Finovation 2019 Eyes to Improve Credit Access Among Underserved Filipinos

Ciara Alarcon
Online financial marketplace has gathered key industry individuals to talk about financial trends, industry challenges, and possible solutions to improve credit access among financially underserved Filipinos.

Finovation 2019 Eyes to Improve Credit Access Among Underserved Filipinos
Finovation 2019 Eyes to Improve Credit Access Among Underserved Filipinos

The annual forum Finovation has a theme of “Real Problems, Real Solutions.” It held a roundtable discussion covering topics from consumer behavior, industry-wide challenges, to regulatory initiatives. Keynote speaker Dr. Benjamin Diokno, governor of the Bangko Sentral ng Pilipinas (BSP), graced the event to encourage industry leaders to maximize technology and innovation to upgraded fintech services.

The first roundtable discussion discusses financial literacy and credit, identifying prime solutions to combat the lack of financial education, lack of inclusion in formal services, and predatorial lending schemes.

It’s moderated by Vince Rapisura, President and Founder of Social Enterprise Development Partnerships, Inc. (SEDPI). The panel includes Pia Roman-Tayag, Managing Director, Center for Learning and Inclusion Advocacy (CLIA); Mags Vasquez-Surtida, FVP, Cards Business Group Head, Asia United Bank; Harvey Libarnes, VP-Financial Service Head, Smart Communications Inc.; Hamilton Angluben, General Manager, Cashalo; and Stephanie Chung, Co-Founder and CEO,

The second panel surveys industry-wide challenges, identifying areas of improvement in credit infrastructure, data and verification, and digital financial ecosystems. Moderated by Atty. Aileen Amor-Bautista from the Credit Information Corporation, the panel is comprised of J.P Ellis, Co-Founder and Group CEO of C88 Financial Technologies Inc; Marlo Cruz, President and CEO, CIBI Information Inc.; Marty Gonzalez, Head of Integrated Solutions Group, TransUnion; and Simone Colombara, Managing Director, CRIF Corporation.

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Meanwhile, the last roundtable discussion dived into regulator projects and platforms, developing action steps toward creating tech-driven interoperable government databases, standard payment systems, and BSP report generation and storage. Cathy Yang, Anchor and Managing Editor of ABS-CBN News Channel, facilitates the panel comprised of Raymund Liboro, Commissioner from the National Privacy Commission; Ira Paulo Pozon, Chief of Staff, Anti-Red Tape Authority; and Jaime Garchitorena, President and CEO, Credit Information Corporation.

Fintech 2019 also aimed to improve financial and digital practices to help facilitate increased financial inclusion. Christo Georgiev, Country Manager and Chief Strategist of FinScore, talked about telco credit scoring, while J.P Ellis discussed digital onboarding for financial services.

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