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Bridgefinanceandfuture
FintechIndustryinthePhilippines2024
Preface
AsarapidlydevelopingSoutheastAsianeconomy,thePhilippinesisexperiencing
unprecedentedgrowthinitsfintechindustry.Increasinginternetpenetration,
widespreadsmartphoneadoption,andstronggovernmentsupportforthedigital
economyhavefosteredaflourishingfintechecosystem.Thisgrowthisbringing
moreconvenientfinancialservicestothearchipelagicnationofover7,000islands.
Thisreportaimstoanalysethecurrentstateanddevelopmenttrendsofthe
fintechindustryinthePhilippines,whilealsoguidingreadersthroughthe
opportunitiesandchallengesfacingtheindustry,suchasdigitalinfrastructure
developmentandfinancialinclusion.
Thisreportisacomprehensivedataanalysis.Theconclusionarederivedfromobjectivedataanalysiswithoutanybiasedopinion▌
Contents
01
Preface
17
ChapterIII:Fintechindustrytrends
03
ChapterI:Philippinesmarketoverview
20
ChapterIV:Industryopportunities&challenges
08
ChapterII:Fintechecosystem
23
Conclusion
PHILIPPINES'a
MARKETOVERVIEW
4
.FINTECHINDUSTRYINTHEPHILIPPINES2024
PhilippinesGDP(2018-2023)(inbillionUSD)
Thefastest-growingeconomyinSoutheastAsiain2023
ThePhilippineeconomydemonstratedresiliencein
2023,achievingagrowthrateof5.6%,makingitthefastestgrowingeconomyinSoutheastAsia.The
WorldBankforecaststhatitseconomywillmaintaingrowthmomentum,withanaveragegrowthrate
risingto5.9%between2024and2026.Theglobal
economicrecovery,strongdomesticdemand,andinvestmentaresignificantgrowthdrivers.
In2023,theinvestmentapprovalsinthePhilippinesreachedahistorichighof1.16trillionPHP,with
foreigninvestmentapprovalsincreasingby452%
383
363
352
332
337
319
comparedto2022▌201820192020202120222023
Source:KPMG;WorldBank.
5
.FINTECHINDUSTRYINTHEPHILIPPINES2024
ThesecondmostpopulouscountryinSoutheastAsia
ThePhilippinesisthesecondmostpopulouscountryinSoutheastAsiaandthe13thmostpopulouscountryintheworld.Thecountryhasalargeandeducatedyoung
population,withamedianageof25in2023.
Therearesome120to187languagesspokeninthe
Philippines.TheofficiallanguagesareEnglishand
Filipino,anativelanguagebasedonTagalog.The
governmentprimarilyusesEnglish,andover70%of
thepopulationisproficientinEnglish.Theliteracyrate
Population
Urbanizationrate
①Medianage
2023117M2547.1%
iscloseto98%,amongthehighestinSoutheastAsia.TheurbanizationrateinthePhilippinesiscloseto50%,withQuezonCity,Manila,andCaloocanbeingthe
mostpopulouscities.Theurbanizationprocess
providesamoreconcentrateduserbaseforthe
developmentofvariousindustriesinthePhilippines▌
vs.30.5(global)
vs.57%(global)
13thmostpopulouscountryworldwide
2030e
26.8
49.3%
129M
Source:Worldmeters.
6
.FINTECHINDUSTRYINTHEPHILIPPINES2024
Relativelyhighinternetpenetration
Inrecentyears,theinternetadoptionrateinthe
Philippineshasgraduallyincreased,reaching73.6%byearly2024.Amonginternetuserswithahigh
proportionofyoungpopulation,theshareofthose
usingmobiledevicestoaccesstheinternetis98.8%,withAndroiddevicesaccountingforthevastmajorityofmobilewebtrafficusage.
Intermsofnetworkcoverage,the4GcoveragerateinthePhilippineswascloseto90%in2023,andthe5Gcoveragerateisexpectedtoreach70%.However,
4GnetworkcoverageinthePhilippines(2021-2025e)
91.99%
90.29%
88.19%
85.49%
80.00%
thereisstillroomforimprovementinnetwork
connectivity.Accordingtothe2024GlobalBroadbandSpeedLeaguerankings,thePhilippinesranked92nd,
withanaveragedownloadspeedof52.07Mbps,slower
thantheAsianaverageof57.24Mbps▌2021202220232024e2025e
Source:DataReportal;Statista;WorldWideBroadbandSpeedLeague2024.
