Number of fintech companies in operation Philippines 2020-2024

In 2024, there were 335 operating fintech firms in the Philippines, a significant increase from its figures in 2020. The fintech landscape in the country continues to grow, with the government sector pushing for the adaption of digital payment mechanisms in its various operations. 

Which sector has the highest number of fintech firms?

The payments sector accounted for the highest share of fintech companies in 2024, accounting for over 35 percent of the total share of fintech firms. Digital payment services provide ease in paying for goods bought either online or in-store, alongside bill payments for basic household needs such as electricity and water consumption. 

The future of fintech in the Philippines

The fintech industry was pegged for continued growth in the following years as more Filipinos adopted digital financial services in their daily lives. With the COVID-19 pandemic as a tipping point, many Filipinos now use digital payments and e-wallets to pay for their online purchases. QR-based payments also became part of the daily shopping experience of most Filipinos.