Top Fintech Companies in Philippines

The fintech industry in the Philippines has experienced rapid growth in recent years, driven by various factors, including technological advancements, government support, and the increasing need for financial inclusion. This article examines key statistics from 2022, factors contributing to the industry's growth and success, comparisons with previous years, key trends including technological disruptions, challenges, and future outlook.

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CompanyHeadcountContactDescriptionDecision Maker
GLOBE GROUP14,079 +65 6564 9036
mybusinesscare@globe.com.ph

Globe is a leading full-service telecommunications company in the Philippines and publicly listed in the PSE with the stock symbol GLO. The company serves the telecommunications and technology needs of consumers and businesses across an entire suite of products and services including mobile, fixed, broadband, data connectivity, internet and managed services. It has major interests in financial technology, digital marketing solutions, venture capital funding for startups, and virtual healthcare. In 2019, Globe became a signatory to the United Nations Global Compact, committing to implement universal sustainability principles. Its principals are Ayala Corporation and Singtel, acknowledged industry leaders in the country and in the region. VISION We see a Philippines where Families dreams come true, Businesses flourish, and the Nation is admired. MISSION To do our part, we create Wonderful Experiences for people to have choices, Overcome Challenges, and discover new ways to Enjoy Lif…

SILVERORBIT INC.3 +63 34 445 3913
support@silverorbit.com

We started SilverOrbit Inc. because we believe that using cloud technology will be the next platform for the companies to use for their business. SilverOrbit is focus on helping companies build their cost-effective solutions using Cloud and disruptive technology innovation in transforming our customer businesses. Customers need expert advice to quickly realize the benefits of cloud technology to grow, plan the next steps, and stay competitive. Partnering with us means using our solid frameworks for cloud-based systems that use CI/CD, Configuration Management, Containerization, DevOps, Compliance and more.

SEEDIN TECHNOLOGY INC.15 +63 2 7586 4919
info@seedinph.tech

SeedIn Technology is one of Asias largest debt based crowdfunding finance platform, with over USD 200 Million funded to businesses. It is also the Philippiness first crowd lending platform for entrepreneurs and SMEs.

ACTION.ABLE, INC.37 (blank)
sales@posible.net

Action.Able, Inc. is a SEC-registered corporation based in Makati City. The founders carved their niche in software development and platform integration, backed by more than 20 years experience in the IT, telecommunications, and finance industries. Currently, Action.Able supplies specialized tablet devices, marketed under the POSIBLE brand, to various enterprises and businesses. Our company supports the efforts of the Bangko Sentral ng Pilipinas, which seeks to connect up to 34 percent of towns and cities in the Philippines that do not have access to banks or payment centers. Through affordable and practical technology, we improve Filipino lives by bringing essential services such as bills payment, money remittance, and prepaid digital goods to under-served communities.

DRAGONPAY35 +63 2 8967 6275
sales@dragonpay.ph

Dragonpay is the Pioneer and Leader in Alternative Payments for the Philippine E-Commerce Market. A Trusted payment partner of major local and international merchants and government agencies. Backed by GMO Payment Gateway, Japans #1 payment gateway and publicly listed in the Tokyo Stock Exchange. Dragonpay is the only PH-based PayPal Platinum Partner. Dragonpay provides alternative online payment solutions to businesses of all sizes. Through our gateway, customers can purchase goods or services online, and pay for it using cash or check at physical, brick-and-mortar payment counters, ATMs, mobile wallets or through online bank debit. Developing countries like the Philippines have very low penetration of credit cards and banking in general. This makes alternative payments an important part of any online selling strategy.

PACKWORKS47 +63 905 525 2908
shane@packworks.io

Packworks vision is to give back to the mom and pop stores called sari-sari stores that Filipinos were raised with by bringing them opportunities to change their lives through inclusive technology. We provide mobile ERP solutions for the 1.1million manual and unbanked sari-sari stores. For the doors that we touch, we have shown an increase of 35% in monthly sales across the board.

