Wazzup Pilipinas!
There is an urgent call for financial inclusion among a significant portion of the population as the country builds a healthy cash flow in the communities, prompting Mynt, a wholly-owned financial services company of Globe Telecom, to step in and provide the unbanked and underserved sectors a chance to take part of the shared growth for consumers and businesses.
“Mynt sees an opportunity to create a financially inclusive environment that will cater to every person who does not have access to formal financial facilities and services. We already started with the Philippines and will eventually move into the ASEAN region. Right now, there are about 1.5 billion people in the region who are unbanked and underserved and who can benefit from financial technology,” said John Rubio, Mynt President and CEO.
At present, three out of four Filipinos aged 15 years old and above do not have accounts with banks or financial entities, 95% of Filipinos do not have credit cards and 40 % of Philippine municipalities do not have access to physical banks.
“With no credit cards and no banks, many people succumb to informal lenders. Many of them also find it costly to send money. But with FinTech, anyone can have access to consumer loans, micro finance, various payment platforms, domestic and international remittance, and digital bills payments, among others,” Rubio said even as he pointed out that the rapid adoption of FinTech is necessary to create a digital nation which could further help the country move forward.


Ross is known as the Pambansang Blogger ng Pilipinas - An Information and Communication Technology (ICT) Professional by profession and a Social Media Evangelist by heart.