The widespread use of mobile phones and the “tingi” or sachet culture in the Philippine retail market provides a fertile environment for financial technology companies, according to Anthony Thomas, president of Mynt, a unit of Globe Telecom.
“Filipinos like transacting in small amounts, sachet qualities and they like doing it frequently and that’s easily solved with the mobile phone-based delivery,” Thomas was quoted by ABS-CBN as saying.
Thomas believes fintech allows for “quicker, more convenient, cheaper and smarter” services.
Mynt, which partnered last year with Jack Ma’s Ant Financial for a mobile payment service in the Philippines, is looking at technologies from the Chinese company for a potential foray into remittances.
Featured image via inquirer.net
