News: In Graphic Detail: Fintech

Sunday, August 13, 2023

In Graphic Detail: Fintech

August 14, 2023

Source: Digido Report on Fintech Adoption Rate, 2023

The Future is Fintech

🪙 A report from Digido shows that the Digital Banking and E-Wallet sectors are the most popular fintech apps in the Philippines, accounting for 19% and 16% percent of fintech apps currently being used in the country, respectively.

🪙 Out of 2,442 fintech apps registered in Southeast Asia, 36% are actively used in the country. It is estimated that the adoption of fintech services through mobile apps will exceed 72% in the PH by the end of 2023.

🪙 In terms of growth rate, the highest download growth rate is observed in the Payments & Transfers sector, with an 11.3% growth rate per month. The lowest is in the Digital Insurance sector, with only 0.7% monthly growth rate.

Banks in Southeast Asia, including those in the Philippines, are in a good position to weather market disruptions from financial technology players considering that they have done well with their own digital transformation efforts, according to Moody's Investor Service.

Fintech and regulation

The collapse of FTX, a Bahamas-based company which was once the third largest cryptocurrency exchange in the world, has been widely reported in the news.

Indian fintech firm sees PH market growth potential

Financial technology firm Intellect Design Arena expects the Philippine market for digital financial services and solutions to continue growing this year, amid rising demand from local financial institutions and the untapped potential of the unbanked sector.

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