FINTECH companies in the Philippines have a potential to overtake banks in retail services, according to Moody's Investors Service. According to Moody's, mobile wallet penetration has already surpassed that of bank accounts as fintech companies employ digital payments to acquire a foothold in the Philippine financial system. Considering the magnitude of the untapped market in the country, the retail segment offers strong development potential for Philippine banks. However, because only a small percentage of the country's population uses banking services, this presents a big untapped opportunity for fintech companies. "One way for banks to quickly narrow the gap in digital competitiveness is to acquire existing fintech companies," Moody's advised.

Source: Manila Times July 15, 2021 16:52 UTC