Mobile phones, 'tingi' economy help fintech thrive in Philippines

ABS-CBN News

Posted at Feb 26 2018 11:04 AM | Updated as of Feb 26 2018 11:51 AM

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MANILA - Widespread use of mobile phones and a "tingi" or sachet culture in retail provides a fertile environment for financial technology companies, an industry stakeholder said.

Financial technology or fintech aims to make services "quicker, more convenient, cheaper and smarter," said Anthony Thomas, president of Mynt, a unit of Globe Telecom that partnered with China's Ant Financial for a mobile payment service in the Philippines.

"Millennials who grew up with smartphones and social media are looking for a way to solve their daily problems," Thomas told ANC's On the Money.

"Filipinos like transacting in small amounts, sachet qualities and they like doing it frequently and that’s easily solved with the mobile phone-based delivery," he added.

Mynt is also looking at technologies from Ant, owned by billionaire Jack Ma, for a potential foray into remittances.