To familiarize everyone with key socioeconomic terms and concepts, we are launching this new social media series.
For this week, our buzzword is “fintech".
Short for "financial technology", it refers to advances in technology and changes in business models that transform the provision of financial services through the development of innovative tools, platforms, and systems.
Source: Cambridge Centre for Alternative Finance
A PIDS study found a growing fintech industry in the Philippines, as seen in the increasing number of fintech services and companies, particularly in payments, lending, and banking technology verticals, and a sharp increase in the adoption of digital payments and e-wallets. However, policies and laws need to catch up to thoroughly assess and track the performance of the country’s fintech industry.
Know more about the state of fintech industry in the country by reading “Analysis of the Fintech Landscape in the Philippines” available at https://www.pids.gov.ph/publication/research-paper-series/analysis-of-the-fintech-landscape-in-the-philippines.
