Launches Fintech Philippines Report and Map 2020 Launches Fintech Philippines Report and Map 2020

by September 7, 2020

2019 saw a boom for the Philippines’ digital payments space, where e-money transactions jumped to 36% to reach PHP 760 billion in value, the strongest rise across all payments transaction types.

E-money transactions growth surpassed credit card and debit card transactions, which rose by 18% and 15% to reach PHP 1,229 billion and PHP 451 billion, respectively.

This shows a shift in the way Filipinos transact, given that this data is from pre-COVID-19, it is likely that by the end of 2020, the compiled data will reflect an even more substantial spike in the growth of e-money transactions.

Fintech startups in the Philippines

The Philippines is currently home to more than 190 fintech companies, with lending (24%), payments (21%), digital wallets (12%), and remittances (12%) being the four most predominant verticals.

Philippine Fintech May 2020

With only 29% of adults in the Philippines having bank accounts, it is unsurprising to see a large number of startups within the lending space attempting to tackle this issue.

For the full article and report please visit Fintech News Philippines’s newly launched site