Taguig, Philippines – The Fintech Alliance PH INDX3D Summit 2023, held at Shangri-La The Fort, BGC last August 7 and 8, 2023, marks a pivotal moment in the ongoing evolution of the fintech landscape in the country.
The event brought together key players and visionaries poised to reshape the future of financial transactions, inclusion, innovation, and health. Under the theme “Dare, Drive, Defy,” the summit was a platform for groundbreaking discussions and announcements set to shape the trajectory of the financial sector for years to come.
A significant highlight of the summit was the strategic partnership between Fintech Alliance PH and esteemed industry leaders, including S&P Global Philippines, the Singapore FinTech Association (SFA), and the Korea FinTech Industry Association (KorFin). “These alliances underscore the collaborative spirit that drives innovation in the fintech space, fostering a dynamic ecosystem thriving on shared knowledge and expertise,” said Lito Villanueva, Founding Chairman of Fintech Alliance.
Reuben Lim, Chief Operating Officer of SFA, took the stage to delve into the Singapore FinTech Landscape and its prevailing trends. Lim’s presentation provided invaluable insights into the innovative landscape of Singapore’s fintech industry, highlighting diverse practices. One notable fintech practice involves the massive use of digital wallets and QR code payments, which have become ubiquitous in daily transactions, from hawker stalls to high-end retail stores.
Additionally, Singapore’s forward-thinking regulatory sandbox has facilitated the testing and deployment of blockchain-based remittance platforms, streamlining cross-border money transfers and enhancing financial inclusivity. His talk focused on the role of SFA in driving advancements, fostering collaboration, and nurturing an environment that empowers fintech innovation.
A key facet of the summit was the exploration of sandbox programs—a controlled environment for testing innovative fintech solutions—within the fintech movement. Dongpyo Hong Vince, Chairman of KorFin, shed light on Korea’s robust approach to fostering innovation through sandbox programs. This approach allows fintech companies to test their products and services in a controlled setting, encouraging experimentation and driving the rapid evolution of the financial sector.
Throughout the summit, the prevailing theme of “Dare, Drive, Defy” reverberated in discussions encompassing financial inclusion, leveraging Artificial Intelligence (AI) for transformative change, ensuring fiscal health, and fortifying digital financial infrastructure. Attendees were exposed to a spectrum of visionary ideas, breakthrough technologies, and collaborative endeavors collectively illuminating the path toward a more digitally integrated financial landscape.
Secretary Benjamin Diokno of the Department of Finance, emphasized the summit’s significance as a catalyst for unparalleled growth in the digital economy. His assertion that the INDX3D Summit is an event for promoting growth, transparency, and innovation underscored the summit’s pivotal role in shaping the future of fintech in the Philippines.
The summit also highlighted the exponential growth of the fintech sector in the Philippines, with an impressive 285 fintech companies emerging within 2023, thus achieving NEDA’s Philippine Development Plan Goal for Fintech growth to 260 registered entities five years in advance.
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