The growing innovations in digital financing is transforming the lives of millions of Filipinos while breaking down the financial barriers on how they transact and access finance services, President Ferdinand R. Marcos Jr. said on Wednesday.
“I’m proud to say that the Philippines is emerging as a hub for innovation. Our dynamic ecosystem of banks, financial institutions, start-ups, digital entrepreneurs and other stakeholders is constantly working to unlock the vast potential of digital finance,” President Marcos said in a hologram message before the Singapore FinTech Festival (SFF) 2023.
“It is already transforming the lives of millions of Filipinos through proven services and technologies that promote financial inclusion, secure and efficient transactions, and economic growth. We are developing and refining these services to reach all Filipinos in every untapped market here and abroad,” Marcos said.
The President made the speech during the festival attended by the Philippine delegation consisting of representatives from government agencies and members of the FinTech Alliance.PH.
The Philippine delegation unveiled the “Bagong Pilipinas: The Philippines Country Pavilion,” at the fintech festival in Singapore.
The pavilion showcased the country’s achievements in the fintech industry as well as the Marcos administration’s commitment to accelerating digitalization.
Since 2016, the FinTech Festival is held annually to provide a worldwide forum for heads of state, legislators, executives in the financial services industry, entrepreneurs, investors, and technologists to come together and help define an inclusive and sustainable financial future.
The focus of the festival this year is the development and use of Artificial Intelligence (AI), as well as its possible applications in the financial services industry.
The event featured discussions on analyzing the ways in which digital public goods and technologies like AI and Web3 can hasten the shift to a low-carbon future, the redesign of the financial system to better serve the needs of the underprivileged, and the protection of the digital economy from present-day cyber, technological, and climate risks. PND
