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Filipino FinTech Hub Emerges: Fostering Innovation in Remittances from the UK

09 May 2024

Have you considered how financial technology's power can revolutionize how remittances are sent from the UK to the Philippines? The FinTech hub was created for hassle-free money transfers from UK to Philippines. FinTech stands for financial technology, the innovative use of technology to provide financial services and solutions. It has become a powerful hub for maintaining financial services in the Philippines to increase economic growth. Almost 53 thousand Filipinos live in the UK and manage their remittance back to their home. Remittance positively impacts a country's economy. Therefore, having robust technology is necessary for smooth remittance transactions.         

FinTech companies use advanced technologies like artificial intelligence and innovative solutions for banking, payments, investing, and other financial activities to make the remittance process easier. The Philippines is constantly struggling for the betterment of its technology. In 2021, almost USD 337.4 million in funds were raised for FinTech. Before 2013, the Philippines' digital market was only 1%. In the last 10 years, there has been a gradual increase of 20% in the Philippine digital transaction rate.

Role of FinTech Hub in Facilitating Seamless Remittance

Growing technical advancements have transformed how Filipinos safely send money to their homes overseas. Almost 289 FinTech companies are operating in the Philippines. Most companies are working on advanced and safety features for settling financial matters and ways to send money online to Philippines from UK.                   

●  Remittance Transfer Services

The emergence of FinTech has facilitated remittance transfers to the Philippines. Before 2010, no proper means of sending remittances to the Philippines existed. But, the emergency of remittance transfer services has made the lives of expats easier. Now, they can send money back home at any time from anywhere. Remittance transfers are one of the convenient ways of sending money. ACE Money Transfer is a leading remittance service facilitating seamless transfers from the UK to the Philippines.

●  Cost-Effective Solution

FinTech has made everything more accessible and cost-effective for Filipino expats. The digital world works just at your fingertips. You can send money, make investments, pay your bills, and maintain your financial matters without cost. You are moreover, sending remittances in previous times used to be an expensive process. But FinTech has made it simple and the least costly. Sending money to the Philippines online usually charges nothing or less service changes.

●  Real-Time Cross-border Payments

Through developing innovative digital platforms, mobile applications, and online payment solutions, FinTech has empowered real-time cross-border payments for Filipino expats. Sending money from distant countries used to be a hectic task for expats. By bringing banks, payment processors, and telecommunications companies together, FinTech has removed all the financial gaps and barriers. It has enhanced remittance services and introduced a variety of financial channels.

●  Secure Technological Ways

Advanced security features are introduced with the advancement of technology and the growth of FinTech. Now, dealing with the online world has become easy and safe. You can trust your devices and networks and enjoy safety over the internet. Moreover, remittance transaction ways are now fully secured. You can make an instant online money transfer from UK to Philippines through cards, banks, or services, which allows you to keep track of your transactions and prevents any fraud or scam.

●  Mobile Apps Transactions

Before the advancement of FinTech, traditional transaction methods were standard in the Philippines. They were costly and complex to handle. People needed to wait for the opening of bank institutes for money settlements and transactions. FinTech introduced the easy handling of mobile apps, which allow individuals to make successful transactions independently.

●  Time-Saving Transactions

Filipino expats can now make quick money transfers from the UK to their homeland. Traditional methods are usually time-consuming and do not support instant transactions. FinTech introduced quick money transfers within a few seconds. In emergencies, expats often need help with the long duration of money transfers. Receivers can receive the amount on the same day and hour.

Role of FinTech in Technological Advancement

The Philippines government invested a lot of money to grow technology. Many massive projects were introduced, including cryptocurrency, blockchain, robust banking systems, and remittance services. 

You can also learn how fintech innovations can boost remittances to the Philippines

Let's explore how FinTech has evolved the technology in the Philippines:

●  Blockchain Technology

Blockchain technology is the largest financial database and the foundation of cryptocurrencies and Bitcoins. Its remarkable financial services have gained worldwide fame. Blockchain technologies offer secure, quick, and reliable ways of handling money. They also facilitate faster and more transparent cross-border payments. It is one of the cheapest ways to send money to the Philippines from the UK.

