Moneymax boosts financial inclusion drive

MANILA, Philippines — Finance platform Moneymax is ramping up efforts to help the Bangko Sentral ng Pilipinas (BSP) in boosting financial inclusion in the Philippines.

Jessica Faye Tan, head of marketing at Moneymax, said the company has grown to over 100 employees from only 10 and its platform was visited more than three million times per month  from only   65,000 monthly visits when it was founded in 2014.

“As we reach another milestone year for Moneymax, we’re excited for more years of helping Filipinos make smarter financial choices through our platform, rewards, and content. Putting the Filipino people at the heart of everything we do, we’re looking forward to continuously improving and exploring even more ways to uplift their financial lives,” Tan said.

The Consumer Pulse Study 2022 showed that consumer behavior shifted to revenge spending as the economy continues to recover from the impact of the   pandemic.

“Filipinos planned to increase their spending on retail shopping, discretionary expenses, retirement funds, and large purchases,’’ Moneymax said.

The consumer research done in early 2022 found that young professionals are forward-thinking when it comes to managing their finances and are actively seeking information online about growing their investments for funding long-term goals like home ownership and retirement.

To help consumers fulfill such needs, Moneymax is holding a series of virtual live events in July to help millennials and Gen Zs track their current financial state and make an actionable plan for investing and getting financial products based on their goals.

Under its Digital Payments Transformation Roadmap, the Bangko Sentral ng Pilipinas (BSP) aims to increase the number of Filipino adults with bank accounts to 70 percent and at the same time convert 50 percent of total retail transactions to electronic channels by 2023.