During the first 11 months of 2022, there were 289 operating fintech firms in the Philippines, a significant increase from its figures in 2017. The fintech landscape in the country continues to grow, with the government sector pushing for the adaption of digital payment mechanisms in its various operations.
Which sector has the highest number of FinTech firms?
The lending sector accounted for the highest share of fintech companies in 2022, accounting for 27 percent of the total share of fintech firms. Digital lending apps were crucial among Filipinos looking to fund their urgent financial needs, especially among those unable to meet bank loan requirements. Among the popular digital financing applications were Cashalo, Digido, and Pesoloan.
The future of FinTech in the Philippines
The FinTech industry was pegged for continued growth in the following years as more Filipinos adopt digital financial services in their daily life. With the COVID-19 pandemic as a tipping point, many Filipinos now use digital payments and e-wallets to pay for their online purchases. Cryptocurrency transactions will continue to grow, turning the Philippines into a regional blockchain hub.
Number of operating fintech companies in the Philippines from 2017 to 2022
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United Overseas Bank. (November 1, 2022). Number of operating fintech companies in the Philippines from 2017 to 2022 [Graph]. In Statista. Retrieved November 10, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/1247613/number-of-fintech-firms-philippines/
United Overseas Bank. "Number of operating fintech companies in the Philippines from 2017 to 2022." Chart. November 1, 2022. Statista. Accessed November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1247613/number-of-fintech-firms-philippines/
United Overseas Bank. (2022). Number of operating fintech companies in the Philippines from 2017 to 2022. Statista. Statista Inc.. Accessed: November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1247613/number-of-fintech-firms-philippines/
United Overseas Bank. "Number of Operating Fintech Companies in The Philippines from 2017 to 2022." Statista, Statista Inc., 1 Nov 2022, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1247613/number-of-fintech-firms-philippines/
United Overseas Bank, Number of operating fintech companies in the Philippines from 2017 to 2022 Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1247613/number-of-fintech-firms-philippines/ (last visited November 10, 2024)
Number of operating fintech companies in the Philippines from 2017 to 2022 [Graph], United Overseas Bank, November 1, 2022. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/1247613/number-of-fintech-firms-philippines/
