UN Special Advocate Queen Maxima urges global fintech associations to emulate PH fintech

From L-R: Mynard Brian Mojica, Director of the Inclusive Finance Advocacy Office at the Bangko Sentral ng Pilipinas; Lito Villanueva, Founding Chairman of FinTech Alliance PH, co-founder of Asia FinTech Alliance, and Executive Vice President and Chief Innovations and Inclusion Officer of RCBC; Her Majesty Queen Maxima of the Netherlands and United Nations Secretary-General’s Special Advocate for Financial Health; and Angelo Madrid, President and CEO of Maya Bank, and Digital Banks Association of the Philippines.

UN Special Advocate Queen Maxima urges global fintech associations to emulate PH fintech

SINGAPORE—Queen Maxima of the Netherlands and the United Nations Secretary-General’s Special Advocate for Financial Health called on global fintech associations to follow the Philippines’ example in establishing financial health measurements during her visit to the “Bagong Pilipinas: The Philippines Country Pavilion” at the Singapore FinTech Festival. The Queen’s presence was a significant endorsement of the Philippines’ strides in financial inclusion and digital finance, marking a high point in the country’s journey toward a more inclusive financial landscape.

Queen Maxima, known globally for her advocacy for financial inclusion, visited the Philippines in May 2024 to promote financial health and the responsible development of financial services.

Her Majesty rallied the world to set its financial health metric standards after the Philippines successfully created a study that cumulated all the country’s financial inclusion efforts and developments.

“I count on the Philippines and this fintech alliance to inspire many other associations across the globe to take the stand. I will be using you as an example to tell what is possible. Above all, to give the message that fintech is not about technology at the end of the day but about the needs of the people,” the Dutch monarch said.

Mynard Brian Mojia, director of the BSP inclusive finance advocacy office; Angelo Madrid, president of the Digital Banks Association of the Philippines and Maya Bank; and Lito Villanueva, founding chairman of Fintech Alliance.PH, co-founder of the Asia Fintech Alliance, Board director of the South Africa-based Alliance of Digital Finance and Fintech Association and RCBC executive vice president and chief innovation and inclusion officer, all highlighted the importance of financial health in setting priorities for traditional and digital banks in their quest to include more people financially.

“We hope that more financial health service providers and tech players will be joining us in this journey. Not because you want to please the regulator or as part of corporate social responsibility but because you see the value of seeing the financial health of your consumers. We’ll also be delighted to see regional and global efforts because no developed or developing country regarding financial health,” Mojica emphasized.

“[Fintech Health Survey] is the first industry-specific initiative of its kind in Southeast Asia. It sheds light on our customers’ specific behaviors, needs, and aspirations. Especially the unbanked and underserved,” Madrid relayed.

“The Financial Health Survey is a testament to how data-driven surveys can guide us in our mission to empower communities through financial inclusion. By tracking financial health indicators directly from users, we move from assumptions to evidence,” Villanueva said.

“The Philippines has shown that by adopting financial health as a strategic focus, we can create a roadmap for other markets to follow. Imagine if fintech associations in Asia and other regions, united to track financial health, providing a regional benchmark that could influence national policies, guide fintech innovations, and support individuals in their journey toward financial security. This would not only elevate our industry but also contribute to the socioeconomic well-being of millions of people,” Villanueva added.

Villanueva showcased the latest advancements and success stories of the Philippine fintech ecosystem. The pavilion highlighted various financial technology initiatives that aim to bridge gaps in financial services, focusing on inclusion, resilience, and economic empowerment across the country.

With global leaders recognizing the Philippines’ progress, the nation is well-positioned to expand its role on the world stage in digital financial innovation and inclusion.

The Bagong Pilipinas country pavilion at the Singapore Fintech Festival was led by the FinTech Alliance Philippines in collaboration with the Bangko Sentral ng Pilipinas, Department of Budget and Management, Department of Finance, Office of the President, Securities and Exchange Commission, Credit Information Corporation, National Development Company and the Department of Information and Communications Technology. Among its sponsors include the Bases Conversion and Development Authority, Land Bank of the Philippines, Maya, Department of Tourism, Government Service Insurance System, Social Security System, JuanHand, PLDT Enterprise, Atram Investments, and Philippine Airlines in partnership with Tala and Bureau Inc.