Financial technology (fintech) companies are seen shifting focus to climate change through the reduction of carbon footprint this year as the country recovers from the impact of the COVID-19.
Lito Villanueva, founding chairman of the FinTech Alliance.ph., said unlocking the potential of green finance technologies is a priority this year. Villanueva, who is also chief innovation and inclusion officer of Rizal Commercial Banking Corp. and chief digital transformation advisor for the Yuchengco Group of Companies, said the priority is well aligned with the Paris Agreement and the sustainable development goals.
Aside from the global health crisis, the Philippines was also battered by a series of typhoons with severe flooding in the country.
Villanueva added that his group plans to do its part when it comes to achieving sustainable financing – which has been recommended by the Asian Development Bank, an institution that has been supporting climate financing and related innovations in financial services.
The FintechAlliance.ph team has confirmed that they’ve been working with the Bangko Sentral ng Pilipinas or BSP (the nation’s central bank) and various financial institutions so that they can take measures to adopt green financing.
Villanueva explained that his organization can help with providing the technology needed to achieve “the goals of sustainable financing.” He added that the ongoing development of digital financial technology can potentially lower the number of paper transactions; and “this would also greatly reduce the impact on the environment.”
With the growing digital adoption, Villanueva said it is crucial to ensure its security and the users through massive cybersecurity awareness campaigns.
“Limited mobility and less physical interaction are primary to pushing digital. Even post-COVID, digital would see more traction,” he said.
During the crisis, he said the industry’s goal is to ease the Filipinos’ quick migration and adoption to digital.
With additional reports: Lawrence Agcaoili, The Philippine Star; Omar Faridi, www.crowdfundinsider.com
Photo source: CTTO
