News Snapshot:
Fintechs, as well as neobanks, are banking on the increasing demand for contactless transactions and remote working spurred by the pandemic in order to accelerate adoption of their services. Going digital has always been part of the financial inclusion strategy in the Philippines. However, a 2019 survey by the country’s central bank, Bangko Sentral Ng Pilipinas (BSP) found that only 12% of mobile phone owners used their mobiles for financial transactions. For those with internet access, only nine percent use the internet for financial transactions. A lack of awareness and trust are the main barriers to the majority’s hesitance –...
