UK fintech Revolut sees PH as gateway to Asean
Photo from Revolut/FACEBOOK
MANILA, Philippines — A global fintech firm that boasts of more than 50 million customers worldwide is interested in entering the Philippines, which would be its gateway to the broader Asean market.
In a statement, the Department of Finance (DoF) said Revolut, which is also a licensed digital bank in the UK and Europe, has expressed its “strong interest” in the country during a meeting between Finance Secretary Ralph Recto and Martin Gilbert, chairman of the fintech firm.
The DoF said Revolut sees the Philippines as an entry point to Asean, where the company plans to establish its footprint.
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The meeting was held on the sidelines of the World Economic Forum in Davos.
Article continues after this advertisementThe DoF said Revolut saw the Philippines as a highly attractive market due to its vibrant talent pool and significant opportunities in the digital economy.
Article continues after this advertisementFinance Secretary Ralph Recto and Martin Gilbert, chairman of global fintech firm Revolut, hold a meeting on the sidelines of the World Economic Forum in Davos-Klosters, Switzerland. (Photo courtesy of Department of Finance/FACEBOOK)
The company highlighted its strategic edge, including a diverse global presence and innovative financial offerings that will empower Filipinos and small businesses with improved credit access and more competitive foreign exchange solutions.
According to Revolut, its entry into the Philippine market could create more jobs and enhance financial literacy and empowerment among Filipinos.