12 Sep 2017
IDC Financial Insights Unveils 10 Fast Growing Fintechs for the Philippines at FinTech Innovation Summit 2017
MANILA, September 13th, 2017 – IDC Financial Insights unveiled a list of 10 fast growing fintechs in the Philippines, part of the broader FinTech 101 list for Asia/Pacific, at the FinTech Innovation Summit 2017 held at Shangri-La at the Fort, Manila. “IDC’s FinTech Fast 101” refers to the fast-growing fintech players in Asia/Pacific based on extensive on-ground analysis of the dominant fintech players within the region.
IDC’s fintech list makes a reference to the "Triple U" framework — ubiquity, utility, and usability. This is an efficient global framework, which evaluates data from many key metrics such as addressable market, customer adoption, investments, chance of survival, innovation, and marketing. IDC Financial Insights believes that newer categories that are gaining traction include digital identity and authentication, bitcoin and other cryptocurrencies exchanges, robo-advisory, credit analytics and scoring, and usage-based insurance.
"It’s very interesting to see the rise in public-private partnerships within the fintech domain in the Philippines. This is unique for the Philippines, with many non-government financial institutions that are favoring collaborating with fintechs to address the needs of current and potential customers. The disruption is largely visible in payments including remittances and money transfers. Six out of the top ten fintechs we identified are in the payments space, pointing to a huge underserved market in the Philippines. We expect players in payments to expand into m-commerce as a viable growth strategy,” remarked Michael Araneta, Associate Vice President for IDC Financial Insights.
From L-R: Sui-Jon Ho, Senior Market Analyst, IDC Financial Insights Asia/Pacific, Sameer Sapra, APJ Financial Services Industry Practice lead, HP Inc., Justine Leow, Head of Business Operations, Coins.ph, Michael Araneta, Head of Research, IDC Financial Insights Asia/Pacific, Rick Pusag, Senior Vice President and Chief Information Officer, Security Bank and Jubert Daniel Alberto, Head of Operations, IDC Philippines at the IDC’s Fintech Innovation Summit 2017
“The role of giant telco players such as PLDT and Globe Telecom need to be highlighted as they have whole-heartedly adopted the FinTech mindset and launched their own innovation units to improve financial products and services. Fintech in the Philippines have huge target market ranging from the overseas Filipino workers (OFWs), a rapidly growing middle class, and large local unbanked population in far-flung areas. These fintech rise from the 3rd platform provide more novel and nimble ways in terms of accessing to financial service via smartphones. Their burgeoning partnerships with banks and insurers have paved the way for more financial inclusions and better economic opportunities," adds Jubert Alberto, Head of Operations at IDC Philippines.
"Though the country is still at the early stage of fintech adoption compared to other ASEAN neighbors, fintech in the Philippines need to be more aggressive and move swiftly both locally and regionally. IDC Financial Insights expects that 2018 will be a banner year for Asia/Pacific fintech to regionalize – similar to the journeys of Alipay and Grab – and the ones who will be able to achieve scale and ubiquity,” Araneta said.
This FinTech 101 list is published in continuation of IDC Financial Insights’ 2017 fintech report series, which helps investment groups, financial services institutions, and technology players in understanding the fintech landscape and identify potential fintech players for investment and collaboration. For this research, IDC's definition intentionally excludes licensed banks and other licensed financial institutions that are using new technologies to radically change financial services, even to the point of launching their own fintech companies and brands. The idea is to look at the fintech players outside of traditional services.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a subsidiary of IDG, the world's leading technology media, research, and events company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC
About IDC Financial Insights
IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world's leading technology, media, research, and events company. For more information, please visit www.idc-fi.com, email email@example.com, or call 508-620-5533. Visit the IDC Financial Insights Community at http:// idc -insights- community.com /financial
FINTQNOLOGIES Corp., Globe Telecom, Inc., Acudeen Technologies, Inc., BloomSolutions, PayMaya Philippines, Inc., Satoshi Citadel Industries Inc.,, PLDT Inc., Ayannah Business Solutions, Inc., Coins.ph