th images menu user export search eye clock list list2 arrow-left untitled twitter facebook googleplus instagram cross photos entrep-logo-svg

Forbes Philippines lists the top 24 fintech startups

Here’s 12 of the 24 most innovative financial enterprises around
By Elyssa Christine Lopez |



 

 

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:

 

 

MoneyMax.ph

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.

 

 

Mynt

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.

 

 

myRemitHub

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.

 

 

PawnHero

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.

 

 

PayBilis

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.

 

 

Paylance

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.

ADVERTISEMENT - CONTINUE READING BELOW

 


 

PayMaya

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.

 

 

Paynamics

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.

 

 

PaySwitch

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.

 

 

Peppermint

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.

 

 

PesoPay

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.

 


Salarium

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.

 

Latest Articles

Kris Aquino Namedrops Products in Her Recent Rants: Is This Good or Bad for the Brands?

A public relations expert weighs in on how the surprise mentions will impact brands

byElyssa Christine Lopez | April 23, 2018 20:00:00

AirAsia’s PH Unit Eyes 30% Capacity Expansion to Serve ASEAN’s ‘Digital Nomads’

The low-cost airline is preparing for an IPO by end of the year

byLorenzo Kyle Subido | April 23, 2018 10:00:00

Looking for Office Space? Here's a Field Guide to Serviced Offices and Coworking Spaces in BGC, Makati and Ortigas

These coworking spaces and serviced offices have caught the attention of global corporations

byLorenzo Kyle Subido | April 23, 2018 09:00:00

6 Reasons Goal Setting Is a Complete Waste of Time for New Entrepreneurs

Contrary to what you've always been told, goal setting isn't all that important for new...

byLucas Miller | April 23, 2018 06:00:00

Ask the Relationship Expert: 'How Do I Reconnect With My Partner When We're Both So Busy?'

A relationship between two entrepreneurs doesn't leave much time for togetherness

byMarla N. Mattenson | April 23, 2018 02:00:00

This Pinay Started Her Own Clothing Business With Php50,000

Samantha Dizon is the woman behind Candid Clothing

byMixi Ignacio for Cosmo.ph | April 23, 2018 00:00:00

4 Common Misconceptions About Cloud Computing and Small Businesses in PH

SMEs need cloud services as much as other businesses do, says Amazon Web Services

byPauline Macaraeg | April 22, 2018 09:00:00

4 Ways to Inspire Your Team Every Single Day

Being inspired at the beginning or end of something is easy. Staying inspired is the true challenge

byDavid Meltzer | April 22, 2018 06:00:00

Here's the Secret to Really, Really Enjoying Your Summer Vacation

Follow these three tips and your time away will be easy-breezy and actually relaxing

bySyed Balkhi | April 22, 2018 02:00:00

Why Elon Musk Hates Meetings

He called them a 'blight' on effective company operations

byNina Zipkin | April 22, 2018 00:00:00

We Can Soon Drive From Luzon to Mindanao With Gov’t Plan to Build 8 Bridges Linking Major Islands

Duterte administration to spend Php269 billion for the project, says DOF

byPauline Macaraeg | April 21, 2018 09:00:00

How to Deal With Negative People Who Just Aren't Going Away

Real life includes people who scorn your optimism because they don't have dreams of their own

byDeep Patel | April 21, 2018 06:00:00
Close