According to Fintech Alliance PH, the Philippines has become more attractive as an investment hub for financial technology players after the country finally exited the grey list of the Paris-based watchdog Financial Action Task Force.
In February, the country was removed from the FATF grey list, which includes countries under increased monitoring as they are required to address “strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.”
“With us being out of the grey list, we’re expecting more investors to come to the Philippines,” said Lito Villanueva, founding chair of the industry group, at the sidelines of Surfin AI Fintech Forum in Taguig last week.
He noted that Filipinos are technology-savvy, making the country a suitable environment for fintech startups. The country having two unicorns, Ayala-led GCash and Pangilinan-led Maya, also indicates the growing interest in the local scene.
According to the Fintech Alliance, the Philippines has 335 fintech companies, most of which are offering payment services. “We’re still trying to promote all the other fields of financial inclusion or digital inclusion in our country,” Villanueva said, citing e-wallets and lending, among others.
With the country becoming a more attractive investment destination for fintech players, because of the potential of the market and the removal of the stumbling block that came with being included in the FATF grey list, Filipinos will have access to more options and services that can improve financial inclusion.
It is up to us to make those options work to our advantage by improving our financial and digital savvy, and up to our government to make sure that we stay out of the FATF grey list, as well as keep up the work of removing the obstacles that could get in the way of these goals and achievements that often come hand in hand with progress and development.*
