Fintech firms take the green route

MANILA, Philippines — Financial technology (fintech) companies are seen shifting focus to climate change through the reduction of carbon footprint this year as the country recovers from the impact of the COVID-19 pandemic.

Lito Villanueva, founding chairman of the FinTech Alliance.ph., said unlocking the potential of green finance technologies is a priority this year.

Villanueva, who is also chief innovation and inclusion officer of Rizal Commercial Banking Corp. and chief digital transformation advisor for the Yuchengco Group of Companies, said the priority is well aligned with the Paris Agreement and the sustainable development goals.

“It will also play a big role in the collection of climate-related data. As there is a need to quantify the cost of climate-related risks. Climate change will be on top of our agenda,” he said.

Aside from the global health crisis, the Philippines was also battered by a series of typhoons with severe flooding in the country.

“And this has reached an alarming state. Reducing carbon footprint must be a universal commitment among industry players,” he said.

During the crisis, he said the industry’s goal is to ease the Filipinos’ quick migration and adoption to digital.

With the growing digital adoption, Villanueva said it is crucial to ensure its security and the users through massive cybersecurity awareness campaigns.

“Limited mobility and less physical interaction are primary to pushing digital. Even post-COVID, digital would see more traction,” he said.