3 Top FinTechs making waves in the Philippines market

FinTech, Singapore, financial technology, Philippines, TONIKThe pandemic has accelerated digital transformation in the Philippine’s finance industry. Driven by the Covid restrictions and social distancing protocol many Filipinos have turned to digital means of doing business, right from shopping online to sending money electronically to others.

According to a survey conducted in December 2020 by global analytics software firm FICO has revealed that 56 percent of Filipino consumers prefer to use digital channels to engage with their bank during financial hardship, while 12 percent used internet banking.

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. With the new normal, more opportunities will surely come for the FinTech industry. Here are 3 FinTech companies to look out for in the Philippines.

JustPayto: JustPayto is a licensed money transfer service provider for both individuals and businesses. Founded in 2015, the company is developing a frictionless ecosystem with financial institutions and e-wallets in order to offer convenient inter-bank, inter-institution, inter-platform and inter-currency money transfers.

JustPayto aims to support several payment options, without the hassle of having to work with multiple banks or use complicated apps. The app simplifies the ability to use multiple disbursement options such as credit/debit cards, bank fund transfers, online banking, over-the-country (OTC), e-wallet and cryptocurrencies.

PayMongo: PayMongo offers an online payments API for firms in the Philippines. This can be integrated into websites and apps, allowing owners to accept payments from bank cards and digital wallets like GrabPay and GCash thus making it easier to run an online business.

The company’s combination of advanced fraud detection tools and PCI-certified systems ensure that the transactions remain compliant with regulations and are protected from any fraudulent transactions.

Launched in 2019, PayMongo was the first Filipino FinTech startup to take part in Y Combinator’s accelerator program. It raised a US$12 million Series A Funding in September 2020.

TONIK: Tonik is the Philippines’ first neobank. With a good amount of the population of the Philippines unbanked, TONIK foresees an untapped opportunity to change this and bring the country into the digital banking world.

TONIK aims to tackle the issues of traditional banking by helping people have quick, easy access to their money and short-term loans all through a simple app. The company also recently announced a new partnership agreement with Mastercard.

The platform is a consumer financial technology company that provides retail financial products, including deposits, loans, current accounts, payments, and cards on a highly secure digital banking platform.

ALSO READ: Global FinTech Use Cases Report 2021

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