Millennials lead fintech awareness in the Philippines
Mynt—the financial technology company owned by Globe Telecom, Ant Financial and Ayala Corp.—expects the Filipino youth to help drive awareness and acceptance of new financial products and services using digital platforms and mobile technologies that make transactions more secure and convenient.
Mynt president and CEO Anthony Thomas said the younger population has less affinity with the traditional need for physical financial access and are more open to accepting new technologies, thus, they could ultimately influence the next generation of thinking.
“We can start with the early adopters who would eventually spread the word about fintech, mostly through social media,” he said during the 'Digital Transformation Series 2018: Fintech and Blockchain Innovation Summit' organized by Global Chamber Manila and Enderun Conferences.
He said many Filipinos generally like to have physical cash on hand, but it is the younger set who are usually tech-savvy, who can adopt quickly, and who would like to experience convenience. “The idea of fintech involves a lot of education, a lot of reiteration, that we are an entity regulated by the Bangko Sentral ng Pilipinas. We know there’s a lot of trust building to do before we get people to say, ‘Hey, I don’t need physical cash,’” said Thomas.
The younger set also spends most of their time on the Internet or on social media. “That helps a lot for a generation who may or may not have access to a bank account or may have limited financial services at their disposal to start with a mobile phone, start with Facebook or Messenger in gaining access to financial services, and maybe they don’t even need to open a bank account anymore,” Thomas said.
With financial technology, a lot of things can be done without the physical exchange of cash. For instance, GCash, the electronic wallet of Mynt, allows users to send and receive money, pay bills, buy load, book movies, purchase goods and services, and enjoy other conveniences anytime and anywhere with just their mobile phone.
GCash is also looking at the creation of a digital identity which allows more Filipinos to connect to the banks. The banks, can in turn, use this database of customers with real identities and behavioral patterns to make intelligent decisions when people come to take out loans or avail of other financial services.