Philippines well-poised to adopt blockchain technology

MANILA, Philippines — The Australian government is collaborating with the Philippines to share knowledge and best practices, talent, and solutions for further challenges and opportunities associated with digital transformation.

Australian Ambassador to the Philippines Amanda Gorely said during the Australia Innovation Summit the Philippines is well-poised to adopt to new technology and develop a dynamic innovation ecosystem.

“As we know the Philippines is one of the fastest growing economies in the world and thanks to its young and digitally connected population, it can further fast track and build greater socioeconomic inclusion through innovation and digital transformation,” Gorely said.

Gorely added the Philippines government, industry, and private sector have all been promoting innovation and digitalization, thereby providing a conducive landscape for local and foreign companies offering digital solutions and technologies.

According to her, the Philippines is armed with a 106 million strong population with a median age of 23 years old, 60 million internet and social media users, 130 million mobile connections, and 54 million active mobile social users.

She said the Australian government is looking to partner with the Philippines to build knowledge and share insights.

Australia has continuously been recognized for its leadership in developing innovative and practical solutions to regional and global challenges in priority sectors such as financial services, healthcare, education, and the broader commerce.

Over the last three years, it has allocated A$1.1 billion for initiatives covering digital health, fintech, digital commerce, edutech, and cyber security. Australia is home to over 400 fintech companies and the industry is estimated to grow to A$4 billion by 2020 from A$250 million in 2015.