The Philippines has evolved into one of the fastest growing economies of Asia and is supported by the strong local banking system of the country. The banking industry is bolstered by capital adequacy ratios above international requirements, a healthy growth in assets and deposits and a low non-performing loans ratio at the end of the first half of 2016. The digitisation of banking has increased competition as a large number of banks attempt to reach out to an increasingly tech savvy customer base.
Despite the burgeoning financial services industry, however, large swathes of the Philippines’ population remain unbanked. In a world where access to digital modes of banking such as mobile phones are more accessible than banks, it is financial technology that will enable financial inclusion in the country. The fintech scene in the Philippines is up-and-coming, presenting new models of financial inclusion to the industry through collaboration and cooperation with the conventional providers of finance.
In its sixth consecutive year, The Asian Banker’s annual Philippine International Banking Convention (PIBC) will highlight innovative developments taking place in the Philippine banking landscape and display best practice examples from the region.
Key issues to be covered
Essraa Mansi
Program Manager
Email: emansi@theasianbanker.com
