Tuesday, July 16, 2024

PBBM: Digital Transformation Key To Finance Sector’s Development

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PBBM: Digital Transformation Key To Finance Sector’s Development

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The use of digital technologies can help transform and improve the financial sector, President Ferdinand R. Marcos Jr. said Wednesday.

Speaking before the participants of this year’s Singapore FinTech Festival (SFF) via hologram, Marcos emphasized the importance of shaping the digital future of the finance sector, adding that the Philippines is open to collaboration for the development of its financial sector.

“The Philippines also remains ready to adapt new technologies to respond to the demands of our regional and global challenges. It is for this reason that we keep our FinTech ecosystem open to collaboration with a wide array of stakeholders both domestically and internationally,” Marcos said.

“Let us come together and harness the power of technology to create a more sustainable, inclusive and prosperous world in this digital age,” he added.

Marcos said the Philippines is committed to fostering an environment that promotes collaboration and propels the momentum of digital transformation, noting that his administration has entered into numerous public-private partnerships to “[keep] pace with the rapidly evolving ICT (information and communications technology) landscape.”

“The Philippines is likewise cementing its position as a hub for digital innovation and entrepreneurship with the dynamic startups scene that holds immense promise. We invite you to look at these startups and explore potential partnerships to ensure our mutual growth and shared prosperity,” Marcos said.

“The Philippines also recognizes the growing presence of digital banking and the importance of inclusive finance for our financial landscape so that no one will be left behind in our pursuit for progress and prosperity.”

Marcos added that the Philippine government is putting a premium on the digitalization of all cash flows regardless of amount or scale to help Filipinos build a “digital profile.”

“I thus extend my heartfelt appreciation to the organizers and the distinguished chairman of the Singapore Fintech festival for holding this event. It will serve as a global platform for sharing learning and cooperation, essential elements in nurturing an inclusive and sustainable financial sector,” he said.

The SFF 2023 gathers over 500 exhibitors from 134 countries to provide a platform for different sectors to talk about the latest trends, challenges and opportunities in the field of financial technology globally.

For the country’s participation, the SFF 2023 features the Philippine Country Pavilion that showcases the Marcos administration’s “Bagong Pilipinas” brand of good governance and fundamental transformation in all sectors of society and government. (PNA)