7
.FINTECHINDUSTRYINTHEPHILIPPINES2024
Digitaleconomyisgrowing,whilefinancialinclusionneedstobepromoted
Activee-moneyaccountsinthePhilippines
(2020-2022)(inmillion)
+37%
PhilippineStatisticsAuthoritydatashowsthedigitaleconomyreached2.05trillionPHP(35.4billionUSD)in2023,contributing8.4%toGDP,a7.7%growthfrom
2022's1.90trillionPHP(32.8billionUSD).
Accordingtothe2022FinancialInclusionSurveybytheBangkoSentralngPilipinas(BSP),financialaccount
ownershipincreasedfrom56%in2021to65.6%in2022.However,thefinancialinclusionrateinthePhilippines
stilllagsbehindotherSoutheastAsiancountriessuchas
47.6
34.7
SingaporeandIndonesia▌20202022
Source:FintechPhilippinesReport2023;TheBangkoSentralngPilipinas;PhilippineStatisticsAuthority.
FINTECH'a
ECOSYSTEM
9
.FINTECHINDUSTRYINTHEPHILIPPINES2024
Mobilepaymentsfillgapsinfinancialservices,BSPleadsfintechinnovation
TherapidgrowthofPhilippinefintechcanbetracedbackto2004withGCash'smobilepayments.Atthetime,
around80%ofFilipinoswereunbanked,andGCash
begantofillthisgapinfinancialservicesbyofferingSMS-basedmoneytransferservices.Digitalpaymentshas
sinceproliferated,becomingthecountry'smostthrivingfintechsegment.
BSPconsistentlypromotesonlinepaymentsfora
cashlesssociety.Keyinitiativesincludethe2009CircularNo.649regulatingelectronicmoneyissuers,the2015
NationalRetailPaymentSystem(NRPS)topromotedigitalpayments.UnderBSP'sguidance,“QRPh”wasintroducedin2019asthenationalQRcodestandard,
InstaPaylaunched
Digitalbankinglicenseissued
PartofNRPS,24/7real-timefundtransfers
BSPreleasedDigitalPaymentsTransformationRoadmap
Oneofthegoalsistodigitalize50%ofretailpayments
GCash
established
BSPlaunchedNationalRetailPaymentSystem
Firstregulatory
documentonelectronicmoneyissuers
BSPissued
CircularNo.649
withBSPmandatingallpaymentserviceprovidersto
offerQRcodepayments.In2020,BSPissueddigital
bankinglicenses,withsixdigitalbankslicensedby2023.Theseinitiatives,alongwithQRcodepayments,continuetoadvancethePhilippines'fintechlandscape,filling
financialservicegapsanddrivinginnovation▌
200420092015
20172018
Financialaccountownership:23%
20202021
Financialaccountownership:56%
Source:GCash;TheBangkoSentralngPilipinas;Publiclyavailableinformation.
10
.FINTECHINDUSTRYINTHEPHILIPPINES2024
Fintechfundingreachednewheightsafterdigitalpaymentstransformation
SincethereleaseoftheDigitalPayments
TransformationRoadmapin2020,thefintechindustryinthePhilippineshasseenarecordamountoffunding
in2021.AccordingtodatacompiledbyUnitedOverseasBank(UOB),fintechcompaniesinthe
Philippinesraisedatotalof342millionUSDinthefirsthalfof2021,morethandoubletheamountraisedin
theentireyearof2020andsurpassingtheprevious
recordof248millionUSDsetin2018.Furthermore,
accordingtoareportreleasedbyGoogle,TemasekandBain&Company,digitalfinancialservicesrevenuein
thePhilippinesisprojectedtoreach2.8billionUSDby2025,withacompoundannualgrowthrateof20%
from2019to2025▌
Philippinefintechfundingsubcategoriesandcompanies(2021)(inmillionUSD)
Subcategory
Deal
Amount
Company
Payment
7
818.73
)Gcash
Lending
2
4.40
Cryptocurrency
1
12.50
Finance&Accounting
1
-
Insurtech
1
-
Source:FintechinASEAN2021(UOB);e-ConomySEA2020(Google,Temasek,Bain&Company).
