Financial technology (fintech) has changed how we mostly do business transactions and manage our finances. Fintech’s success story is more felt in the case of small businesses that have grown immensely because of it.
In the age of an ongoing national health crisis, fintech helps micro, small, and medium enterprises (MSMEs) recover. MSMEs can continue with their business operations through fintech and avoid the risk of contracting COVID-19.
Many fintech innovations that offer easy, efficient, and accessible way to do business also allowed MSMEs to get into e-commerce to further widen their coverage. This is one of the brighter sides of the pandemic as it mobilized businesses to kick off their digital transformation journey.
The economy of the Philippines mostly consists of MSMEs. With fintech, these businesses have managed to stay up and running despite the damaging effects of the pandemic.
The current crisis has paved the way for how technology should be used to introduce new ways of conducting business. That said, fintech will play a major role in reviving the Philippine economy as it gears towards new normal.