Ant Group Digital Technologies cited the trend to digitalize the Philippines' financial sector and the push for greater monetary inclusion as among the reasons why they are optimistic about the Philippine market.

Zhang Yi, the company's solutions architect, told marketing and tech officers of some of the country's biggest banks that many are looking for solutions to streamline operations.

"Digital banks are getting bigger. They have to find ways how to apply the technology to the tasks performed by humans in mission-critical applications," he said. "Automating the things being done by humans is a big challenge."

"For example, the banking industry's robustness is very impressive particularly given the rapid growth of the financial technology sector in the Philippines," he added.

Zhang provided his insights as the digital technology provider of Ant Group presented its offerings before the Bank Marketing Association of the Philippines.

The company said it wants to support its partners in the international market so they can provide safer, more convenient and reliable services to their customers.

Ant Group introduced the e-KYC with new functions to appeal to major e-wallet operators and financial institutions including GCash in the Philippines, TnGD and Maybank in Malaysia, Dana in Indonesia, TrueMoney in Thailand and Mandiri Bank in Indonesia.

Said financial companies have been using the ZOLOZs e-KYC to reduce end-user authentication time from days to around three minutes, while improving the authentication success rate from 65 percent to above 90 percent.

One of the new functions, the e-KYC Blacklist Management, can conduct real-time risk mining, enabling an organization to protect itself from the illicit use of its products and services.