The Philippines financial landscape is going digital, as e-wallets have made purchases and money transfer services more convenient for Filipinos. This digital migration has helped the unbanked and under-banked in the country, by giving them access to basic financial services without the need to apply at a physical bank and presenting documentary requirements to open an account. Fintech company Mocasa brings e-transactions one step further by being the first virtual credit wallet in the Philippines.

As we look ahead to 2024, the financial services industry, particularly in the field of digital lending, continues its transformative journey in the midst of the digital age’s rapid expansion. According to projections, the digital lending business in the Philippines will be worth $350 billion by the end of 2023. This substantial gain can be linked to ongoing advances in financial technology, a significant increase in online transactions, and the growing importance of small and medium enterprises (SMEs) in the country.