QUEZON CITY (PIA) — The Philippine government, in partnership with its Indian counterpart, kicked off the inaugural joint working group (JWG) meeting primarily aimed at advancing the local financial technology (FinTech) sector while enhancing financial inclusion for Filipinos.
The initial convergence underscored the long-standing partnership between the Philippines and India, highlighting both nations’ commitment to fostering economic and development cooperation in the digital economy, with a high emphasis on digital financial transactions and infrastructure.
“This partnership speaks to our shared goal of maximizing opportunities for our citizens,” said Donalyn Minimo in her capacity as acting Assistant Secretary of the Department of Finance’s (DOF) International Finance Group (IFG).
Consistent with the Marcos administration’s priorities, the JWG is expected to bolster economic collaboration in FinTech, improve connectivity, and develop innovative FinTech solutions.
From 2021 to 2023, the Philippines posted significant growth in its FinTech sector—from 216 companies to 299 by August 2023, representing a whopping 38 percent increase.
Moreover, a report from the Bangko Sentral ng Pilipinas showed digital transactions in the country reached approximately USD 110.5 billion in 2023.
During the discussions, participants explored initiatives, best practices, and regulatory safeguards to enhance the Philippine digital infrastructure. The talks opened avenues for innovation in digital payments, blockchain technology, and other FinTech solutions, empowering both individuals and businesses.
The Philippine delegation expressed strong interest in continuing dialogues and partnerships with India to establish a robust and inclusive FinTech ecosystem seen as beneficial to citizens and an added formidability in the economy.
To recall, the JWG was formalized via a Memorandum of Understanding (MOU) signed on June 19, 2023. The deal took effect on May 7, 2024.
The Philippine delegation came from various government agencies, including the Department of Foreign Affairs (DFA), the National Economic and Development Authority (NEDA), the Securities and Exchange Commission (SEC), and the Insurance Commission (IC).
Philippine Ambassador Josel F. Ignacio and other embassy officials participated in the event.
The Indian delegation was led by Sh Rajeev Saksena, Joint Secretary of the Ministry of Finance’s Department of Economic Affairs, accompanied by representatives from various ministries and regulatory bodies.
In addition to the JWG meeting, the Philippine officials engaged in a series of bilateral discussions with Indian government institutions and private firms, including the Ministry of External Affairs and Paytm, reinforcing mutual diplomatic relations.
DOF officials also participated in the 14th Philippines-India Political Consultations, co-chaired by DFA Undersecretary Ma. Theresa Lazaro. (JEG/PIA-NCR)
