back Back

5 Top FinTechs in the Philippines to watch out for in 2021

By Leandra Monteiro

February 18, 2021

  • Justpayto
  • Marcopay
  • Philippines
Share

payments, fintech, Philippine, COVID-19, mastercard, JustPayto, MarCoPay, PayMongo, SeekCap, TONIK

The covid-19 pandemic has further boosted the adoption of digital financial services in the Philippines. Also, a youthful, urbanised population partnered with an increased mobile usage has driven the digital transformation of the Philippine financial sector.

According to Startup Genome’s Global Startup Ecosystem Report, FinTech companies in Manila compose 15% of the start-ups and market is expected to grow from about US$5.7 billion in 2018 to US$10.5 billion by 2022.

Manila having a robust English-speaking population and an 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 5 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.

MarCoPay

MarCoPay was established in mid-2019 and stands for ‘Maritime Community Pay.’ The company offers an electronic money platform designed keeping in mind mariners working outside Japan. The app utilises QR codes that can be used for completing pre-boarding procedures, receiving and converting salaries into digital currency. Users can also spend this e-money for onboard purchases.

The company has secured features and functions which aims to promote the innovation of onboard money transactions with digital solutions and improvement of quality of life of seafarers and their families.

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.

SeekCap

Funding and managing cash flow are an essential part of all commercial businesses. However, accessing loans or short-term financing arrangements can be quite difficult for SMEs. Traditional banking in the country has strict eligibility procedures in place making it quite a challenge for some businesses to find the funding they require.

This platform aims at bridging the gap between banks and SMEs. SeekCap is affiliated with one of Philippines biggest banks, UnionBank. The platform helps take the hassle and stress out of finding a loan suitable to help businesses thrive or expand.

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: IBSi FinTech Journal

Previous Article

February 18, 2021

Mastercard and Island Pay unveils Central Bank Digital Currency linked card

Read More
Next Article

February 18, 2021

VIALET selects Moorwand as the issuer & BIN Sponsor for new credit product

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 05, 2025

Tap, pay, spend: How digital payments are surging in Southeast Asia & India

Read More

February 05, 2025

Al Fardan Exchange, Visa launch real-time global remittance service

Read More

February 05, 2025

PRECISION and FinMont partner to combat payment fraud in travel

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q4 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2024
Know More