3OWL MANAGEMENT INC.17 +63 2 8895 9939
lordy.reyes@3owlmanagementinc.com

3OWL Management Inc. is a multi- sector Executive Search firm , which aims to aide companies in sourcing for quality employees. The people managing the company and its dynamic team are seasoned and experts in various fields in the industry such as Engineering , IT , Consumer and Supply Chain. Just like the Owl the partners are visionaries and up for challenge. Their experiences in working and managing for other recruitment firms has motivated them to put things in perspective and thus built this company 3OWL Management Consultancy. Majority of our Clients are multinational companies and well – established local companies that are continuously growing and while others are about to expand their business ventures in the Country. 3OWL Management Consultancy is particular about quality , excellence and building strong business relationship to our clients and candidates. We believe that the success of our Clients and Candidates is our achievement as well. Our motto is Commi…

PARETO CONSULTING PH8 +63 977 760 4413
launch@paretoconsulting.xyz

We are an award-winning growth consulting and digital marketing agency catering to startups and MSMEs to help them start, launch, and grow their businesses. Our team is dedicated to contributing to businesses success by providing high-quality and effective market research and digital marketing services. We are also a proud partner of Canva, AmoCRM, and a PhilSME Expo member as well as a Business Solution Partner of the Center for International Trade Expositions and Missions (CITEM) – the Philippine Department of Trade and Industry (DTI) export promotion arm. Check our DTI-CITEM Business Solution Partner profile here: ➡️IFEXConnect - https://www.ifexconnect.com/export-enablers/pareto-consulting ➡️FAME+ - https://fameplus.com/export_enablers/pareto-consulting Awards received: 🏆Golden Globe Annual Awards for Business Excellence – Best Competitive Consulting and Marketing Company 🏆Brand Asia Awards: Top Emerging Brand – Top Brand of the Year Award 2022-2023 🏆Brand Asia Awards: Top Emer…

HSI TECHNOLOGIES30 +63 917 798 0350
sales@hyperstacksinc.com

HSi Technologies is on a mission to boost financial inclusion in Asia starting with the Philippines by working with established financial institutions in the countryside and empowering them with the right technology to deliver innovative banking experiences and services to their customers.

ANYONEPAY7 +63 917 712 3590
compliance@anyonepay.com

AnyonePay is a payment service provider or a payment facilitator helping businesses ease their payment transactions, faster process, and giving their consumers more local payment options.

DRAGONPAY CORPORATION38 +63 2 8967 6275
sales@dragonpay.ph

Dragonpay is the Pioneer and Leader in Alternative Payments for the Philippine E-Commerce Market. A Trusted payment partner of major local and international merchants and government agencies. Backed by GMO Payment Gateway, Japans #1 payment gateway and publicly listed in the Tokyo Stock Exchange. Dragonpay is the only PH-based PayPal Platinum Partner. Dragonpay provides alternative online payment solutions to businesses of all sizes. Through our gateway, customers can purchase goods or services online, and pay for it using cash or check at physical, brick-and-mortar payment counters, ATMs, mobile wallets or through online bank debit. Developing countries like the Philippines have very low penetration of credit cards and banking in general. This makes alternative payments an important part of any online selling strategy.

TRUEMONEY PHILIPPINES180 +63 2 7718 9999
support@truemoney.com.ph

TrueMoney is a leading international Fintech brand and is part of Ascend Money, a digital financial services venture of the Charoen Pokphand Group (CP Group) and Alipay/Ant Financial (Alibaba), two of the largest companies in Asia. We are now one of the largest financial life platforms in Southeast Asia, growing from just 1 market to 6 markets in a span of 2 years. We currently have significant operations in Thailand, Cambodia, Myanmar, Indonesia, Vietnam and the Philippines.

M LHUILLIER FINANCIAL SERVICES INC.587 +63 917 871 2973
customercare@mlhuillier.com

M Lhuillier Financial Services Inc. is one of the leading non-bank financial institutions in the Philippines with more than 3,000 branches nationwide. The company specializes in pawning, remittance, insurance and more.

PAWNHERO PAWNSHOP40 +63 2 8708 7807
customer@pawnhero.ph

pawn shop * personal loan * pawn * cash loan PawnHero Pawnshop is the first online pawn shop in SE Asia and aims to reshape the industry by providing an affordable personal loan off a wide range of items. In emerging markets countries like the Philippines only 2 out of 10 people have a bank account and less than 5% have a credit card. This leaves them with few options for cash loans when emergencies strike. One of the only options is to borrow from pawnshops who charge extremely high interest rates on pawned items. Thats if an item even manages to meet the standards of what pawnshops will accept. Having positioned ourselves as the first to market will solve this problem of expensive credit for base-of-the-pyramid, emerging-market consumers. We provide an easy, fair and convenient way of overcoming short-term cash loan needs. This is a completely new way of doing business in the pawning industry; its truly disruptive, and created by genuine visionaries. PawnHero is the most funded F…

