Blend.ph Named Leading P2P Platform by Fintech News PH
Leading accredited P2P platform in the Philippines according to FINTECH ASIA
The Philippines remains to have healthy economic activity despite all the world’s challenges in recent months. As a land of rich innovation and passionate entrepreneurs, it is no surprise that fintech solutions can be seen as the next big thing in the country.
According to FintechNewsPH, the digital payment’s scene in the country saw a massive boom in usage. If you look at the industry performance for 2019, electronic transactions through digital wallets reached 760 billion pesos in total, which is a 36% increase compared to 2018’s report. Moreover, research shows more people have been transacting online with debit card and credit card purchases. Online debit transactions amounted to 451 billion pesos, and online credit transactions amounted to 1,229 billion pesos.
If you think about this carefully, these numbers came from 2019 reports alone. That’s before the COVID-19 pandemic happened. Imagine how high the usage of financial technology apps has become now that we spent our life indoors most of the year.
The Fintech StartUps In The Philippines
With the numbers mentioned above in mind, there is no denying that the Philippines is a prime real estate spot for fintech development. As a population that seems to be glued to their smartphones, the possibilities are truly endless. Fintech News Network predicts that space is expected to grow to US$10.5 billion in the next two years.
At present, there are 197 fintech players in the country. These companies can be categorized into digital payments, lending, wallets, remittance, crypto, insurtech, big data, credit scoring, crowdfunding, ecommerce, marketplace/investments, comparison, KYC/security, and neobanks.
Mobile Banking and Digital Wallets
Again, we can credit COVID-19 to be the game-changer in making Filipinos more open to venturing into digital finance. Perhaps the largest influencers to credit are the mobile banking applications and mobile wallets.
At the moment, these apps are the most famous type of fintech, and most people have their software on their smartphones. In the report, the most used mobile wallet and banking apps are Gcash, Paymaya, Paypal, BPI, and UnionBank. However, other banks also became aggressive in getting their chunk of the pie. BDO, Metrobank, LandBank, CIMB, and ING again come and go in the top 10 list. The most surprising one of all is RCBC Diskartech, overtaking the long reign of Gcash.
The Need For A New Breed of Finance
Despite these traditional institutions in the digital scene, there is no denying that the Philippines’ financial services are not providing equal opportunity to people. Because of higher standards, a significant number of people still do not have access to banks. Here’s where alternative finance comes in.
Aside from banks, people can now access a credit line through pawnshops, microfinancing organizations, cash agents, e-money agents, cooperatives, lending companies, and other non-bank financial institutions.
The Beauty of Peer-to-Peer Lending
One unique thing that is proving to be the year’s most promising innovation is crowdfunding. This practice can be defined as getting funding to launch a project or a business venture from small amounts of money invested by many people. Unlike traditional business beginnings, crowdfunding gives dreamers the platform to make their pitch and share their ideas with people who want to share or invest their money.
There are four ways crowdfunding usually comes to be: Equity-based, Donation-based, Reward-based, and Peer-to-Peer Lending. Most of these give opportunities to people in need of funds:
- Donation-based crowdfunding tends to help people settle medical bills, operate a charity, and provide disaster relief.
- Reward-based crowdfunding promises investors a reward for their investment, usually a sample of your product and services.
- Equity-based crowdfunding gives investors the power to control your company through share or stock trading, allowing them to earn through dividends.
But, P2P funding is most extraordinary because it allows people to look for passive income a chance to earn, too. P2P is quite versatile, so many types of people in need can be helped – ranging from entrepreneurs, employees, builders, and businesses. For investors, P2P uses your investment to fund different loans, and the returns will serve as your earnings. P2P provides another way to acquire a loan for borrowers, usually eliminating the more extended process and higher standards of traditional finances.
Start Your Journey With The Country’s Leading P2P Lending Platform
So many possibilities await in the world of peer-to-peer lending. Whether you are looking into growing your money or requiring cash for your life’s needs, P2P platforms will help you. This fact is why we are inviting you to check out Blend.ph.
In their report, according to Fintech News PH, Blend.ph is the leading Peer-to-Peer Lending company in the Philippines. When starting any new venture, it’s always important to partner with the best. Take a look at Blend.ph’s services and see which one would fit you best! Open yourself to new possibilities and end your 2021 with a bang!