Wazzup Pilipinas?!
Philippines’ demographics skew towards a younger generation who embrace cryptocurrency and new technologies
Limited access to banking services in the Philippines is a challenge for the local economy but an opportunity to investors backing companies building solutions. Approximately 80 per cent of SMEs in the broader Southeast Asia region say they need to borrow but lack access to affordable credit, while more than 70 per cent of the adult population remain underbanked or unbanked. High smartphone penetration and engagement continues to facilitate customer adoption of e-commerce and fintech, creating opportunities for providers of embedded digital financial services.
Increasing capital funds and supporting a vibrant start-up ecosystem will be vital to the Philippines success in the years ahead. Venture capital funding has been boosted by crypto, blockchain, and Web3 start-ups, with almost US$1 billion in funding flowing into the space in 2022 alone. More than 600 crypto or blockchain companies are now headquartered in Southeast Asia, home to nearly 700 million residents, making it one of the world’s fastest growing populations. The younger generation, which the region’s demographics skew to, is more open to cryptocurrency and new technologies – 480 million are active internet users.
Jerome Wong, Co-founder & Chief Business Officer at Everest Ventures Group (EVG), is available for media interviews to expand on the above as well as discuss:Edge over competitors: EVG’s Shared-service Platform (SSP) strategy and product-oriented approach allows it to ride on the trend and offer real use cases/applications in the Philippines. EVG’s footprint in emerging markets such as Adaverse and Cassava showcase its capability to build from scratch, proven by multiple successful products.Wallet/mobile banking: Traditional financial services are not accessible to the underbanked, while mobile adoption rates are high and internet access is prevalent. Technology-enabled business models can effectively serve this segment. Digital wallets have the potential to capture a larger customer base and lifetime value by offering banking services to the underbanked.
Gaming: Quality mobile games in blockchain are still in great demand. The Philippines is known to be a mobile-dominated market with a low barrier to entry in mobile gaming. The young population are natural gamers, making it an attractive market for mobile game developers.
Philippines Fact Box
GameFi has seen tremendous success in the Philippines, with its engaging gaming experiences and unique rewards system.With its presence in both online and offline stores, the company is building games to reach a wide range of players, from casual gamers to serious esports competitors.
Its rewards system has been especially popular, as it allows players to earn rewards for playing their favourite games, which can then be used to purchase in-game items or to enter tournaments.
This has been a great incentive for players to keep playing, and it has led to GameFi becoming one of the most popular gaming trends in the Philippines.
EVG has plans to expand into the Philippines due to its rapidly growing digital economy. With a population of over 100 million people and an increasing number of internet users, the Philippines has become an attractive destination for companies looking to expand their digital footprint.
Moreover, the Philippines has a vibrant startup culture, with many early-stage startups and established businesses seeking to leverage new technologies such as blockchain, AI, and big data.
With its growing market, the Philippines is a great opportunity for web3 companies looking to grow their business.
