Increased utilisation of financial technology is setting the stage for further digitisation of the Philippine’s consumer banking industry, which is slowly transitioning into a “cash-lite” economy.

The total capitalisation of digital assets surged three-fold in 2021, with strong evidence that the momentum is likely to continue into the new year. DeFi users are expected to continue their exponential growth over the next 12 months, with more institutional investors moving into the space, combined with greater clarity over regulators’ stance in the large economies such as China and the US. What challenges and uncertainties could lie ahead to derail the upbeat outlook?

Alipay emerges as the best platform, driven by its impressive performance in coverage, connectivity and ecosystem, while GCash excels in customer base, usage and engagement, and Wise scores on performance

UnionBank topped the 2023 BankQuality™ Survey in the Philippines as the Most Recommended Retail Bank, achieving a score of 67%, tying with Metrobank but with varying margins across key categories

The current disintermediation in payments and MSME lending marks the tip of the iceberg, and retail deposits may be the next battleground

Alipay retains its top spot in this year’s ranking, while Apple Pay climbs higher with its expanded financial services ecosystem