The Rise of Startups in the Philippines
The boom of modern technology has brought on both positive and negative repercussions to today’s society. Fortunately for a country like the Philippines, this trend has been more beneficial than detrimental to the business sector, given the boom of technology startup companies. As early as 2013, the IT sector has been considered as one of the fastest-rising ones in the country. According to Smart Communications’ chief wireless officer and founder Orlando Vea, there has been a “massive improvement” in the tech startup scene in the Philippines, given the inventive mindset of today’s working....
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CNBC recently asked, “How bad would it be for the economy of the Philippines if remittances were to dry up?” They proceeded to sign economic indications that this is indeed the route that the Philippine remittance market is headed down—slowing growth in remittances from key remitting markets, such as the U.S., elsewhere in Asia, and other regions. Another fundamental shift in economics pointed to by CNBC: The Philippines appears to be shifting from an economy that relies on sending labor abroad to one that employs labor at home—the proof of this argument is in the booming BPO industry. The....
One of the biggest conferences of tech startups in Asia was help on July 31st: Rise. The usual suspects were in attendance, all there to try to cash in on the opportunities in the Asian regions. Similar to the conference in Las Vegas the other month, Collision, Rise attracted exhibitor startups across an expansive set of niches and industries, from cryptocurrencies and Bitcoin to social media apps for tweens. One of the stages, Rise Conference, Hong Kong, July 2015. "It’s carpet bombing." Of note were there Bitcoin teams from the Philippines that were in attendance. Paylance is a payment....
The Philippines is a home to some of the industry’s most innovative startups including Coins.ph and Rebit.ph, that enable cost-efficient remittances from their home country to international recipients. At Bootstrap Manila, Bitcoin startups & investors revealed that 20 percent of remittances from the Philippines to South Korea are processed using Bitcoin. Coins.ph recently secured a $ 5 mln investment from former Google CEO Eric Schmidt’s fund, due to their unique approach that instead of competing with banks and existing financial services, it would be more beneficial for its users to....
The Philippines has the world's third largest remittance market just behind India and China, with overseas remittances reaching more than $25.1 billion in 2013. But due to the country's poor banking systems and expensive remittance services, overseas Filipino workers and the local workers working far from their provinces have always searched for alternative systems for transferring cash. For generations, remittance services including Lhuiller and Palawan Pawnshop dominated the market in the Philippines, despite its high transaction fees. On average, the fees are close to 10 percent for....
The Philippines will hold a convention on payments and e-commerce this September to highlight the growth an opportunities in this industry. This will bring together more than a thousand attendees, 60 speakers, and 40 international and local exhibitors for the Cards & Payments Philippines and E-Commerce Show Philippines expo, with some set to discuss cryptocurrency trends in the country. The events will be held in the SMX Convention Center in Manila from September 2 and 3, with industry leaders from the Department of Trade & Industry, Bangko Sentral ng Pilipinas, Globe Telecom, E-PESO, Land....