Cebu deemed a major force in fintech growth

CEBU, Philippines — Cebu is seen growing as a major force in the Philippine financial technology (fintech) community as its e-commerce traffic builds up.

“Young and energetic entrepreneurs responded heartily to our call to adopt fintech solutions in Cebu. I expect Cebu to become a major force in the Philippine finance technology community,” said Dick Chiang, COO of payment solutions firm Dragonpay, in an interview yesterday at the Digibeez Summit at Seda Hotel in Cebu City.

The Digibeez Summit brought eight global e-commerce and social media platforms together with local startups and small and medium enterprises (SMEs).

Chiang noted that Cebu has become a center for e-commerce and fintech in central Philippines.

Not only are major e-commerce outfits profitably operating in the country’s second economic center, there is rapid growth in entrepreneurs going online along with the rapid and sustained growth of the BPO (business process outsourcing) industry.

While coping with typical urbanization problems like traffic, Cebu is highly livable with thousands of foreigners deciding to reside here.

The annual Sinulog Festival also attracts millions of tourists. Online savvy expats and visitors further fuel e-commerce and fintech growth, Chiang observed.

Chiang noted the need for entrepreneurs and the business community to learn ways to increase revenue and expand their business through online payments and related services.

Dragonpay is a Philippine-based payment solution company that helps facilitate alternative payment schemes for online shoppers without bank accounts or credit cards.

For over eight years, Dragonpay has become a trailblazer in the fintech industry with over 118 million completed transactions and 11 million unique users, most of whom are based in the Philippines.