3 FinTech companies in the Philippines empowering SMEs
By Leandra Monteiro
The digital financial services industry in the Philippines has undergone a digital transformation in the last 2 years, driven by a youthful, urbanised population partnered with increased mobile usage.
Manila having a robust English-speaking population and a more western inclined culture is a natural fit for the growth of FinTech. According to the country’s Department of Trade and Industry, there are about 136 FinTech companies registered in the country.
Here are 3 FinTech companies to empowering the SMEs industry in the Philippines:
First Circle was founded by Patrick Lynch and Tony Ennis to empower Small and Medium Enterprises (SMEs) in growth markets by financing their business-to-business (B2B) trade transactions. Thus, helping them grow by providing convenient access to financial services.
As the company looks forward to the future with financial optimism, it is gearing up to partner and empower more and more SMEs in the Philippines.
Investree is a FinTech company founded in Indonesia in 2015. It has expanded its operations to Thailand and the Philippines. The Securities and Exchange Commission (SEC) has granted Investree Philippines a permanent license to operate as a crowdfunding platform – the first in the country. With this, it aims to become the industry preferred partner of small and medium enterprises as well as to improve the accessibility and affordability of working capital.
Small and medium businesses are the backbone of the Philippine economy, employing over 3 million Filipino workers. Yet, despite such remarkable contributions, there is still an ₱11 trillion credit gap that has prevented these businesses from achieving their full potential. Investree aims to fill this gap.
JazzyPay is a modern and efficient payment gateway system for businesses in the Philippines. It enables companies to increase their revenue by accepting all types of payments from customers, whether it’s through credit cards, debit cards, online banking payments, e-wallets, or over-the-counter cash deposits.
JazzyPay streamlines businesses’ payment collection and saves time by scheduling payment requests and sending invoices individually or in bulk. Companies can also enable auto-reminders to notify their clients of payment due dates via SMS, email, and voice call.
IBSi Daily News Analysis
February 23, 2024
Regulated firms battle surge in financial crime attempts, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage