Last December 11 Huawei unveiled its virtual road map event entitled “FinTech 2021 Philippine Outlook: The Key to Unlocking the Economy Post-COVID.” The webinar will be co-located during the renowned World Fintech Festival (WFF), another online international gathering that will run from December 7-11 and will cover all fintech topics with a special focus on the Philippines.
This growing partnership between Philippine businesses and Huawei introduced cutting- edge tech trends while showing them a road map that will be beneficial for the empowerment of all Filipinos.
The virtual event tackled critical topics for today’s tech-based landscape, such as the growth of the cloud ecosystem that can help facilitate online transactions, data storage and access, and the improvement of the supply chain. Another important topic is the adoption of artificial intelligence and how it can realize business objectives, such as upskilling the workforce, reaching out to new markets and crafting accurate business and marketing plans.
The virtual event have graced prominent figures in banking, governance, money, and digital transformation such as Asst. Secretary Manny Caintic of the Department of Information and Communications Technology (DICT) and proponent of the Digital Filipino movement; Jove Tapiador, President and CEO of Good Tech Holdings Inc.; Mark Vernon, Founder and President of Tagcash; Atty. Edsel Tupaz of the legal firm Gorriceta Africa Cauton and Saavedra; and Atty. Buko dela Cruz of DivinaLaw.
Meanwhile, Neo Teck Guan discussed the business possibilities that particular tech can open entitled “New Fintech Revolution 2.0: AI, 5G, and Cloud.” He will elaborate how tech can transform our towns into smart, economically-prosperous cities with fintech at its core.
“Huawei has always been keen to assist enterprises as they scale up and evolve to their next stage,” says Neo Teck Guan, Senior Director, Cloud Strategy and Consulting, Huawei Cloud Asia Pacific Region “With our cloud services, we have been able to provide some great experiences to different companies in several sectors. We believe, cloud solutions should be accessible to everyone, and at Huawei, we are working relentlessly for the benefits of our partners with our latest technological innovation.”
“Individuals and enterprises alike have become increasingly open to digitization especially in their transactions and their other daily activities. We had seen this surge during the pandemic,” says Amor Maclang, Convener of the WFF Philippines and Executive Director of Fintech Philippines Association. “Önly a year ago, a majority of Filipinos still preferred to do cash on deliveries and do their payments and other banking services in the actual stores or banks. But the lockdowns and work-from-home arrangements have changed all that. One recent study has shown that 87% of its respondents are now gravitating towards cashless transactions and digital payments. Electronic wallets like GCash experienced an increase in the use of their online financial services, about eight times more compared to what it experienced in 2019. Research by Google, TEMASEK, and Bain & Company say that 95% of Filipinos who have tried digital services only for the first time will keep on using them long after the pandemic is over.”
Ms. Maclang adds that the digitization of the country and its industries will have long-term positive impact on the national economy, businesses, the workforce, and the consumer base, “especially if fintech becomes our platform, using a whole-of-nation approach, whole-of-government approach. The past few years have seen an unprecedented reverse diaspora of the best and brightest technology players choosing to domicile in the Philippines. It is our time to shine.”
Ms. Maclang says, “The Philippines remains a fintech hub in Asia. Despite the pandemic, our internet-fueled economy or e-conomy stands at a strong $7.5 billion, which is projected to reach $28 billion in five years’ time. Its growth rate is at a resilient 55%, with HealthTech and EduTech emerging as among the most promising verticals. As we enter the new year, there are opportunities awaiting us after the crises, and partnerships like the one we are forging with Huawei can help Philippine businesses leverage on them for a full national economic recovery.”
