Financial organization, Fintech Alliance.PH, advocates for a 80x80 Digital Inclusion goal to be achieved by the year 2028.

The Philippines is set to become the next fintech hotspot, as FinTech Alliance.PH announced a new vision for the country's digital finance sector. The "80x80" goal, introduced by Lito Villanueva, the Chief Innovation and Inclusion Officer at Rizal Commercial Banking Corporation (RCBC) and Chairman of Fintech Alliance.PH, aims to have 80% of Filipino adults using digital transactional accounts and 80% of retail transactions conducted digitally by the year 2028.

Villanueva described the "80x80" vision as "more than a target. It's a movement". The vision is directly supported by the 'Tech for All' pillar of FinTech Alliance.PH, which focuses on financial inclusion. The other pillars include 'Tech for Growth', 'Tech for Good', and 'Tech for Trust'.

The 'Tech for Good' pillar emphasises consumer protection, while 'Tech for Trust' aims to guarantee integrity in the Philippines' digital finance sector. FinTech Alliance.PH upholds a "zero-tolerance policy against the misuse of digital payment platforms for illegal businesses, especially online gambling".

In a bid to combat rising cybercrime, FinTech Alliance.PH also announced the launch of an industry-led fraud bureau in collaboration with the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission.

Exiting the FATF and EU anti-money laundering watchlists this year was not just compliance, according to Villanueva. He viewed it as global validation, a testament to the Philippines' commitment to transparency and integrity in its digital finance sector.

Lito Villanueva, Founding Chairman of FinTech Alliance.PH and an executive vice president at RCBC, also introduced the FinTech Alliance 4T Framework. This framework consists of the four aforementioned pillars, each playing a crucial role in shaping the future of the Philippines' digital finance sector.

The featured image for this article is by Rizal Commercial Banking Corporation.

Financial organization, Fintech Alliance.PH, advocates for a 80x80 Digital Inclusion goal to be achieved by the year 2028.