The Department of Finance (DOF) led the first inaugural meeting of the joint working group (JWG) on financial technology (FinTech) with the Indian Government on September 12, 2024 in New Delhi, India to advance the sector and boost financial inclusion for all Filipinos.
“The long-standing partnership between the Philippines and India speaks of both countries’ shared commitment to broaden and deepen our ties and maximize the vast potential for and opportunities for economic and development cooperation, especially on digital economy, digital payments, digital infrastructure, and financial inclusion,” DOF’s International Finance Group (IFG) OIC Assistant Secretary Donalyn Minimo said.
Aligned with the Marcos, Jr. administration’s commitment to invest in the country’s digital transformation, the JWG will enhance economic cooperation in FinTech, boost connectivity and interoperability, and help develop FinTech solutions.
From 2021 to 2023, the Philippines’ FinTech sector grew by more than 38%, rising from 216 companies to 299 in August 2023.
Based on a Bangko Sentral ng Pilipinas (BSP) report, about USD 110.5 billion digital transactions were recorded in 2023.
During the meeting, the JWG facilitated the discussion on initiatives, best practices, and safeguards to enhance the Philippines’ regulatory frameworks and digital infrastructure.
The discussions opened up opportunities for greater innovation in areas such as digital payments, blockchain technology, and fintech solutions, which will empower both individuals and businesses.
The Philippine delegation expressed its willingness to continue dialogues and partnerships with the Indian Government as it strives to build a robust and inclusive FinTech ecosystem that will not only benefit the citizens but also strengthen the economy.
The Memorandum of Understanding (MOU) constituting the JWG was signed on June 19, 2023 and gained effectivity on May 7, 2024.
Along with DOF Assistant Secretary Minimo, the Philippine delegation consisted of representatives from the Department of Foreign Affairs (DFA), the National Economic and Development Authority (NEDA), the Securities and Exchange Commission (SEC), and the Insurance Commission (IC).
Ambassador Josel F. Ignacio, Vice Consul Atty. Melissa Telan, and Commercial Counselor Eugenio C. Elevado, Jr. represented the Philippine Embassy in India.
Meanwhile, the Indian delegation was led by the Ministry of Finance – Department of Economic Affairs Joint Secretary Sh Rajeev Saksena.
He was joined by representatives from the Ministry of External Affairs (MEA), Ministry of Electronics and Information Technology (MEIT), Unique Identification Authority of India, Indian Computer Emergency Response Team (CERT-In), Indian Cyber Crime Coordination Centre (I4C), Reserve Bank of India (RBI), Securities and Exchange Board of India, Pension Fund Regulatory Authority of India, Insurance Regulatory Development Authority of India, International Financial Services Centre Authority, and the Embassy of India in Manila.
The Philippine delegation also took the opportunity to strengthen the Philippine government’s commitment to broaden the diplomatic relations between the two countries through a series of bilateral meetings and activities that were held on the sidelines of the first meeting of the JWG on FinTech.
These include engagements with various Indian government institutions and their partner firms such as the Ministry of External Affairs (MEA), Export-Import Bank of India (India Eximbank), and Paytm.
The DOF officials also participated in the 14th Philippines-India Political Consultations co-chaired by DFA Undersecretary Ma. Theresa Lazaro on September 9, 2024.
