Many of the financial technology companies in the Philippines anchor their business in the call of Bangko Sentral ng Pilipinas (BSP) for financial inclusion. With this premise, the FinTech Philippines Association (FPH) together with relevant government agencies are mounting the first Philippine Fintech Festival (PFF) set on May 20-21 at Shangri-La at the Fort.
The Philippine Fintech Festival will showcase the latest global technological innovations that are hoped to help the country develop a stronger financial technology ecosystem.
“We hope that the festival becomes an opportunity — a catalyst — for us to have serious conversations about what the future can be and how we are in the fintech field would play a vital role in bringing this future to the present.”
– Dr. Justo Ortiz, chair of FPH and DLTAP
While many fintech companies talk about inclusion, there are challenges — such as geographical (the Philippines is an archipelago), business limitations, and government compliance — that prevent them from fully implementing their goals.
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Together with the BSP, Department of Information and Communications Technology (DICT), Department of Science and Technology (DOST), and Department of Trade and Industry (DTI), along with private corporations and organizations such as Distributed Ledger Technology Association of the Philippines (DLTAP), PFF hopes to explore alternatives as well as bolster existing business models.
“We strongly believe that this is a pivotal moment for us to become more relevant and competitive in the global marketplace,” Dr. Rafaelita Aldaba, Undersecretary, DTI. “The Philippines is primed to move on to the next level and transition into a world-class digital economy.”
Apart from the usual activities during conferences, PFF includes Business Matching activity with Trade Connect where entrepreneurs can network with possible investors and learn from their peers in the industry. There will also be a PFF edition of “The Final Pitch,” a business reality show in Philippine TV, wherein startups can present their innovative business ideas to industry leaders and venture capitalists.
The PFF Hackathon will challenge students and tech enthusiasts in creating impactful solutions for current pressing issues in the Philippine financial industry. Access to the ASEAN Financial Innovation Network (AFIN)’s APIX platform will be made available to Hackathon participants as part of their toolkit. These activities will culminate during the PFF Awards wherein winners from these activities will be recognized.