Manila, 5th April 2024: A median age of 25.7 years, a large mass affluent segment and a rampant adoption of new technologies are together fuelling the wealthtech market in the Philippines. These tech savvy consumers are now exploring technology-based personalized solutions that are in tune with their financial requirements.
So, quite naturally, there is an increased reliance towards user-friendly, digital platforms that can solve their challenges with wealth & asset management, thus giving rise to wealthtech.
According to a report by Urs Bolt, a renowned wealthtech advisor, advanced investment products and asset classes are becoming more popular in the country across various segments of the society, including the ultra-wealthy and the mass affluent investors. Filipinos are now favouring products including cryptocurrencies, private assets, and even exotic assets such as luxury items and collectibles.
To support the claim, the blockchain analysis firm, Chainalysis in its research found the country to fall at the second and sixth spot globally in terms of crypto adoption in 2022 and 2023, respectively. Bolt has further forecasted that during the mid-term, digital wealth solutions together with super-apps and neobanks to support these solutions will continue to grow in the Philippines.
Be updated on the latest tech developments in Philippines’ financial sector by being a part of the country’s leading fintech event, World Financial Innovation Series (WFIS) on 13 – 14 August 2024 at Manila Marriott Hotel. Visit website: http://13.234.204.109/