● Cryptocurrency

FinTech has played an influential role in promoting cryptocurrency. It is a robust means of investment for Filipino expats. FinTech companies have added cryptocurrencies as a powerful source of buying, selling, and investing in businesses. FinTech also includes cash registers, online stores, and phone payment apps that make business more accessible than ever.

●  Advanced Apps Technology

With the help of FinTech, companies can design powerful apps. These advanced apps are powerful in security and include features like 2FA, fingerprint enabler, and face detection, ensuring financial security. Individuals can save their data, upload their documents, and reuse the information for later use.

●  Digital Wallets

Digital wallets are intelligent creations of FinTech. Digital wallets have revolutionized the remittance market. Individuals can directly connect to the remittance services by downloading their mobile app and using digital wallets for safe transfers. Remittance services like ACE Money Transfer encourage online money transfers from UK to Philippines using digital wallets.

●  Economic Development

Remittances play a significant role in driving a country's economic development. The Philippines receives USD40 billion in remittances annually, a powerful means of alleviation and economic growth. Filipino FinTech companies are working on innovative solutions and ways to contribute to the efficient flow of funds into the country from overseas. Moreover, they support household finance management, investment, and overall economic growth.

The FinTech hub emerges as a game-changer for the Philippine economy. The emergence of new technology and advanced features has changed the lives of expats. Moreover, it has given remittance a new direction. The FinTech hub has benefits for all Filipinos, including overseas ones. They can now stay financially connected with their loved ones. Remittance transfer has become much more accessible, more reliable, and cheaper.

The cost of converting currencies has also been minimized. Emergencies of new currencies like bitcoins have opened more ways of investing for expats. Expats can use their money for different projects, benefiting the Philippines' economy greatly. Moreover, fluent ways of money transfer will keep the cash rotating in other parts of the Philippines, and the country will progress.

Bridging Distances with Technology: The Future of Filipino Remittances

FinTech combines technological advancement to encourage the right financial services and solutions. It includes a wide range of powerful technologies that facilitate seamless money transfer. The Filipino government has invested a lot in FinTech to get advanced technology. A considerable portion of the Filipino GDP is dependent on remittance transfers. Millions of Filipinos live the lives of expats in different countries, and more than 20,000 Filipinos live in the UK, so when an expat send money to Philippines from UK, the worth of that country's local currency increases and strengthens the economy.

The Filipino government invested in FinTech to get better solutions for remittance transfer, as remittance drives a part of that country. With the innovation of technology, remittance has improved and has become widespread. Expats can easily send money to their homes without fearing high transfer rates. Also, the fear of scams and fraud is reduced. Remittance services ensure robust security features, including biometrics, identity verification, strong password implementations, and fraud detectors. All these functions have fostered remittance services as a powerful medium of financial communication from the UK to the Philippines.


What is FinTech?

FinTech stands for finance and technology. It is a platform for technological advancement for finance handling. FinTech companies use artificial technologies to control financial activities. It has provided reliable ways for handling money and facilitating business investments, insurance, and remittance transfers.

How has FinTech fostered seamless money transfers from the UK to the Philippines?

FinTech has empowered remittance transfers through secure, quick, reliable, cheap, and safe transfers from the UK to the Philippines. The innovation of mobile apps, digital wallets, online banking, and online remittance transfer services has made money transfers to the Philippines easy.

What are the convenient ways of sending money from the Philippines to the UK?

You can send money to the Philippines from the UK through banks, digital wallets, credit or debit cards, and remittance transfer services.

Are remittance transfer services secure?

The security of the remittance service depends on the company. AC Money Transfer is one of the safest remittance services with advanced technological features.

Which advanced financial management tools are introduced by FinTech?

FinTech has introduced advanced financial management tools like bitcoins, blockchain, online banking, and digital wallets.


Reference Links:


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