Over a thousand attendees join the annual summit organized by FinTech Alliance Ph, the country's premier association for financial technology and digital innovators. This year's theme, “AI Unlocked: Shaping Our Digital Future,” addresses the multifaceted impact of artificial intelligence on the finance industry, infrastructure, regulations, digital marketing, labor force, education, healthcare, and more.

The summit was opened by the organization’s Founding Chairman Lito Villanueva, who emphasized the responsibility of leaders to tackle critical issues such as deep fakes, digital security, and workplace evolution. “Together, we renewed our commitment to make finance accessible to all Filipinos and propel the country toward becoming an AI-ready nation,” he stated. 

He also shared five key developments made by the organization over the past couple of years which are:

1. The Philippine fintech sector achieved the government’s growth goals ahead of the target set by NEDA for 2028.

2. Last year’s Bagong Pilipinas pavilion showcased various Philippine fintech players during the Singapore Fintech Festival, and plans are in place to do it again this year, 2024.

3. Fintech Alliance PH is one of the 14 fintech organizations in Asia that pioneered and founded the Asia Fintech Alliance to enhance regional collaboration. 

4. The continuous growth of Fintech Alliance PH in membership, which is now composed of over 100 corporate members, and future initiatives aimed at enhancing its representation.

5. Fintech Alliance PH remains a significant government partner in governance and compliance. The organization recently won the 2024 Cybersecurity Innovation Award for the Philippines at the Banking and Finance Wholesale Banking Awards for its 2023 campaign, #WagMagpalokoMagingScamAlerto, a campaign to educate consumers on digital scams and crimes.

A key focus of the discussions centered on AI's innovation potential, with an emphasis on safe risk management and responsible usage. Chuchi G. Fonacier, Deputy Governor of the Financial Sector at Bangko Sentral ng Pilipinas (BSP), shared, “While the BSP recognizes the significance of AI, our focus must remain on responsible usage. Exciting times await, but we need to be vigilant.” FinTech Alliance Ph aims to adapt Europe’s AI Act (2024), the first legal framework addressing AI risks, in a manner suited for the Philippines. 

Kathy Mercado, president of the Philippine Marketing Association (PMA), highlighted how they are leveraging AI in marketing by customizing ads and engaging customers with multilingual capabilities. 

Arianne Ferrer, External Affairs Director of Tala Financing, described AI as a “wonderful tool” for increasing financial access for Filipinos. Similarly, Eugene Acevedo, CEO and President of RCBC, acknowledged the challenges of integrating AI while noting that “...for banks like us, customers come first, and technology helps us serve them better.”

In the field of education, Dr. Robby Galang, Dean of the Ateneo John Gokongwei School of Management, stressed that critical thinking regarding AI usage must become a priority. “We must teach students not just to answer questions but to evaluate information,” he noted.

In the healthcare sector, a panel featuring Quintin Pastrana (CEO of MWell), Dr. Regidor Encabo (President of the Philippine Society of Cardiovascular Catheterization and Interventions), Jason Jalandoni (President of NOVA Health), and Carl Ng (General Partner of Verge Health Tech Fund) concurred that while AI is a valuable diagnostic and therapeutic tool, human oversight and ethical considerations are paramount in its implementation.

The Manila Tech Summit highlighted the transformative potential of AI across sectors, advocating for responsible usage and innovation to shape the Philippines' future. As industry leaders, educators, and stakeholders gathered to explore AI's ability to enhance financial access, improve marketing strategies, and advance education, it became evident that collaboration and vigilance are vital in this rapidly evolving landscape.

Capping off day one, FinTech Alliance Ph hosted a mixer at Kao Manila, providing attendees with an opportunity to network and share ideas in an informal setting, further reinforcing the collaborative spirit of the summit.

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