As the fintech industry continues to go from strength to strength, with wider adoption of digital payments to new innovation in banking solutions, every market has their own success story. In The Philippines, it has been a noticeably slower growth compared to the rest of Southeast Asia, but that seems likely to change.

The pandemic has helped remove most barriers to adoption and as we continue to rely heavily on digital solutions, it is likely that the market will continue to grow. To find out more, we spoke to Joshua Marindo, CEO and co-founder of JazzyPay, one of the country’s leading digital payments providers. They were recently acquired by the ASEAN Fintech Group (AFG), to leverage the startup’s partnerships with leading national banks, e-wallets and payment processors The Philippines.

Joshua and the senior management at the startup will continue to grow the business as part of AFG’s portfolio. With their position on the ground in The Philippines, we wanted Joshua to give some insight into the market and what we can expect in the future.

Congrats on being acquired. Could you share how being under the AFG umbrella will help your startup?

Being with AFG and its fast-growing portfolio of companies will enhance our capabilities across ASEAN, fast-tracking the advancement of Southeast Asia’s fintech ecosystem and digital future.

What were some of the challenges you faced in scaling your business in the market?

Relatively, expanding our product lines and reaching more clients across different nations was certainly difficult and expensive. There were a lot of moving objects beyond our control. Hence our decision to join AFG which has relevant fintech portfolios, network and banking licenses across the SEA region which will help us grow faster without spending too much time and money.

Could you paint us a picture of The Philippines fintech and payments landscape right now?

Now more than ever, the Philippine fintech landscape is growing at a tremendous phase. Bangko Sentral ng Pilipinas (BSP) previously projected the growth of digital transactions to be achieved sometime between 2024-2025. But the pandemic accelerated most of it during 2020-21, COVID-19 has accelerated the need for digital payments in the Philippines. We estimate at least $70B worth of digital payments by the end of 2022 with a CAGR greater than 30% over the next 5 years.

What are some of the changes that we can look forward to in the fintech industry in The Philippines in 2022?

Over the next few years more established niche fintech players will emerge, digital transaction will be the king. JazzyPay together with AFG aims to be one of the key drivers in leading the growth of digital transactions in the Philippines.

What’s next for Jazzypay?

We’re continuously working in the field of fintech and developing new products and features that will be meaningful to our merchants and customers. With AFG we will be able to achieve our vision to accelerate the digital economy of emerging markets in Southeast Asia, empowering businesses of all sizes through a versatile and accessible payments platform.