![]() ![]() The world’s most successful digital banks didn’t start as banks at all, they started as an app with a prepaid card, think Monzo, Revolut etc. With so many ways that disruptors can enter a market, what’s the best model? ![]() In a country with 110 million people with only 30% having formal banking services, the potential is huge, both in terms of the growth of Bizmoto, but also improving the lives of the underbanked. That will change though as the BSP’s vision is that 50% of all retail payments would be digital by 2023. Well, there is huge upside in the market, with 33 million Filipinos transacting digitally but only 20% of transactions are digital payments. With Indonesia and China being saturated and highly competitive markets for digital finance, how does that compare with the Philippines? Of course, Indonesia was the new China, the worlds leader in digital payments and finance. ![]() Indonesia today, is far ahead of most countries in this space, with 90% of ecommerce users regularly using digital wallets for payments, either online or in store using QR codes. The Philippine’s is at the perfect growth stage for us and reminds me of where Indonesia was not so long ago in terms of digital finance. This is on top of the financial services license that was granted in July last year that allowed us to offer micro enterprise loans and micro insurance. A huge leap forward for PBI, our bizmoto service and the value we can add to our customers and partners as we address financial inclusion in the country. (PBI) was granted a license to operate as an Electronic Money Issuer by the Central Bank of the Philippines (BSP). Our Filipino business, Peppermint Bizmoto Inc. Yesterday was a great day for Peppermint Innovation Ltd. ![]()
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