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Security crucial in fintech adoption
Ruelle Castro
Fintech Alliance, an association of financial technology companies in the Philippines, is hopeful 2021 will be another year of further appreciation for the sector amid the changing environment.
Citing the growing digital adoption in the country, Lito Villanueva, Fintech A lliance founding chairman, said it is crucial to ensure its security and that of the users.
"Massive cybersecurity awareness amongst consumers has been a primary thrust," Villanueva said.
"Unlocking the potential of green finance technologies will be a 2021 priority. Well aligned with the Paris Agreement and the Sustainable Development Goals, it will also play a big role in the collection of climate-related data as there is a need to quantify the cost of climate-related risks," he added.
Villanueva said climate change will be a top agenda among fintechs.
"We have seen a series of typhoons with severe flooding in the country. And this has reached an alarming state. Reducing carbon footprint must be a universal commitment amongst industry players," he said.
Amid the change in the way people do business due to the coronavirus disease 2019 (COVID-19) pandemic, Villanueva noted how the fintech industry found itself "in the forefront as people navigate this new way of life."
"Industry players worked double time to thrive and survive.
Primary is to ease the Filipinos' quick migration and adoption to digital," he said.
"Digital payments technology has been in existence as early as 15 years ago. In fact, the Philippines pioneered it globally. But it was only during this health crisis that it has reached a critical mass. Mobile phones' proliferation triggered this evolution in social behavior. This came with the emergence of e-commerce growing at a rate of 32 percent," he added.
According to Villanueva, online businesses mushroomed three years ago but only now are they experiencing exponential growth.
"We have seen an era of apps surplus globally with over four million. And more to come. Catering to all sorts of conceivable human interface," he said.
"Scaling electronic transactions across segments will result in achieving a digital economy.
Limited mobility and less physical interaction are primary to pushing digital. Even post- COVID, digital would see more traction," he added.
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