Fintech companies from Singapore keen on expanding business operations in PH

Targeting the Philippines as a key market to expand their reach in Southeast Asia, delegates from the Singapore Fintech Association (SFA) expressed their interest in exploring business opportunities in the country during a courtesy call on the officials of the Board of Investments (BOI).

The delegates paid a visit to the BOI Main Office in Makati City on August 9, 2023 and sought information about the Philippine investment climate, relevant regulations, investment opportunities and Government support available to companies in the fintech industry.

Heading the delegation, Mr. Reuben Lim, Chief Operating Officer of the SFA, pointed out that the Philippines is being recognized as an emerging important investment destination and market for fintech companies. “We are now looking into the Philippines, as we are seeking to expand in Southeast Asia. Singapore’s success depends on its neighbors’ success,” Mr. Lim underscored.

All of the delegates expressed optimism in the potential of the Philippines, wanting to find more business opportunities. In particular, Mr. Bato Purev-Ochir, Head of Sales of AND Solutions, expects a number of potential clients in the Philippines.

According to Executive Director Evariste M. Cagatan of the BOI’s Investments Promotion Services, the Philippines is an ideal investment destination for Fintech businesses. Highlighting the country’s thrust towards digital transformation and our world-class talent, she described the country’s demographic sweet spot for young, creative, technology-savvy, and cost-efficient English-speaking workforce. She also shared that while the country’s fintech industry is nascent, it is fast growing and very promising. “The Philippines is gaining traction due to the fast-growing use of mobile banking in the country, the enabling regulatory environment, and the high number of unbanked and financially underserved Filipinos, which represent around 70% of the adult population.”

Executive Director Cagatan further shared that the growth of digital payments in the Philippines is estimated at 27–30 percent, compared to 25 percent in emerging Asian neighbors, driven mainly by payments, which account for 37% share, lending at 20% and remittance at 11%. With a good number of Filipinos working abroad, “Your solutions will be invaluable to the working global Filipinos and their families, a compelling motivation for you to more closely look at developing and offering fintech solutions to and out of the Philippines,” she added.

“We are very interested,” said Mr. Kieth Seow, Country Manager of Atlas Technologies Co., Ltd, as he sees the Philippines as a very important market for cross-border payments. He further commended the incredible programming skills of Filipinos in game development, which has drawn great interest from various firms abroad.

Known as the largest organization of digital companies in Singapore, SFA is a cross-industry, non-profit initiative with the aim of being a platform designed to facilitate collaborations between all market participants and stakeholders in the Fintech ecosystem.

Prior to the meeting with the BOI officials, the SFA delegates attended the annual Inclusion and Digital Transformation (INDX) Summit held on August 7 to 8 at Shangri-La The Fort and in collaboration with Fintech Alliance Philippines (FAP). They visited key government offices to know more about business possibilities in the country.

Mr. Lito Villanueva, Founding Chairman of FAP described the Philippines as a “progressive and dynamic country” for the global Fintech industry. He reported that a total of 285 Fintech companies are now operating in the country.

The Singaporean Fintech delegation was composed of the following company officials and SFA officers: Mr. Ernest Lo, Chief Operating Officer, Asiapay Payment Service Pte Limited; Rajan Narayan, CEO, Cyberbeat; Mr. Vic Tham, Head of APAC, DriveWealth Singapore Pte Ltd; Mr. Thomas Cheung, Managing Partner, Global Associates Consultancy; Mr. William Seow, Head of Sales, Synfindo Singapore Pte Ltd; Mr. Shakeel Rashid, Head of Partnerships and Marketing, SFA; and Ms. Gwendolyn Loh, Community Engagement & Events Lead, SFA.