With the financial technology—or fintech—industry on the rise, we list 5 companies that have been making big changes in the Philippines and why they can help local businesses.

Financial technology—or “fintech” for short—refers to the newest technologies that aim to improve and automate financial services. And while the rising popularity of the fintech industry can be attributed to the country’s booming digitalization, trends like the “rising acceptance of cryptocurrencies and a thriving digital asset industry, booming usage of digital payments as a result of government modernization initiatives, and the emergence of the country’s first branchless, virtual banks” have also helped.

In fact, the industry is doing so well that the Bangko Sentral ng Pilipinas (BSP) envisioned that “50% of total retail transaction volume will be digital and 70% of Filipino adults will be financially included” by 2023!

This is why from May 22 to 23, fintech leaders and financial services and insurance (FSI) experts gathered at New Coast Hotel in Manila to connect and talk about the finance sector in the annual Fintech Revolution Summit 2023.

Fintech Revolution Summit 2023

In this year’s Fintech Revolution Summit 2023, several fintech companies discussed special features and services that can help turn the Philippines into a great fintech hub. After all, the Banko Sentral ng Pilipinas (BSP) has intensified its movement for digital payments, since the adoption rate of cashless payments in the Philippines remains less than 50%.

This has led many financial experts to believe that the Philippine financial sector should still develop more. 

The two-day event hosted several speakers, who each explained the rising acceptance of cryptocurrencies and digital assets, as well as the rising demand for digital payments. Aside from the brands that had their representatives on stage, there were also several promising brands that took some time to set up some booths and make themselves known. These include:

5. NetBank

NetBank is fully regulated by the Banko Sentral ng Pilipinas. This makes them the first banking service in Southeast Asia that operates on a full banking license.

The company provides banking services through open application programming interfaces (APIs) and digital channels on a fully white-labeled basis. Technically speaking, APIs are known for how they use a universal language that makes it more accessible to developers. To have them operate on a fully white-labeled basis means that there’s already an unbranded template that can be used for the site (or in this case, an app) to provide certain services.

With their system, they can provide funds, loans, and payment tools for many respected alternative and traditional lenders, as well as allow payment companies to open accounts, make payments, collect funds, and issue cards—among other services.

All this goes hand-in-hand with their vision of pushing for financial inclusion and innovation, which, in turn, will help businesses cut costs.

4. FinScore 

FinScore is an innovative scoring solutions company that aims to help banks and other financial institutions in assessing their clients. Simply put, its statistics-backed data can help companies assess the credibility of other companies.

How? Through its credit scoring platform. This can help trace the legitimacy of an individual by taking time to analyze people with the help of telecom data while still protecting privacy. This, in turn, can help in “enabling these institutions to offer better services to their existing customers, at the same time attract new customers, and approach the previously unserved market segments.”

Currently, the company aims to attract new customers and other market segments.

3. Brankas

Founded in 2016 based on many people and small businesses remaining unbanked or underbanked—thus driving them towards dangerous and costly informal banking services—Brankas aims to “create robust solutions and IT infrastructure that facilitate a more competitive and customer-centric financial services industry.”

To date, the company works as a bridge for those who wish to access modern financial services, as the company is currently in partnership with banks and other financial institutions. That way, they can work on market accessibility. How? By providing modern, open, and secure technology that will give their partners world-class financial solutions.

2. Xendit 

Xendit is guided by its mission of making payments simple, secure, and easy. A Southeast Asian fintech company that is foremost known for being an efficient payment gateway in the country, Xendit provides services—not just in the Philippines, but also in Indonesia as well.

With the help of their APIs and dashboard user interface (UI), they can run marketplaces, disburse payrolls, and even detect fraud. To date, the company processes millions of transactions monthly—growing 25% month on month for the last 2 years—and is even backed by venture capitalists who have invested in big companies like Facebook, Slack, Twitch, and Grab.

1. Dragonpay

Established in 2010 to address a growing need for consumers and businesses that are looking for an alternative payment channel, Dragonpay is a popular online payment platform that provides solutions for both businesses and individuals through a secured digital platform.

To date, the company offers a variety of online payment solutions, along with mobile banking and online debit services. What’s more, its secured payment gateway has allowed customers to purchase goods or services online, and pay for them via cash at physical stores and payment counters, ATMs, mobile wallets, or through online bank debit.

The brand also thrives in the e-commerce industry, as they are in partnership with hundreds of online shops that saw its potential in making payment processes easier. 

These are just some of the many interesting participants who showed up at the recently concluded Fintech Revolution Summit 2023. By learning more about these trustworthy businesses and the innovative services they provide, aspiring Filipino business owners and entrepreneurs can build connections and learn more about how fintech services can benefit their businesses.