview of how the Philippines is positioning itself as an investment haven through our proactive approach to development,” said Lito Villanueva, founding chairman of the FinTech Alliance and executive vice president and chief innovation and inclusion officer of RCBC.

The SFF provides startups and organizations from the Philippines with a valuable opportunity to garner global attention and attract investments.

Last year’s festival welcomed 66,000 participants from 150 countries, and this year’s event is expected to draw an even larger audience. Its theme, artificial intelligence, underscores the global emphasis on digital finance and fintech as transformative forces in economies worldwide.

This initiative is a collaborative effort between the Marcos administration and various government agencies, including the Bangko Sentral ng Pilipinas, Securities and Exchange Commission, Department of Finance, Department of Budget and Management, Department of Information and Communications Technology, Department of Trade and Industry, National Development Company, Credit Information Corporation, National Privacy Commission, Department of Tourism, Land Bank of the Philippines, Bases Conversion Development Authority, Government Service Insurance System, and Social Security System.

Key private sector partners joining this effort include Maya Bank, Philippine Airlines, PLDT Enterprise, Atram Investments, JuanHand, Bureau, Tala, Adjust, Finscore, CIBI, and Netcore.

FinTech Alliance.PH, with over 100 corporate members responsible for more than 95% of the digital-enabled retail financial transaction volume in the Philippines, is poised to launch several pioneering initiatives and partnerships.

The exhibit will highlight the nation’s digital progress, aligning with President Marcos Jr.’s vision for a sustainable and inclusive digital economy. In 2023, the digital financial sector contributed 8.4% to the country’s GDP, amounting to approximately P2.05 trillion, showcasing fintech’s growing influence in shaping the Philippines’ economic landscape.

Among the highlights at the Bagong Pilipinas Country Pavilion is the global launch of the Call to Action for Financial Health Metric from the various fintech associations in different economies.

A case study on the Philippines will be presented to Queen Maxima, the United Nations Secretary General’s Special Advocate for Financial Health.

According to the Bangko Sentral ng Pilipinas, the country successfully digitized up to 50% of retail payments last year. The central bank is committed to fostering an environment conducive to fintech-oriented organizations and attracting global investments as more Filipinos embrace and integrate digital finance into their daily lives.