Expanding the Philippine fintech and IT sectors

FINANCIAL technology (fintech) and information technology (IT) firms dominated the “2023 Top Companies in the Philippines” list of Linkedin Corp., the largest professional network in the world. According to the survey findings, fintech and IT companies are among the 15 best workplaces where Filipino professionals can grow their careers.

Data from Linkedin shows that the largest job functions in which these companies invest are IT, customer success and engineering. In the financial services sector, in-demand skills are fintech, economics and artificial intelligence (AI), while those in the IT services sector look for skilled workers in computer security and software development.

With the continuing trend toward the expansion of fintech and IT in the country, Philippine Stock Exchange-listed DFNN Inc. has enhanced its management team with the appointment of experts in the tech sphere. Its board of directors recently named Ricardo F. Banaag as DFNN’S new President and CEO, replacing Calvin Lim who has taken on the role of Executive Director.

Banaag has the depth of corporate experience in developing the local IT sector, having served as president and country manager of Intel Microelectronics Philippines Inc. and managing the personal computer subsidiary of IBM Philippines Inc. Previously the COO of DFNN, he said that his promotion to CEO would give him the opportunity to lead the company to a sustained growth trajectory across its core and emerging lines of business.

Designated as the new COO of several DFNN operating subsidiaries is Donald Benjamin G. Limcaco, an accomplished practitioner in IT operations, change enablement and strategic planning. Limcaco has over 30 years of experience in Fortune 500 organizations based in Asia, Europe and North America.

Another key appointment is that of Jacob Edel as DFNN’S Vice President for Marketing. A graduate of Copenhagen University and Oslo University, Edel worked for IBM

Svenska AB as communications officer before starting a career in the gaming industry as global PR manager of an online gambling company and Nordic marketing manager for Pokerstars-owner Flutter Entertainment plc.

Last week, the company’s Investor Relations Officer Abigail A. Garcia disclosed that the DFNN Group grew its revenue by 69 percent in 2022 after enjoying extraordinary development in all facets of its business. Total revenue amounted to P905.8 million compared to P536.1 million in 2021. Earnings before interest, taxes, depreciation and amortization reached P228.7 million, reflecting a robust 190.7-percent jump from the previous year’s loss of P252.2 million.

For the first quarter of 2023, DFNN posted a 10.9-percent increase in its total revenue year-onyear, from P283.7 million in the first three months of 2022 to P314.6 million in the corresponding period this year. Total assets stood at P2.2 billion as of March 31, 2023, while stockholder’s equity amounted to P421.8 million, with no significant long-term debt.

As the diversified conglomerate strives to constantly grow in the highly dynamic digital platforms and AI industry, DFNN will further implement the latest Philippine laws that allow seamless synergies among its core competencies in the fields of fintech, blockchain and quantum computing technologies.

Joseph A. Gamboa is the vice-chairman of the Finex Ethics Committee and director of the Noble Asia Industrial Corp. The views expressed herein do not necessarily reflect the opinion of these institutions and the Businessmirror. #Finexphils www.finex.org.ph.