Sluggish digitalization among local banks will allow homegrown fintech firms to corner a bigger chunk of the growing financial services market especially as the COVID-19 pandemic persists, according to debt watcher Moody’s Investors Service.
“Fintech companies in the Philippines are poised to grow rapidly, while conventional banks remain slow in developing digital services. This will threaten banks’ position in key areas of their retail business,” Moody’s said in a July 14 report.
Moody’s noted that about 70 percent of adults in the country lacked access to banking and financial services prepandemic, hence presenting an “abundant room for growth” for fintech providers like GCash an…
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