11
.FINTECHINDUSTRYINTHEPHILIPPINES2024
Paymentsandlendingremainthemainstreamofthefintechmarket
Subcategories,numberoffintechcompaniesandselectedplayersinthePhilippines(2023)
Payments&Remittance138Lending69
它eaycash久Bukas
βpaypald-localpayson》insta=ay
Asof2023,299companiesareactiveinthefintech
Blockchain&Cryptocurrency16KYC/Regtech&Crowdfunding14
marketinthePhilippines,coveringmultiplesectors
orjumio..ciBi.uwawa
includingpayments,lending,wealthtech,insurtech,andblockchain.AccordingtodatafromtheFintechAlliance
Philippines,paymentsandlendingremainthe
日okcoinΛxendit
mainstreamofthefintechmarket,accountingfor45%and30%ofmarketsharerespectively.Paymentservicesincludemobilepayments,andcross-bordertransactions,
Digitalbank6
Proptech&Insurtech12
etc.,whilelendingservicesencompassP2Plending,
onlineloanplatforms,anddigitalcredit,etc.These
Gctymeuuoegosa
figuresnotonlydemonstratethesignificantpositionofpaymentsandlendinginthefintechecosystem,butalsoreflectstrongconsumerdemandforconvenientand
efficientfinancialservices▌
E-Wallet27
包Mongoe-waiet會Marcopoy
Wealthtech&Comparison13
philstocks占seeoeox
ecomparegrmoney
Digital-centricbankingapps4
Source:FintechPhilippinesReport2023;FintechPhilippinesAssociation.Note:Somecompaniesareactiveinmorethanonesubcategory,thechartshowsonlyonesubcategoryforeachcompany.
12
.FINTECHINDUSTRYINTHEPHILIPPINES2024
Virtualassetmarketcontinuestothrivewithtightenregulations
KeyregulatorybodiesforthePhilippinevirtualassetmarket
popularizationofcryptocurrenciesin2017.Blockchain-basedgameslikeAxieInfinityandPixelshavefurthercatalyzed
marketgrowth.Datashowsthatasof2023,thePhilippines
ranksfifthgloballyincryptocurrencyownership,with13.4%of
Filipinosowningcryptocurrencies.
Currently,17virtualassetserviceproviders(VASPs)havebeenlicensed,includingprominentplatformssuchasMaya,PDAXandUnionBank.Asthemarketexpands,theBSPhas
intensifieditsregulatoryoversight.InSeptember2022,BSPimposedathree-yearmoratoriumonlicensesgrantedto
VASPstoreviewlocalmarket.In2024,ThePhilippines
NationalTelecommunicationsCommission(NTC)hasstartedblockingwebsitesofcryptocompaniesofferinginvestment
productsinthecountrywithoutthenecessarylicenses▌
ThePhilippinevirtualassetmarkethasflourishedsincethe
BangkoSentralngPilipinas(BSP)
ThecentralbankandprimaryregulatorofthePhilippinefinancialsystem.BSPissuedCircularNo.108in2021.ThiscirculargoverntheoperationsreportingobligationsofVASPsinthePhilippines.
SecuritiesandExchangeCommission(SEC)
Thenationalgovernmentregulatoryagencychargedwithsupervisionoverthe
corporatesector,thecapitalmarketparticipants,andthesecuritiesandinvestment
instrumentsmarket,andtheprotectionoftheinvestingpublic.TheSEChas
publishedareportonInitialCoinOfferings(ICOs)andunveileddraftrulesonhowcompaniescanlegallyraisefundsthroughICOs.
Source:TheBangkoSentralngPilipinas;Triple-A;CoinGecko;TheNationalTelecommunicationsCommission(NTC).
13
.FINTECHINDUSTRYINTHEPHILIPPINES2024
Mobilebankingappsrepresenthalfthemarket
No.ApplicationSubcategoryDeveloperregion
GCash
Digitalwallet&PaymentPhilippines
MobileBanking
Philippines
2
Maya
MobileBanking
Philippines
3
LANDBANKMobileBanking
AccordingtoDataSparkle,themarketconcentration1ofthePhilippines'financeappmarketisaround60%,indicatingarelativelyconcentratedmarketthatstillhassomeroomforcompetition.
FromJanuarytoDecember2023,thenumberofactiveusersoffinanceappsinthePhilippinesgrewby44%.
