‘Sachet culture’, mobile phones, favor PH fintech growthby Fintech News Singapore March 5, 2018
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