The Australia Southeast Asia Business Exchange (SEABX) mission to the Philippines on Technology Innovation led by Austrade continued on 27 February. The Australian delegation traveled to various sites across Manila for a deeper dive into the Cybersecurity, AI, Fintech and blockchain sectors in the Philippines.
The APBC represented by Director of Communications, Events and PR John Tantoco attended sessions related to AI, Blockchain and Fintech hosted by RCBC. The session included engaging presentations by Deputy Governor Mamerto E. Tangonan of the Central Bank of the Philippines/Bangko Sentral ng Pilipinas and Lito Villanueva, Executive Vice President and Chief Innovation & Inclusion Officer, Founding Chairman, Fintech Alliance.ph. Both presenters showcased how the Philippines is a leading market in fintech and how the nation is the center of innovation in digital payment technologies made possible by public private partnerships and cooperation.
The mission continued with presentations from the Australian delegations, highlighting leading technologies that Australia has to offer. An exciting business matching session was also held which introduced eager Philippines businesses to engage the Australian delegation in search for opportunities and partnerships.
The day ended with a warm reception at the residence of Her Excellency Ambassador HK Yu, Australian Ambassador to the Philippines, providing an opportunity for networking with leaders across the public and private sector from both nations.
The Philippines is the fastest growing digital economy in Southeast Asia. It is home to 335 Fintech companies, has over 50% of payments made using digital technology in 2023, and strives to enhance financial inclusion using digital finance. Based on S&P’s 2023 reports, the Philippines is on track to become a US $1 Trillion Dollar Economy by 2033.
This business mission aims to drive two-way trade and build enduring economic partnerships between Australia and the Philippines as part of Australia’s Southeast Asia Economic Strategy to 2040.
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