Digital loans and e-wallets are PH | AsiaTechDaily
According to Robocash analysts, digital lending, savings deposits, and mobile money/e-wallets are expected to be the most promising fintech sectors in the Philippines.
A survey conducted by the World Bank also showed that the main drivers of financial inclusion and fintech are government policies and the Covid-19 pandemic. About 68% of respondents say they experienced and/or experienced serious financial difficulties during this period.
The Philippines is no exception to this general trend, as Robocash analysts reveal. The country’s financial services have become more accessible, with the number of accounts increasing
increased by 1.5x to 51.4%. Even more impressively, the share of credit and debit card owners tripled (to 15.9%), that of mobile accounts quintupled (to 21.7%).
Finally, there is an apparent simultaneous growth in loans (from 10.7% to 17.5%) and savings from financial institutions (11.9%-19.2%). These improvements are particularly noteworthy because they define
digital loans, savings deposits and mobile money to be the most promising fintech sectors in the Philippines.
Providing additional information, Robocash analysts comment: “From our perspective, Findex has confirmed most of what we already knew. We conducted a similar survey in the Philippines in 2021. Its results are broadly in line with World Bank findings: share of financial institution accounts (Findex – 45.9%, RCG – 38%), borrowing from financial institutions (17.5% versus 22.5%), to name a few”.
Robocash analysts said the catalyst for this explosive growth is the Covid-19 pandemic, as 68% of respondents said they experienced financial difficulties at the time and were therefore forced to adapt. “Naturally, government policies on financial inclusion have also played their own role.”
Robocash Group operates in the Philippines through the online credit service Digido, as well as a financial mobile application UnaCash. Founded in 2013, the group focuses on providing technological financial solutions to people underserved by the traditional banking system.
All of the group’s products are built entirely in-house using artificial intelligence, machine learning and data-driven technologies to provide accurate and comprehensive risk management, convenience and speed for clients and efficiency for companies.
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