The country’s financial industry is seen to boost the development of non-financial apps under the embedded finance industry by over 42 percent annually, a recently released report by Fintech Alliance PH said.

The Philippines Fintech Report 2024 said the embedded finance operates in non-financial or non-banking industries such as e-commerce, automobile, food, and other merchant providers that adopt forms of payment, insurance, or loan systems.

GlobalData outlook report

Citing GlobalData’s outlook report, Fintech Alliance said Philippine e-commerce revenues will likely reach $24.1 billion this year, following a 29 percent growth between 2019 and 2023.

“Looking ahead, artificial intelligence trends will continue shaping the future of financial services, offering more personalized, efficient, and secure solutions for consumers,” Fintech Alliance PH founding chairman and Rizal Commercial Banking Corp. chief innovation and inclusion officer Lito Villanueva said.

Philippines Fintech Map

According to the Philippines Fintech Map 2024 by the Fintech Alliance PH, there are now 335 financial technology or fintech firms that can support operations of other businesses.

Most fintech firms engage in payment services with 35 percent share, followed by lending with 22 percent, and remittance with 9 percent.

Fewer fintech firms facilitate activities related to cryptocurrencies and registration processes of businesses which both have a four percent share. These are followed by insurance activities with three percent and real estate with one percent.