FINSCORE16 +63 961 161 2962
info@finscore.ph

FinScore is an alternative credit scoring company that is powered by telco data and advanced analytics. Our credit scoring models and platform and fraud detection solutions help financial institutions reduce defaults, increase approval rates and combat fraud. Our mobile data credit scoring in the Philippines allows institutions to offer better services to existing customers, attract new ones, and approach untapped market segments. Through our Telco Scoring model, we provide insights based on 400+ variables, including call patterns, transactions, social circle, location, loyalty, and profile. Awards - Fastest Growing Digital Credit Scoring Platform 2021 by The Global Economics Awards - Best Fintech Start-up of the Year Philippines 2021 by The Asset Triple A Awards - Best Fintech Start-up for Credit Score Solutions 2020, Philippines by Global Brands Magazine - Most Innovative Data-based Scoring Solutions Provider in the Philippines 2020 by Wealth and Finance Magazine - Best Fintech…

PRAGMANILA SOLUTIONS, INC.38 +63 2 8438 2983
info@pragmanila.com

Pragmanila Solutions, Inc. is a software development and I.T. consultancy company focused on developing top-of-the-line web and mobile applications and enterprise software, as well as providing I.T. staffing solutions. We build straightforward applications that are custom-built to fit the unique requirements of our clients. We also hire, train, and provide augmenting staff for local, international, and offshore/outsourced development projects. We are based in the heart of Eastwood City Cyberpark, the very first Information Technology Center in the Philippines certified by the Philippine Economic Zone Authority (PEZA). Founded on August 15, 2013 by five core developers and led by industry veterans, Pragmanila brings together exceptional people in the fields of software development, quality assurance, and management.

CASH MART PHILIPPINES7 +63 917 634 5144
info@cashmart.ph

Acknowledging the strong connections of Singapore with its neighboring country, Philippines, Cash Mart once again did a breakthrough by crossing the seas to bring unparalleled loan solutions to you with the same perseverance and enthusiasm Singaporeans have been enjoying for more than 45 years. There is no secret formula to stay in the moneylending business for more than four decades. We simply understand the uniqueness of everyones financial needs, thus, various loan products have been created guided by market trends analysis, legal processes and a sense of urgency. You deserve a reliable partner every time you encounter a financial gap. We help to bridge over those gaps through innovative loan options with flexible terms to fit your personal needs. Served with high ethical standards, our affordable loan products are not only handled with the seamless process but also with transparent terms.

GET219 +65 9858 9936
support@useget.com

Get is a family app designed to help parents and children manage their money together. Children get their own money account and prepaid VISA card and parents can track their childs spending, set savings goals and organise regular pocket money payments in the app. We want to empower children to make smarter money choices and give them the independence to do so in a completely safe environment. In a digital age, where money is less tangible than ever, Get represents the future of financial education.

MAYER BROWN ASIA(blank) +65 6225 3166
contactedits@mayerbrown.com

Mayer Brown is uniquely positioned to advise the worlds leading companies and financial institutions on their most complex deals and disputes. With extensive reach across four continents, we are the only integrated law firm in the world with approximately 200 lawyers in each of the worlds three largest financial centers—New York, London and Hong Kong—the backbone of the global economy. We have deep experience in high-stakes litigation and complex transactions across industry sectors, including our signature strength, the global financial services industry. Our diverse teams of lawyers are recognized by our clients as strategic partners with deep commercial instincts and a commitment to creatively anticipating their needs and delivering excellence in everything we do. Our “one-firm” culture—seamless and integrated across all practices and regions—ensures that our clients receive the best of our knowledge and experience.

DRAGONPAY CORPORATION57 +63 2 8967 6275
sales@dragonpay.ph

Dragonpay is the Pioneer and Leader in Alternative Payments for the Philippine E-Commerce Market. A Trusted payment partner of major local and international merchants and government agencies. Dragonpay is the only PH-based PayPal Platinum Partner. Dragonpay provides alternative online payment solutions to businesses of all sizes. Through our gateway, customers can purchase goods or services online, and pay for it using cash or check at physical, brick-and-mortar payment counters, ATMs, mobile wallets or through online bank debit. Developing countries like the Philippines have very low penetration of credit cards and banking in general. This makes alternative payments an important part of any online selling strategy.

