Hey there! Let’s break down what’s happening in the Philippine fintech and digital banking landscape in 2024.
Here are some key points:
1. User Adoption Growth
Digital financial services have seen a sharp increase in adoption, with mobile fintech usage expected to hit 66.4 million users by the end of 2024. The expansion is largely attributed to digital wallets like GCash and Maya.
2. Dominance of Digital Payments
The payment sector leads the fintech industry, accounting for 35.4% of fintech companies. GCash and Maya, both major players in digital banking, continue to dominate the market, with Maya evolving into a financial super app.
3. Digital National ID
The government is pushing the Digital National ID project to improve digital financial inclusion, which will streamline service delivery across various sectors.
4. Central Bank Digital Currency (CBDC)
The BSP (Bangko Sentral ng Pilipinas) is advancing with Project Agila, which could enhance cross-border payments and liquidity management, crucial for the future of digital banking.
These developments highlight the Philippines' progress in embracing digital banking and fintech innovations.
Your Ledger provides latest insights in digital banking news, check these sources: [Fintech Report 2024 Highlights], [Emerging Fintech Trends]
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