Photo courtesy of Fintechnews Philippines
This was originally published by Fintechnews Philippines
Last year, Manila was named one of the world’s friendliest cities in the world for fintech startups and was recognized for its strong English-language skills and well-established outsourcing industries.
Fintech companies already compose 15% of Manila’s startups, according to Startup Genome’s Global Startup Ecosystem Report, and the market is expected to grow from about US$5.7 billion in 2018 to US$10.5 billion by 2022.
The Philippines’ fintech industry is expected to continue growing in 2020 on the back of memorable developments and deals in 2019. The following are seven fintech startups in the Philippines which made significant strides last year and are now poised for recognition.
PearlPay
Founded in 2018, PearlPay is a fintech startup and mobile wallet whose mission is to help financial institutions, especially rural banks, be commercially competitive with access to the latest and innovative banking solutions. PearlPay aims to become the national digital payment enabler and gateway in the country by providing quality and affordable banking solutions to financial institutions and individuals previously underserved.
PearlPay grew significantly in 2019. The company signed a pilot program agreement with BHF Rural Bank to test a new generation of cloud-based financial services set to be launched in the Philippines, and expanded to Hong Kong and Indonesia.