Amongthetop10financeappsbyactiveusersin2023,mobilebankingappsaccountedfor50%ofthemarketshare,whiledigitalwalletsandpaymentappsheld30%.Furthermore,themajorityofdevelopersforthetop10financeappsinthePhilippinesarelocalcompanies▌
1
Top10financeappsbyactiveusersinthePhilippines(2023)
4
UnionBankOnline
MobileBanking
Philippines
5
MyHomeCredit
PersonalLoans
Netherlands
6
PayPal
Digitalwallet&Payment
USA
7
SSSMobile
PublicService
Philippines
8
PalawanPay
Digitalwallet&Payment
Philippines
9
CARDBankkonek2CARD
MobileBanking
Philippines
10
BPI
MobileBanking
Philippines
Source:DataSparkle.Note:1.Marketconcentrationreferstothecombinedactiveusershareofthetop4applicationsinaselectedcategoryduringastatisticalperiod.
14
.FINTECHINDUSTRYINTHEPHILIPPINES2024
Top1Philippinefinanceapp:GCash
GCash,launchedin2004asanSMS-basedmoneytransfer
service,introduceditsmobileappin2012,markingits
digitaltransformation.OperatedbyMynt,ajointventureofGlobeTelecom,AyalaCorporation,andAntFinancial,GCashreached76millionusersandpartneredwithover
139,000merchantsby2022.
AsthePhilippines'only”doubleunicorn“valuedover2billionUSD,GCashhasexpandedbeyondmoneytransfers,
offeringvariousfinancialservicestounderservedindividuals.
Theseincludelending,investment,insurance,
cryptocurrencies,andlifestyleservices.In2020,GCash
becameakeypartnerofthePhilippinegovernmentforits
NumberofmonthlyactiveuserofGCash(Jan-Dec2023)
SocialAmeliorationProgram(SAP)whichwasdistributed
viatheGCashappwithover16billionPHP(273millionUSD)inaidreceivedbymorethan2millionbeneficiaries.InJuly
2024,GCashannouncedseveralnewfeatures,includingthe
securityfeatureOnlinePaySafeandGScoreAI,anartificial
intelligence-basedcustomertrustscoringsystem▌JanFebMarAprMayJunJulAugSepOctNovDec
Source:DataSparkle;GCash;Publiclyavailableinformation.
15
.FINTECHINDUSTRYINTHEPHILIPPINES2024
Top2Philippinefinanceapp:Maya
Maya,formerlyknownasPayMaya,waslaunchedin2015asadigitalpaymentapp.InApril2022,PayMayaofficiallyrebrandedasMaya,markingitstransformationfroma
singlepaymentplatformtoacomprehensivedigitalbank.MayaisoperatedbyVoyagerInnovations,ajointventureofinvestorsincludingPLDT,KKR,Tencent,andIFC,andis
thesecondunicorncompanyinthePhilippines.
MayaobtainedadigitalbankinglicenseinthePhilippinesin2021andwasnamedthe“BestDigitalBank”inthe
Philippinesin2023.Mayaoffersafullrangeoffinancial
services,includingpayments,digitalbanking,investments,
NumberofmonthlyactiveuserofMaya(Jan-Dec2023)
overseasremittances,andmobiletop-ups.Itoffers
savingsaccountswithinterestratesupto15%perannumandloansofupto250,000PHP(4,300USD).Mayaalsoprovidesbothvirtualandphysicalcardoptions,supporting
onlineandofflinepayments,offeringusersaseamless
financialexperience▌JanFebMarAprMayJunJulAugSepOctNovDec
Source:DataSparkle;Maya;Publiclyavailableinformation.
16
.FINTECHINDUSTRYINTHEPHILIPPINES2024
Philippinetoplendingapp:MyHomeCredit
NumberofmonthlyactiveuserofMyHomeCredit(Jan-Dec2023)
HomeCreditPhilippines,establishedin2013,wasacquiredbyJapan'sMUFGandThailand'sKrungsriBankfromPPFGroupin2023.Itsmobileapp,MyHomeCredit,launchedin2017,
rankedfirstamongpersonalloansappsbyactiveusersinthePhilippinesin2023,accordingtoDataSparkle.
