A number of remittance-focused financial technology (fintech) start-ups are gaining traction in emerging markets. In doing so, they are making inroads on market share that was formerly the preserve of established financial service providers.
Philippines Financial Services
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Emerging markets were at the forefront of last year’s massive growth in global cryptocurrency adoption. With this growth widely tipped to continue into 2022, a range of countries will see their crypto markets mature or expand.
The coronavirus pandemic gave rise to a massive acceleration in the spread of digital payments and cryptocurrency. This in turn has prompted central banks around the world to trial central bank digital currencies, a digital form of hard currency that is based on blockchain, but backed and issued by a central bank.
While the pandemic has placed extra strain on the Philippines’ health care system, increased awareness of health risks could lead to a spike in private insurance coverage.
How do you evaluate the BSP’s ability to help mitigate the economic challenges of the pandemic and facilitate recovery?
The economic fallout from the coronavirus pandemic has had a significant impact on business investment. However, while the volume of investments has plunged worldwide, there are hints that South-east Asia could see new mergers and acquisitions (M&As) in specific sectors.