Philippines, India partner to boost fintech cooperation

MANILA, Philippines — The Philippine and Indian governments have started to boost cooperation and further develop financial technology (fintech) in the country.

The Department of Finance (DOF) recently led the inaugural joint working group (JWG) on fintech with India as part of efforts to boost financial inclusion for Filipinos.

The Philippines and India inked a memorandum of understanding in June last year to improve fintech in the country.

The JWG will enhance economic cooperation in fintech, boost connectivity and interoperability and help develop fintech solutions.

Finance Assistant Secretary Donalyn Minimo said both countries have vast potential for economic and development cooperation, especially on digital economy, digital payments, digital infrastructure and financial inclusion.

Over the past three years, the country’s fintech sector grew by nearly 40 percent to almost 300 companies.

Last year, data showed that an estimated $110.5 billion in digital transactions were recorded.

The JWG facilitated discussion on initiatives, best practices and safeguards to enhance the Philippines’ regulatory frameworks and digital infrastructure.

The discussions also opened up opportunities for greater innovation in areas such as digital payments, blockchain technology and fintech solutions, which will empower both individuals and businesses.

The Philippine delegation expressed willingness to continue dialogues and partnerships with India as it strives to build a fintech ecosystem that will not only benefit the citizens but also strengthen the economy.

Apart from DOF, the Philippine delegation consisted of the Department of Foreign Affairs, National Economic and Development Authority, Securities and Exchange Commission and the Insurance Commission.