The 2008 financial crisis spread distrust in banks and sped up the acceptance of new kinds of money. Cryptocurrencies like bitcoin now promise to provide transparent, democratic alternatives. Startups in the Philippines are disrupting old structures.
More than 50 million Filipinos are unbanked. FinTech startups are now giving them access to money. With little access to formal banking services, millions in the Philippines can’t save money, take out loans or perform other simple financial transactions. Now FinTech startups are raising levels of financial inclusion. Founders here believe the country is ripe for change, and that cryptocurrencies will provide the momentum. Blockchain ambassador Lina Seiche, the founder of Blockchats, is working for change through bitcoin and decentralized networks. SCI founder Miguel Cuneta is helping that change along by offering services like bill payment, e-commerce, cashless transactions, and of course, bitcoin wallets. He’s enabling people in the unbanked market – like waste-pickers – by helping them participate in the world of digital commerce. Founder David Kath is aiding them as well by eliminating middlemen in the plastic industry with technology that allows waste-pickers to triple incomes. Turned into digital tokens in an e-wallet, plastic has become their money.
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