Filipino scholar amongst individuals, talks about PHL’s monetary panorama
By Miccel Mendoza
Korea College, Laptop Science and Engineering
Yeouido, Seoul — 30 worldwide college students from over 20 international locations gathered at Kookmin Financial institution’s new constructing to take part in Asia Ok-Banker Faculty, a workshop targeted on digital finance and its transformative potential.
The 2-day program, held final Nov. 15-16, featured a mix of team-building actions, professional lectures, in-depth discussions, article writing, and networking alternatives. The choice course of was rigorous, involving an preliminary doc screening adopted by interviews to make sure that essentially the most certified candidates have been chosen to symbolize their nations.
Among the many individuals, a Filipino scholar was chosen to showcase the Philippines’ monetary panorama and its progress in digital finance.
The workshop commenced with a foundational lecture on the state of Korea’s and the worldwide monetary panorama, equipping individuals with the context wanted for subsequent discussions. A follow-up session delved into the general public worth and sustainability of finance, exploring how monetary methods can drive long-term societal advantages.
The Monetary Growth Index represents a rustic’s relative rating by way of the depth, accessibility, and effectivity of its monetary establishments and markets. Within the case of the Philippines, which is taken into account a creating nation and infrequently assessed as lagging behind superior economies by way of financial improvement, the index reveals notable tendencies. In keeping with the Worldwide Financial Fund (IMF), the Philippines’ Monetary Growth Index rose sharply from 0.29 in 1991 to 0.41 in 1997. It then declined to 0.3 by 2002 earlier than displaying a typically regular upward pattern, reaching 0.38 once more in 2021. Whereas the Philippines has constantly remained above international and regional medians, its scores in recent times recommend room for enchancment relative to neighboring international locations.
The workshop additionally included an interesting lecture in regards to the development of digital know-how and finance. On this discuss, the individuals acquired data about fintech’s newest cutting-edge know-how. Fintech is pushed by 4 key applied sciences: AI, blockchain, cloud computing, and massive knowledge. The world is shifting in direction of digital finance, and its significance can’t be understated.
Only a few years in the past, residing with out money within the Philippines was almost unattainable as a result of heavy reliance on money transactions. Nonetheless, in recent times, cashless transactions have step by step turn out to be extra frequent, significantly among the many youthful technology. Web banking and cell banking platforms like BDO On-line Banking and the BPI Cellular App have considerably improved entry to monetary providers by providing 24/7 entry, transaction monitoring, and quite a lot of complete monetary providers.
Furthermore, the real-time cost system often called the Unified Funds Interface (UPI) is gaining consideration within the Philippines. Platforms supporting UPI now allow prompt fund transfers between numerous banks and monetary establishments. Digital wallets akin to GCash and Maya, which provide related functionalities to UPI, have turn out to be main platforms within the nation. These platforms present a variety of economic providers, together with P2P funds, service provider transactions, QR code-based funds, loans, investments, and cryptocurrency providers. They transcend easy cost platforms, serving as one-stop options for customers in search of a handy, cashless solution to handle their funds. The power to supply numerous providers inside a single app seems to be extremely interesting to customers.
Moreover, neobanks (digital-only banks) are introducing modern monetary merchandise akin to fast onboarding, fee-free accounts, high-yield financial savings accounts, and prompt loans, providing a simplified, user-centric expertise. Their absolutely digital operations enable customers to open accounts and entry providers inside minutes. Within the Philippines, Tonic Financial institution has gained important recognition, particularly amongst youthful customers who worth comfort and accessibility.
The Philippines has made important progress however nonetheless has an extended solution to go within the digital finance sector. Digital cost choices akin to GCash and Maya need to turn out to be much more accessible for everybody. Web connectivity points and safety issues need to be addressed. Most significantly, assist for Filipino residents who’re unable to regulate with the speedy transition to the digital world have to be made out there. If concerted efforts are made, we might see the Philippines becoming a member of the developed international locations in main the digital finance panorama.
This occasion was sponsored by Kookmin Financial institution, offering assist and extra scholarships for excellent individuals. The initiative aligns with Kookmin group’s purpose to ship providers that carry happiness and well-being to their clients and to the society.
This milestone occasion displays Korea’s dedication in cultivating international leaders everywhere in the world and eagerness in fostering a collaborative method to shaping the way forward for digital finance.
