{
  "id": 3162254,
  "title": "The Philippines doesn’t need more fintech apps; needs rails",
  "url": "https://urgent.news/2026/08/25/the-philippines-doesnt-need-more-fintech-apps-needs-rails",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-25T01:45:49.000Z",
  "source": {
    "name": "e27",
    "slug": "e27",
    "url": "https://e27.co/the-philippines-doesnt-need-more-fintech-apps-needs-rails-20260821/"
  },
  "original_language": "en",
  "account": "The Philippines has experienced rapid growth in digital finance, with e-commerce and on-demand apps making online shopping and payment methods commonplace. However, the second wave of the digital economy should focus on building the necessary infrastructure to support financial inclusion. While wallet usage has increased, formal bank account ownership has decreased, leaving a gap that needs to be addressed. This second wave should not simply add more apps but rather create the necessary \"rails\" to make the financial system robust and inclusive. The Bangko Sentral ng Pilipinas' Open Finance Framework lays out the principles for this, emphasizing that people own their financial data and can share it with trusted institutions. However, the implementation of this framework requires infrastructure to make it a reality. This includes making data sharing a right rather than a favor, enforcing data privacy rights, and allowing private companies to design, build, and maintain the infrastructure. By addressing these gaps, the Philippines can ensure that financial services become truly accessible to everyone, including those who currently lack access, such as gig workers, market vendors, and families relying on remittances.",
  "summary": "The first wave of the Philippine digital economy was easy to see, because everyone lived inside it. Lazada and Shopee made online shopping a daily habit. By 2021, the country’s e-commerce market had grown to US$17 billion in sales, with 73 million active online users. Angkas and Grab turned “how do I get there” into […] The post The Philippines doesn’t need more fintech apps; needs rails appeared…",
  "key_points": [
    "Philippines needs infrastructure, not more fintech apps",
    "Formal bank account ownership decreased despite wallet usage increase",
    "Bangko Sentral ng Pilipinas framework emphasizes data ownership"
  ],
  "editors_take": "The Philippines' next step in digital finance is shifting from proliferating apps to building underlying infrastructure for robust and inclusive financial services, enabling greater access for underserved groups.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}