Ten years ago, the word fintech emerged in the local business scene, introducing flashy and compelling forms of payment and banking online. Many thought of it as risky, dangerous even, what with the complex and vast nature of the internet. Come 2016, Fintech is no longer a buzzword – it’s become the future.
In May, Bangko Sentral ng Pilipinas said that in less than four years, 20 percent of transactions nationwide will be done online.
“Unlike what most believe, fintech is an enabler [and] not a disruptor for financial institutions. It will provide the gap for institutions to become competitive,” FIN:TQ president and CEO Lito Villanueva said in a talk in May.
In the October issue of Forbes Philippines, the publication rounded up the 24 fintech startups incorporated in the Philippines, set to change and shape the future of finance. Here, we list the initial 12 of the 24:
The independent financial comparison website helps users compare deals on car insurance, personal and housing loans, credit card products and broadband options all under a minute. The options presented are customized for each user, based on the details they provide the website.
The Globe Telecom-backed startup extends the mobile money service of GCash into online and mobile payments, remittance, loans and business solutions platforms. In August, the firm partnered with the Bureau of Internal Revenue to extend the agency’s tax payment services to mobile.
Also a comparison platform, myRemitHub was formulated for OFWs choosing remittance services. The site also helps them compare foreign exchange rates. According to Forbes Philippines, the startup is part of UP Enterprise Center for Technopreneurship, an incubator funded by the Department of Science and Technology.
Founded in 2014, PawnHero is the first digital pawnshop in Southeast Asia. Unlike its brick-and-mortar counterpart, the startup lets users pawn and sell items other than jewelry, like gadgets and mobile phones. Any user may simply take pictures of the item they want to pawn for the startup’s appraisal. After which, a courier service will pick-up the item from the user’s location for free. Payments will also be done through an online cash-card system by the company.
The startup allows users to pay for their bills through their mobile phones. The company has partnered with RCBC and Smart Communications Inc. since its inception in 2013.
The online platform allows users to pay and transfer money to the Philippines through Bitcoin for free. As of posting, one Bitcoin is equivalent to Php 29,025. The platform also allows users to shop in e-commerce site, PocketMarket.
One of the first and most aggressive fintech companies in the country, Paymaya provides users with a digital prepaid Visa card which can be used for both offline and online payments. It has also partnered with Beep as an added feature of its physical card. The company has earned Php 838.7 million, according to Forbes Philippines.
A digital financial solutions provider, Paynamics has a number of notable clients such as Kalibrr, Rappler and Zipmatch. It offers online billing services to online disbursement gateways.
Through its web platform, PaySwitch allow MSMEs to offer services such as electronic loading, remittances and bill payments. Using a point-of-sale system, customers may use over 500 products and services from 200 companies. The platform is mostly used by MSMEs such as internet cafes, pawnshops and drug stores in far flung areas.
Based in Australia, Peppermint offers its financial solution services to big companies such as Metrobank, UCPB and Unionbank. According to Forbes Philippines, its mobile banking service allows users to process payments through phones and transfer money from one account to another.
The online payment service provider has a wide-range of client portfolio, from television giant ABS-CBN to the biggest fast-food company in Asia, Jollibee. The company is one of the biggest earners on the list with Php 33.3 million worth of revenues in 2015.
The only Fintech company catering to the human resource market on the list, Salarium is a payroll service which processes various company functions, from timekeeping to salary disbursement. What sets it apart from most companies of its kind is the SAL Pay app, which allows employees to cash out their salaries in the bank or through cash-on-delivery.
Elyssa Christine Lopez is Entrepreneur.com.ph's staff writer. Follow her on Twitter @elyssalopz.