THE United Kingdom is ready to help the Philippines in developing the financial technology (fintech) industry.
In the partnership signing between fintech firm First Circle and ClixLogic on Thursday, UK Trade and Investments Director Lindsey Gilbert-Crouch said fintech has been strong in her country and believes they can assist the Philippines as it embraces digitization while also growing in electronic commerce (e-commerce).
“Fintech is a very integral part of the UK’s economy. At present, there are about 200,000 technology businesses in the UK, which employs around 2 million people,” Gilbert-Crouch said.
She said that her country’s digital sector contributes around £150 billion annually to the UK economy and of 41 unicorn companies emerging from her country recently, 17 are from the fintech industry.
Gilbert-Crouch added that there is a massive opportunity in the Philippines for fintech companies.
“One statistic that has really stuck with me is that 78 percent of the population here in the Philippines is currently unbanked, or underbanked (not using banks, or those that have bank accounts but are not using their other services),” she said.
“In the context of a push for financial inclusion and continuing the drive toward pandemic-driven digital adoption, this really feels like an important moment for fintechs here,” the UK Trade official said.
When it comes to the success of fintech in the UK, she said that the industry’s growth was driven by the excellent support system for its ecosystem. This includes organizations delivering similar services to fintech companies and offering the right access to solutions at the right time which, in turn, allow them to grow more.
She added that fintech players in the Philippines can partner with those in the UK to help them expand and grow while discovering other business opportunities.