The Bangko Sentral ng Pilipinas (BSP) has recently approved a Singapore-based fintech firm’s application for an Operator of Payment System license, giving Spenmo the green light to operate in the Philippines.
Spenmo is a spend management platform that uses smart corporate cards to help businesses gain control and visibility over their spending. The platform also offers accessible payment solutions.
With the system, Filipino customers get unlimited physical and virtual corporate cards that they can use to access bill payments and payroll disbursements. They can also use it to manage employee expenses, consolidate corporate cards, and automate bill payments in just one single platform.
Local payments are charged a flat rate of only PHP 5.00 per transaction.
BSP at the forefront of a burgeoning industry
The Philippine central bank is beefing up efforts to fast-track an already burgeoning fintech sector. In a recent online forum, BSP chief Benjamin Diokno said they will remain at the forefront of broad initiatives to foster a more technologically-advanced Philippine economy. He also urged financial technology firms to take advantage of favorable regulatory policies and the rise in digital transactions amid the pandemic.
For its part, Spenmo noted that it has already processed more than PHP 20 billion in business transactions and doubled its growth every month since entering the Philippine market.
With the BSP now pushing for more technology-powered financial solutions, the company is optimistic that hundreds of businesses will soon be able to join them this year.
Fintech sector continues to grow
Based on data compiled by United Overseas Bank (UOB), the Filipino fintech industry saw strong growth in investor activity last year. Total funding for fintech firms in the country in 2021 reached US$342 million, more than doubling 2020’s total of US$137 million. This figure also surpassed the previous all-time high of US$248 million raised in 2018.