Impact and analysis of Fintech in the Philippines / Truly N. Enriquez

Date : May 15, 2018
Number of Pages : 80 leaves
Adviser : Prof. Ma. Elizabeth Francisco

Abstract

The term Fintech is being adopted as the intersection of finance and technology to form innovative solution in financial products and services. The idea is not new as banking and financial services institutions have a long grasp as early adopters of new technologies. But the emergence of innovative technological advancement challenge financial institutions practices specifically with the increase penetration of internet and smartphones where FinTech development plays role and can be seen as disruptive innovation.

The study explores the current set-up of FinTech in the Philippines with an assessment in its impact to the traditional products and services of the existing financial institutions. It aims to provide an analysis as reference to fulfill and achieve financial inclusion in the country specifically for the unserved and undeserved. It also aims to fulfill recommendation to financial institutions like banks if collaboration, acquiring or setting up own FinTech is indeed needed to alleviate disruption. And lastly the objective as well is to have recommendation to the regulators and policymakers related to FinTech.

The researcher used survey as a tool to capture and have an analysis on the side of the consumers. Also, an interview has been done to the resource of Bangko Sentral ng Pilipinas to gain knowledge in terms of its regulations, policies, programs, plans and its radar on data security and privacy. The researcher also used available resources online to solidify the SWOT analysis related to FinTech and banking industry and lastly this paper proposed a framework that will serve a guide to the FinTech, banking industry and policymakers in the country.