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March 01, 2024

Fintech actors draw strength in numbers

The small fintech actors, especially those organized without the protective umbrella of a huge corporate parent, now enjoy a greater sense of security and comradeship with the establishment of the largest private-sector-led organization in the business under the group Digital Pilipinas or DP.

The movement has enlisted the support of the Department of Science and Technology led by DOST Secretary Fortunato dela Pena who supports the group’s goal of bridging the so-called digital gap in the Philippines.

Digital Pilipinas ultimately seeks to transform the Philippines into a regional innovation center in the region.

The agreement comes on the heels of an earlier development in which DP collaborated with Mapúa University and the DOST-PCIEERD when they launched the Think and Tinker Laboratory – Technology Business Incubation (TBI) program promoting collaboration among academics, industry and government. TBI was the pilot project for the university-based innovation centers.

Dela Peña said while the Philippines has reported a string of fintech developments, particularly in the digital payments and logistics spaces triggered by the Covid-19 pandemic, it still lags behind its ASEAN neighbors.

“As we continue to revolutionize technology, we should keep our advancement inclusive and accessible. We thank the Digital Pilipinas, under the leadership of Ms. (Amor) Maclang, for the help as we reach the corners of society. We believe the private sector is key in achieving our goals through collaboration,” Dela he said.

Maclang is convenor at DP.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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