THE government must make financial technology (fintech) accessible to Filipinos to support the growing consumer participation in e-commerce, the Philippine Institute for Development Studies (PIDS) said.
The think tank said that the inability to completely adopt fintech despite growing consumer participation in e-commerce was a result of the unreliability of internet services and their high costs.
"The unreliability of connectivity and the high cost of the internet also add to technology distrust," it said.
The PIDS also highlighted the need to employ experts to address the issues of data privacy and security, noting that the apidly evolving fintech landscape could be a threat if there was no means of measuring and understanding its performance.
"There is a need to address issues related to technology, data privacy and security, education, talent formation and financial literacy. The trend shows that the fintech industry will not fizzle out even after the health (Covid-19) crisis," it said.
The think tank emphasized that addressing these issues and providing financial programs, initiatives and incentives meant empowering Filipinos by equipping them for fintech.
"There is a need to empower all socioeconomic strata through fintech by providing an enabling environment and promoting these technologies, given the evidence of clear priorities and outlook among people from different demographics," it said.
