Philippines fintechs are well placed to help drive financial inclusion

  • The Philippines ranks second on our Fintech Financial Inclusion Scorecard
  • High mobile phone penetration and an indigenous technology skills base point to an opportunity for fintechs
  • 3 Philippines fintechs driving financial inclusion: PayMongo, Uploan and DiskarTech
Philippines fintechs are well placed to help drive financial inclusion

The Philippines ranks second on our Fintech Financial Inclusion Scorecard, which seeks to identify the countries that offer the best potential for fintechs to address financial exclusion.

The country scans well for the fintech opportunity as it has high mobile phone penetration and is also a leading exporter of high-tech goods, pointing to an indigenous technology skills base. At the same time, financial access is poor, with below EM-average levels of bank account and credit penetration.

The Philippines' fintech ecosystem

The Philippines had c200 active fintech start-ups in 2020, according to a report published by Fintech News Philippines. Payments firms represented around one-third of these start-ups, followed by digital lenders (27%) and remittance fintechs (12% of total), reflecting the country’s status as one of the top remittance receivers globally. Blockchain (8% of total) is also a rapidly growing sector in the Philippines and the central bank currently appears supportive.

3 Philippines fintechs driving financial inclusion


PayMongo is a payment infrastructure company that helps small businesses and entrepreneurs accept online payments. Its products include a payment API that can be integrated into websites and apps, allowing businesses to accept payments from bank cards and digital wallets like GrabPay and GCash. In September 2020, PayMongo received cUS$12mn in a Series A round led by global payments giant Stripe.


Uploan targets the advanced salary lending market, offering employees of partnered corporates flexible and convenient loan solutions. It also offers insurance products to its customers. Uploan has developed its own credit-scoring model to deliver same-day salary-deducted loans for employees. The start-up raised US$10.6mn Series A funding in February 2020.


DiskarTech is a ‘super app’ powered by Rizal Commercial Banking Corporation (RCBC), which is listed on the Philippine Stock Exchange. It offers various banking products to its customers, such as payments, savings, insurance and, more recently, lending. It only launched in July 2020 but has already become popular due to its innovative products targeting the unbanked population and its attractive savings rates.

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