MyHomeCreditoffersinstallmentplansandcashloans.UserscanselectproductsfromtheHomeCreditMarketplacefor
installmentpurchases,andcollectitemsfrompartner
merchantsoffline.Productloansreachupto60,000PHP
(1,026USD),whilecashloansextendto150,000PHP(2,566
USD),with6-60monthrepaymentterms.Theappalso
introducedQwarta,avirtualcreditfeatureforloans,bill
payments,groceries,andonlineshopping▌JanFebMarAprMayJunJulAugSepOctNovDec
Source:DataSparkle;MyHomeCredit;Publiclyavailableinformation.
FINTECH'a
INDUSTRYTRENDS
18
.FINTECHINDUSTRYINTHEPHILIPPINES2024
OpenfinanceempowersdigitaltransformationinthePhilippines
In2021,BSPissuedCircularNo.122whichlaysouttheguidanceforthedevelopmentofaframeworkforopen
finance,andtheOpenFinanceOversightCommittee
TransitionGroup(OFOCTG)wasrecognisedastheinterimgoverningbody.“OpenFinancereferstoleveragingonand
sharingofcustomer-permissioneddataamongbanks,otherfinancialinstitutions,andthirdpartyproviders(TPPs)to
developinnovativefinancialsolutions,suchasamongothers,thosethatprovidereal-timepayments,greaterfinancial
transparencyoptionsforaccountholders,marketing,and
cross-sellingopportunities.”
InJune2023,thePhilippineslaunchedanOpenFinancepilotprojectwhichisacollaborativeundertakingoffinancial
institutions,participatingonavoluntarybasis.By2025,
OpenFinanceisexpectedtocontributeover2billionUSDinmarketvaluetothePhilippineeconomy▌
Customer-permissioneddata
Productandserviceinfomation
Subscription
8Accountinformation
自Newaccountapplications
Transactions
QOthers
Source:openfinance.ph;TheBangkoSentralngPilipinas.
19
.FINTECHINDUSTRYINTHEPHILIPPINES2024
Digitalinsuranceemergesasanewoption
Only3%ofthePhilippines’spopulationhadinsurancein2022,butwiththestrongpresenceofdigitalplatformssuchase-
commerce,travelsitesandcomparisonsitesproviding
embeddedmethodsforpurchasingdigitalinsurance,the
insuredpopulationhasrisenmarkedlyinthecountry.Statistasurveyfoundthatnearlyhalf(49%)ofrespondentsinthe
Philippinessaidtheypurchasedonlineinsurancedirectlyfrom
insuranceprovidersitesorapps.
AccordingtoGlobalData,generalinsurancemarketinthe
Philippinesgrewby33.8%year-on-yearin2023,witha
projectedcompoundannualgrowthrateof9.5%from2024
to2028.InsurancecompaniessuchasBolttech,igloo,Oona
Insurance,andSinglifearelaunchinganincreasingnumberofdigitalinsuranceproductstogainafirst-moveradvantageinthemarket.Asagrowthsectorbenefitingfromincreasing
digitalisationandfinancialinclusioninitiatives,insurtechis
Grosswrittenpremiumsofgeneralinsurance1inthePhilippines(2022-2026e)(inbillionUSD,
2.98
2.74
2.48
2.18
1.63
poisedtomaintainsturdygrowthin2024▌202220232024e2025e2026e
Source:Statista;fintechnews.ph;GlobalData.Note:1.Generalinsuranceisnon-lifeinsurancecoverfordamageorloss.
INDUSTRY'a
OPPORTUNITIES&CHALLENGES
21
.FINTECHINDUSTRYINTHEPHILIPPINES2024
Improvedigitalinfrastructureandaddresscybersecuritychallenges
Mobilebroadbandsubscript
SoutheastAsian
ions1andcosts2inselectedcountries(2022)
ThailandSubscription:1221.4%
PhilippinesSubscription:702.0%
VietnamSub
scription:97
0.4%
ThePhilippinesfaceschallengeswithinadequatedigitalinfrastructure.MobilebroadbandcostsarehigherthaninneighboringSoutheastAsiancountries,andmany
ruralareaslackstable,high-speedinternet,hinderingfinancialinclusionandeconomicdevelopment.
Cybersecurityissuesareincreasing.66%ofFilipinos
MalaysiaSubscription:127
0.3%
worryaboutonlinedatasecurity.Kasperskyreportsthat
thePhilippineswasthesecondmostcyber-attacked
countryin2022.Thecountryranked45thoutof175inIndonesiaSubscription:91
the2023NationalCyberSecurityIndex.Fintech
companiesneedtoimplementstrongcybersecurity
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