Top Fintech Companies in Philippines

Key Statistics from 2022

In 2022, the Philippine economy experienced robust growth, with a GDP increase of 6.5%, up from the 5.8% growth in 2021. The fintech industry contributed approximately 1.8% to the GDP in 2022, highlighting its importance in driving economic growth and promoting financial inclusion.

The fintech industry provided employment for over 120,000 individuals in 2022, representing a 6% increase compared to the previous year. This growth demonstrates the industry's ability to create jobs and contribute to the nation's overall economic development.

Factors Contributing to Growth and Success

Government Initiatives

The Philippine government has played a critical role in the growth and success of the fintech industry. Through the Bangko Sentral ng Pilipinas (BSP) and other relevant agencies, the government has implemented various initiatives, such as promoting digital payments, fostering innovation, and supporting the growth of fintech startups.

Financial Inclusion

The fintech industry has been pivotal in promoting financial inclusion in the Philippines, where a significant portion of the population remains unbanked or underbanked. By leveraging technology, fintech companies have been able to provide accessible, affordable, and convenient financial services to millions of Filipinos.

Industry Growth and Comparison to Previous Years

The fintech industry in the Philippines has experienced exponential growth over the past decade, with an increasing number of local and international companies investing in the sector. In 2022, the industry grew by 12.5%, outpacing the growth of the overall economy. This growth reflects the industry's potential to drive economic development and promote financial inclusion.

Key Trends

Technological Disruptions

Technological advancements have led to significant transformations in the fintech industry. Innovations such as blockchain, artificial intelligence (AI), and mobile banking have revolutionized traditional financial services, creating more efficient, secure, and accessible solutions.

Collaboration and Ecosystem Building

The fintech industry has witnessed a surge in collaboration and partnerships between traditional financial institutions, fintech startups, and technology companies. This trend has resulted in the development of a thriving ecosystem that fosters innovation, drives growth, and promotes financial inclusion.

Challenges

Despite its growth, the fintech industry in the Philippines faces several challenges that may impact its future development. Key challenges include:

Regulatory Environment

A complex and evolving regulatory environment poses challenges for fintech companies, particularly in terms of compliance and adapting to new regulations.

Cybersecurity and Data Privacy

As the fintech industry expands and more consumers adopt digital financial services, cybersecurity and data privacy concerns become increasingly critical.

Future Outlook

Despite these challenges, the outlook for the fintech industry in the Philippines remains positive, with significant opportunities for continued growth and development. By addressing key challenges and embracing new trends, the industry can continue to play a pivotal role in driving the nation's economic growth and promoting financial inclusion. Key areas of focus moving forward include:

Enhancing collaboration between industry, academia, and government to create a synergistic ecosystem that fosters growth and development in the fintech sector.

Strengthening the regulatory framework to ensure that fintech companies can operate within a conducive environment while maintaining consumer protection and financial stability.

Investing in cybersecurity infrastructure and data privacy measures to safeguard consumers' sensitive information and maintain trust in digital financial services.

Encouraging innovation and research and development (R&D) to drive the creation of new products and services that cater to the unique needs of the Philippine market.

Expanding financial education and literacy programs to ensure that consumers can make informed decisions when using fintech products and services.

Conclusion

The fintech industry in the Philippines has demonstrated remarkable growth in recent years, driven by favorable economic conditions, government support, and increasing demand for accessible and affordable financial services. While challenges remain, the industry's future outlook is optimistic, with significant opportunities for continued growth and development. By addressing key challenges and embracing new trends, the fintech sector can continue to play a pivotal role in driving the nation's economic growth and promoting financial inclusion.

Moreover, the growth of the fintech industry will continue to generate employment, stimulate investment, and foster collaboration among various sectors, solidifying its role as a vital component of the country's economic fabric. As the Philippines aims to achieve greater financial inclusion and harness the power of technology to improve the lives of its citizens, the fintech industry will be at the forefront of this transformation. By embracing innovation and leveraging advanced technologies, the industry will be better equipped to meet the evolving needs of the Philippine market and support the continued growth and development of the nation's financial sector.

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By Melissa Goh
Published on 26 May 2023