These allow for interaction between two or more online connected services. Mobile smartphones are game changers. They have led to important changes in the payments system as well as in the behavior of market agents. An industry report puts the number of fintech startups in the country at 60 players in 2017.
Mobile payment and alternative finance firms dominate with 26 and 17 players, respectively. The transaction value of the fintech market in the Philippines is estimated to amount to $ billion in 2018. It is expected to grow at an annual rate of 16.4 percent. By 2022, the fintech market in the country is projected to amount to $ billion.