Two Incredible Topics that the Cryptocurrency and Digital Banks are looking forward to for 2022

 

A new report from Fintech News Philippines and the FinTech Alliance says that the Philippines’ fintech sector is growing quickly. This is because of increasing digitalization, a favorable regulatory environment, and the government’s efforts to help people access financial services. People from Fintech News Philippines and FinTech Alliance did the research.

If you want to know what’s going on now and what will happen next, look at the Philippines Fintech Report 2022. This report looks at how the country’s fintech industry has changed over the last year and what the future holds for the industry.

As a result of government efforts to modernize, more people are using digital payments, and the country’s first branchless virtual banks have been set up. Cryptocurrencies are also becoming more popular, and there is now a thriving digital asset industry.

Cryptocurrency is making its way into the mainstream, becoming more and more popular.

The central bank says that more people use digital currencies to pay for things and send money back home in the Philippines.

Bitcoin transactions rose in value by more than 400% between 2019 and 2020. The value of trades reached PHP 76 billion (US$1.5 billion), while the number of transactions rose by 36% to 7.2 million per day.

Bitcoin’s rise in popularity is also shown by the fact that cryptocurrency businesses have seen a lot of growth and have raised a lot of money.

Twenty thousand people used the Philippine Digital Asset Exchange (PDAX) in the second quarter of 2019. Today, 500,000 people use the exchange. It’s been a “golden age” for cryptocurrency in the Philippines for a while now, says Nichel Gaba, the founder, and CEO of PDAX. He says that between 2020 and 2021, the volume of transactions on the exchange went up 70 times.

US $12.5 million was raised in a recent round of funding for PDAX’s short- and long-term growth plans. PDAX is one of the 17 businesses that deal with cryptocurrency that have been given a license by the Central Bank of Venezuela, which is in charge of the money.

Another sign that people are more likely to use cryptocurrencies is that the traditional financial industry is becoming more open. A report says the Philippine Stock Exchange (PSE) is thinking about opening a cryptocurrency exchange. An official press release states that one of the Philippines’ best-known financial institutions, UnionBank, is testing a new way to store digital assets with the help of Hex Trust.

There are now digital banks in the Philippines, making them the first in the country.

When the first virtual-only banks opened in the Philippines last year, it was only a year since then! New regulations for digital banks were being made at the same time. The government wants more people to have bank accounts, and it wants that number to reach 70% by 2023, which is what happened.

OFFBank is a subsidiary of the Land Bank of the Philippines. In June 2020, the world’s first branchless digital bank went live, making history. OfBank opened more than 25,000 new deposit accounts for its customers in the first three months of 2021. This means that there are now over 45,000. On the other hand, the Financial Times said the bank had less than 20,000 deposit accounts in December 2020.

As soon as OFBank went live in March 2021, Tonik’s digital banking service was added to the mix. Having raised more than $44 million in funding, the fintech company Tonik has gained more than 100,000 users since it started. This shows a lot of growth in terms of customer popularity for them. At the start of its first month of business, the company received more than PHP 1 billion (US$20 million) in retail deposits. This brought the total amount of money the company had received to more than PHP 4.4 billion (US$87 million).

It hasn’t yet been launched, but DigibankASIA, a Singapore-based fintech, has recently raised US$7.5 million in new money, Dealstreetasia says. As of the end of the year, UNObank plans to open its doors for business.

Another digital banking licensee, GoTyme, is a joint venture between the Filipino conglomerate Gokongwei Group and the Singapore-based digital banking group Tyme. The other three digital banking licensees are expected to start-up by mid-2017.

Increasing the number of people who pay with digital money.

Initiatives to improve the payment environment in the United States are still in the very early stages. The National QR Code Standard for peer-to-peer (P2P) use, called QR Ph, was launched in 2019 Before the PhilSys national ID system was established in 2020.

In 2021, the Philippine Payments System Plus (PhilPASS Plus) came out. It is a new version of the country’s real-time gross settlement system for interbank transactions and government collections. That version didn’t have as much interoperability or integration as the new one. As a result, QR Ph’s abilities have also been improved to make person-to-person transactions easier (P2M).

More and more people are now using digital payments with these new things. People used automated clearing house PESONet in the first quarter of 2021, which saw a record 164 percent rise in the money they sent and took out. Simultaneously, the volume of transactions on InstaPay, an interbank payments transfer service, went up 223%. This is according to a report by Philstar.

It rose by six percentage points between 2019 and 2020, making up 20% of all payments in the United Kingdom. In 2020, there were 34.7 million active e-money accounts, which is almost twice as many as there were last year.

Philippines’ Fintech Roadmap to 2022.

More than 220 companies in the Philippines have been found by this year’s Fintech Map. 27 percent of these people are in the lending business. Payments make up 20% of all revenue for Filipino fintech companies. E-wallets make up 13%, blockchain and cryptocurrency make up 12%, and remittances make up 10%. (9 percent ). (12%). Insurance technology (4%), know-your-customer (KYC)/regtech (4%), wealth technology (4%), digital banking (2%), and crowdfunding are just a few of the other segments that make up the total number of people who work in these fields (1 percent ).

 

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