PH should embrace ‘fintech’ to be globally competitive

AS the coronavirus pandemic has pushed the country to embrace financial technology or “fintech,” a top banking executive says the move towards such trend would leverage the Philippines to become more globally competitive.

Tito Ortiz, vice chairman of Unionbank of the Philippines, said fintech remains a positive force in society.

“It is easy and convenient, very cost effective, real time, anytime, anywhere, reliable, safe and secure. And because of all of these, it makes possible what brick and mortar was less conducive to, which is it broadens access to financial services to the general population and solves a (problem of) major developing countries, including the Philippines, how to bank the vast majority of unbanked,” Ortiz said in a GeiserMaclang online forum for the World Fintech Festival (WFF) Philippines.

For Ortiz, fintech then becomes a “foundational lever for inclusive prosperity for individual persons and micro enterprises especially.”

“For corporates and small and medium enterprises, fintech working with other tech is crucial to raising our competitiveness as a nation. It enhances productivity, efficiency and effectiveness, the basis for real value creation,” he said.

As consistency and productivity improvements and competitiveness require a full embrace of technology in the long term and a commitment to digital transformation, Ortiz said it should be at the core of all enterprises including government.

Meanwhile, GeiserMaclang Marketing Communications Inc. will bring the Singapore Fintech Festival (SFF) to the Philippines as the esteemed forum’s official partner to help mount the World Fintech Festival-Philippines.

This year’s SFF will bring together the industry’s top leaders and disruptors for a special virtual event like no other.

The internationally renowned SFF, which is produced by the Monetary Authority of Singapore, also introduced a unique hybrid format.

It will connect a network of global and local stages via a digital platform available 24 hours a day for five days worldwide from Dec. 7 to 11, 2020. / JOB


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