The “Philippines Embedded Finance Business and Investment Opportunities Databook – 50+ KPIs on Embedded Lending, Insurance, Payment, and Wealth Segments – Q1 2022 Update” report has been added to ResearchAndMarkets.com’s offering.
The embedded finance industry is expected to grow steadily over the forecast period, recording a CAGR of 36.4% during 2022-2029. The embedded finance revenues in the Philippines is forecast to increase from US$1,080.1 million in 2022 to reach US$6,059.5 million by 2029.
In the Philippines, there has been a growth in the number of customers demanding insurance products ever since the coronavirus outbreak. This demand, coupled with the highly under-penetrated market of the Philippines, offers significant growth potential for insurtech firms in the region.
Philippines-based digital wallet providers are entering into strategic partnerships with global insurtech firms to enter the embedded insurance market. For instance, in October 2021, PayMaya, one of the leading wallet providers in the country, entered into a strategic partnership with Bolttech, a global insurtech firm, to provide more consumers with easier access to affordable micro-insurance policies.
The publisher expects a new and innovative insurtech platform to emerge over the next four to eight quarters. This will further drive innovation and competition in the Philippines’ embedded insurance industry.
The embedded lending market also recorded strong growth in the last six quarters. Domestic fintech companies are collaborating with foreign technology companies to rope in new technologies in the Philippines financial industry. For instance, UBX Philippines Corporation collaborated with Chinese technology giant Alibaba Cloud. The collaboration is aimed to accelerate financial inclusion in the country by harnessing digital technologies. The collaboration is expected to attract the attention of more foreign companies. Consequently, more foreign companies are expected to enter the country, resulting in growth in embedded lending technologies.
The publisher expects increased collaboration and joint ventures to emerge over the next four to eight quarters. This will further drive innovation and competition in the Philippines’ embedded lending industry.
Before the global pandemic, e-commerce and digital services were not readily accessible in the Philippines. However, with the growing cases of the Covid-19 virus, digital services have become prevalent in the country. While some customers still prefer the traditional cash payments options, more Filipinos opt for digital payments for convenience and security reasons.
Since the coronavirus outbreak, continued growth in customers demanding embedded payments products has been witnessed. Local market players collaborate with foreign technology companies to rope in new technologies in the Philippine payments industry.
This report provides a detailed data centric analysis of market opportunity across 50+ segments in embedded finance industry covering lending, insurance, payment, and wealth sectors.
Get involved!
Comments