MAKATI CITY, PHILIPPINES – Rizal Commercial Banking Corporation (RCBC)’s Executive Vice President and Chief of Innovations and Inclusion, Lito Villanueva, joined other bankers at the Asian Banking & Finance Forum and Insurance Asia Forum last October 1, 2024, at Makati Shangri-La in mapping the forthcoming trajectory of digital banking and insurance in the Philippines.
Collectively, the finance leaders estimate an optimistic future for digital banking in the country as more Filipinos embrace digital banking and insurance because of its convenience, accessibility, and sustainable inclusion.
Villanueva is an award-winning thought leader and visionary in fintech and is considered to be one of the pillars of the Philippine fintech landscape. In a panel discussion with other key industry leaders, the RCBC Executive said banks are pivoting towards a ‘phygital’ or the physical-digital blended banking experience strategy away from a purely digital or brick-and-mortar banking approach.
“The Philippine banking industry is expected to continue embracing a “phygital” strategy – combining physical and digital financial access – targeting underserved areas. With over 70% of Filipino adults now using digital payment systems, RCBC focuses on integrating technology to reduce costs and create accessible financial ecosystems,” Villanueva said.
The FinTech Alliance PH Founding Chairman also highlighted organizations’ indispensable value in creating productive and conducive regulatory environments for socially anchored and transformative projects in collaboration with the public sector.
“With Fintech Alliance PH, the Philippines is on the path to becoming a key player in digital finance, thanks to a unique combination of public and private sector initiatives. Fintech partnerships are vital in this journey, with collaborations between traditional financial institutions, fintech companies, and government bodies driving innovation,” Villanueva added.
The executive also assured audiences, composed of Philippine and international bankers from different organizations and countries, that Filipinos are integrating digital finance into their daily lifestyle, fueling the economy’s ascent as a formidable regional center.
“The rapid adoption of mobile and online banking, along with the strong push for open banking frameworks, indicates that the Philippines is evolving as a regional hub for fintech,” Villanueva forecasted.
VIllanueva was joined by other key players in the fintech industry: Former Technology Leader JC Principe of FWD Life Insurance, Senior Vice President and Shared Services CTO Nishy De Silva of Security Bank, Country Manager Jun Palanca of ING in the Philippines, and Chief Growth Hacker Mila Bedrenets of Tonik. The panel discussion was moderated by Fridolin Blumer, CEO and Founder of XiXun Asia.
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