Philippines Champions Global and Local Public-Private Partnerships to Strengthen Fintech Ecosystem at the Singapore Fintech Festival 2023
The Philippines President underscored strategic
collaboration with diverse domestic and international stakeholders to position
the Philippines as a hub for digital innovation and entrepreneurship. This was
highlighted during his keynote address at the Singapore Fintech Festival (SFF)
2023, the world’s largest fintech event, where he made history as the first
statesman to deliver a holographic speech at the said festival.
He emphasized that both local and global public-private
partnerships (PPPs) play a vital role in enabling the Philippines to adopt new
technologies that would strengthen the country's fintech ecosystem. The
implementation of innovative solutions, coupled with enhanced financial
education and inclusion initiatives, will effectively meet the needs of
underserved communities in the country. This, in turn, serves as a tangible
demonstration of the Philippines’ potential to contribute solutions to regional
and global challenges.
Earlier this year, the PH Administration's Private
Sector Advisory Council (PSAC) created the GoDigital Pilipinas (GDP) movement
to provide practical recommendations, envisions empowering Filipino citizens
through technology for a connected and inclusive society. PSAC comprises
industry leaders and experts spanning six primary sectoral groups: agriculture,
digital infrastructure, jobs, healthcare, build-build-build, and tourism.
UnionDigital Bank, the digital bank of UnionBank of the
Philippines and a key partner in pushing the GDP movement, demonstrates a
commitment to addressing diverse needs, including those of underserved and
unbanked Filipinos. Through AI-powered solutions, the digital bank works
towards financial inclusion by providing access to bank products that are
traditionally beyond reach due to stringent requirements.
Advocating for embedded finance, UnionDigital collaborates
across industries to enhance access to digital bank products, fostering
financial inclusion by engaging customers where they are most present.
Ecosystem partners include the prominent local motorcycle taxi company Angkas,
the country's first fully integrated health app mWell, and airasia’s e-wallet
app BigPay.
The digital bank showcased its commitment to innovation and
inclusivity at the SFF, championing its proprietary framework, Customer
Lifetime Prosperity Index (CLPI)—a metric illustrating customer financial
health. This approach reflects UnionDigital’s dedication to banking and
fostering long-term prosperity for its customers.
Henry Aguda, President and CEO at UnionDigital Bank, shared,
“As part of our mission to empower Filipinos everywhere, we prioritize
addressing customer needs to improve their financial health. With CLPI, we are
able to do that by addressing the financial sustainability of the mass market.
Our strategic partnerships amplify this impact by enabling us to understand our
customer’s behavior more and enhance our products based on that. These
advantages align with our support for the government's pursuit of more
partnerships to foster growth in the Philippine fintech ecosystem.”
Since 2018, UnionDigital’s parent bank, UnionBank, has
consistently taken part in SFF, recognized as one of the most impactful fintech
events worldwide. The 2023 theme of SFF centers on "The Application of AI
in Financial Services," aligning with UnionBank's commitment to
"Inclusive Financial Growth Powered by AI." This mirror’s UnionBank's
ongoing initiative to 'Tech Up, Pilipinas' by harnessing innovative
technologies such as AI to contribute to nation-building. The focus is on
showcasing the practical implementation of AI within UnionBank and its key
subsidiaries, emphasizing the utilization of AI for fostering inclusive
financial solutions and improving customer experiences.
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