The Philippines Fintech Map 2024 image highlights the distribution of various fintech categories in the Philippines, illustrating the significant areas of growth and focus on the industry. Here’s a breakdown of the key insights:
- Payments (35.4%): The largest sector within the fintech landscape, indicating the dominance of payment processing platforms and solutions. This includes digital wallets, mobile payments, and other related services.
- Lending (22.2%): The second-largest category, highlighting the expansion of digital lending platforms, which are addressing the need for accessible credit, especially in underserved sectors.
- Remittance (9.1%): Remittances play a vital role in the Philippines, given its large overseas workforce. Digital solutions in this sector are growing to streamline and lower costs for cross-border money transfers.
- E-Wallets (7.1%): Reflecting the increasing popularity of mobile wallets such as GCash and Maya, which have become crucial for daily transactions, particularly in retail and online shopping.
- Blockchain/Cryptocurrency (4%): Though still emerging, blockchain technology and cryptocurrencies are gaining traction, particularly in remittances, payments, and investments.
- Insurtech (3%): The sector is growing, driven by digital insurance solutions aimed at providing affordable and accessible products to a wider audience.
Other notable categories include BNPL (Buy Now, Pay Later), Wealthtech, KYC/Regtech, and Digital Banks, each occupying 2% to 4% of the fintech ecosystem.
This distribution emphasizes the Philippines’ focus on financial inclusion, innovation in payment solutions, and addressing the needs of the unbanked and underbanked population
Source: https://fintechalliance.ph/philippines-fintech-report-2024/