Top 7 Fintech Startups in the Philippines for 2020
May 13, 2020

Last year, Manila was named one of the world’s friendliest cities in the world for fintech startups, and was recognized for its strong English-language skills and well-established outsourcing industries.

Fintech companies already compose 15% of Manila’s startups, according to Startup Genome’s Global Startup Ecosystem Report, and the market is expected to grow from about US$5.7 billion in 2018 to US$10.5 billion by 2022.

The Philippines’ fintech industry is expected to continue growing in 2020 on the back of memorable developments and deals in 2019. The following are seven fintech startups in the Philippines which made significant strides last year and are now poised for recognition.

Tonik

Founded in 2018, Tonik is a startup headquartered in Singapore that’s building the first digital-only bank in Southeast Asia. Tonik’s offering will be focused on providing banking products that fit seamlessly into the lifestyle of customers with simple consumer payment, savings, and borrowing solutions delivered through a smartphone.

Tonik received its banking license from Bangko Sentral ng Pilipinas, Philippines’ central bank, in January, which makes it technically the first digital bank in Southeast Asia and one of the very few globally to be operating on the basis of its own bank license.

The startup raised $6 million in February and will be launching operationally later this year in the Philippines. Tonik’s support and research and development (R&D) functions are based in Singapore and Chennai, India.

MarCoPay

MarCoPay is a venture established in mid-2019 by Japanese shipping firm NYK Line and its local partner Transnational Diversified Group (TDG). The company provides an electronic money platform designed mainly for seafarers hired outside Japan. The app utilizes QR codes that can be used for completing pre-boarding procedures, receiving and converting salaries into digital currency and spending this e-money for onboard purchases.

The company received its e-money license in December 2019, and is currently operating its app in beta. MarCoPay is preparing for a full launch, which will focus mainly on allowing seafarers and vessels’ masters to make electronic money transactions aboard their ships, including sending money home to their families, and will include value-added features anchored on its digital currency such as enabling digital purchases in ordinary stores and giving out discount coupons.

 

Read More: https://fintechnews.sg/38481/fintechphilippines/top-7-fintech-startups-in-the-philippines-for-2020/

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