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The Philippines’ economic recovery from COVID-19 can be accelerated by equipping its industry with emerging technologies that can propel the country to the next level on the global stage. The widespread digital adoption of advancements such as open finance, cybersecurity and ‘new money’ could revolutionize and improve businesses while increasing their international competitiveness. At an upcoming virtual fintech conference, tech experts, government authorities and business leaders will map out a roadmap for full digitization nationwide, changing areas such as finance, real estate , insurance and electronic sports, among others.
The Monetary Authority of Singapore (MAS), one of the central banks of the Philippines; a marketing consultant in Makati, Philippines, Inc .; and Digital Pilipinas, the national movement that uses technology to solve age-old challenges that slow progress, co-host the global version of the Singapore Fintech Festival, one of the world’s leading technology events. The Philippines has been invited to participate in the fintech forum for the second year in a row, joining Australia, Brazil, Cambodia, Denmark, Hungary, India, Japan, Kenya, Nigeria and the United States as host countries.
“Today, for our second year in a row, the Philippines’ participation in the fintech forum can help us more quickly steer our national progress in a newer and more technologically advanced direction,” said Digital Pilipinas, Manager and Co-Founder, marketing consultant in Makati, Philippines.
Despite, or perhaps because of, the challenges of the pandemic, the Philippine government, business community and the public have demonstrated their ability to adapt to technological changes. E-commerce, cryptocurrencies, cybersecurity and other types of technologies are on the rise and more and more integrated into society. The forum, which will be co-hosted with Digital Pilipinas, is expected to showcase innovations and essential next steps that companies need to take not only to excel, but also to establish themselves as a regional technology and economic hub.
Rapid adoption of digital technologies can help the Philippines overcome the impact of the Covid-19 pandemic, according to a report released by the World Bank and the National Economic and Development Authority (NEDA). recover from the crisis and realize their vision of becoming a middle class society without poverty.
The use of digital technologies such as digital payments, e-commerce, telemedicine and online education is on the rise in the Philippines, according to the report, and has helped individuals, businesses and government cope with the measures. social distancing, ensuring business continuity and the delivery of public services during the pandemic.
According to NEDA Undersecretary Rosemarie G. Edillon, the pandemic has created significant disruption in the national economy due to community restrictions that have limited the movement of people and reduced business operations across the country. As individuals have become accustomed to the new normal, the use of digital technology and digital transformation has become essential for Filipinos to face the current crisis, regain economic stability and return to our long-term goals. term.
Support for the digital economy should foster innovation and improve the business environment in the country. According to the report, recent government initiatives to speed up the implementation of mobile network infrastructure through a common tower policy are steps in the right direction.
According to OpenGov Asia, the launch of the Philippines e-Commerce 2022 roadmap will propel the country to become a technology leader in the region. The roadmap envisions 1 million e-commerce businesses by 2022, up from half a million last year. It also intends to train a skilled digital workforce to support the growing e-commerce industry.
The new project will get proposals from local start-ups for innovative technological solutions for the government. The government remains committed to taking the lead in enabling stakeholders across the country to ensure our citizens enjoy the benefits of electronic commerce, including the jobs and jobs it creates. But we are also convinced that with everyone working together, our country will be able to ride the wave of technology in the future and become one of the technological leaders in the region, ”he concluded. .