Fintech will lead PH to a new digital payments landscape: John Bailon, Satoshi Citadel

Fintech will lead  PH to a new digital payments landscape: John Bailon, Satoshi Citadel

Satoshi Citadel Industries co-founder and CEO John Bailon

Although majority of the Philippine population remain unbanked, the rapid growth in the population of the smartphone users has opened up alternate opportunities for their financial inclusion. In fact, it is the country’s financial technology (fintech) startups, that will lead  over 70 million unbanked Filipinos (70 per cent of the country’s population) to a new digital payments landscape, says Satoshi Citadel Industries (SCI) co-founder and CEO John Bailon.

Many Filipinos are gaining access to the latest financial services approved by the Philippine central bank with the use of smartphones whose penetration is predicted to hit 40 per cent by end of 2015, according to network equipment firm Ericsson. The Asia Digital Marketing Association reported in 2014 that Internet users in the Philippines have reached 37 million, experiencing 531 per cent growth in the last five years.

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