Fueling long-term growth for PH fintech

THE financial landscape of the Philippines is undergoing a transformative shift, with the promise of growth and opportunity on the horizon. As one of the fastest-growing economies in Southeast Asia, the Philippines stands on the cusp of a digital finance revolution.

Research indicates that while the country’s digital finance revenue is projected to triple by 2030, nearly half of the population remains unbanked. This statistic underscores the urgent need for solutions to address the systemic barriers to financial inclusion.

At Skyro, we see ourselves as pioneers of change, creating solutions to address the different financial constraints that the Philippine market is experiencing. Our approach is anchored in technology, data-driven insights, and a deep understanding of the unique needs and challenges facing Filipino consumers.

We recognize a great potential for the fintech industry to prosper and grow in the Philippine market. However, the journey toward growth is not without challenges which require strategic navigation and resilience.

One challenge is the lack of a centralized database system for IDs in the Philippines. With over 20 different types of Philippine IDs, each serving different purposes, Filipinos are often denied the financial services they urgently need due to difficulties in verifying their identities. This fragmentation in identification systems not only complicates the verification process but also leads to disparities in access to financial services, perpetuating financial exclusion among marginalized communities.

The prevalence of poor access to financial services aggravates socioeconomic inequalities and hinders economic progress for millions of Filipinos.

To address the financial requirements of Filipinos with efficacy and security, we have implemented specialized systems to mitigate risks and expedite operational processes. By leveraging advanced scoring strategies with the data gathered from alternative sources, including advanced proprietary technologies based on big data, generative AI, machine learning, and other external data, we can streamline the verification process and provide efficient access to financing for our clients.

To ensure growth and security, we adopt a cloud-based infrastructure, allowing us to rapidly accommodate to the market’s demands flexibly and reliably. This, with our Infrastructure as Code (IaC) approach, ensures consistency and seamless automation, and environment replication while minimizing human error. In addition to this, we employ a microservice architecture for modular and scalable application development.

Speed and efficiency are important in our day-to-day operations. We utilize an in-house data warehouse with a data mesh architecture that enhances data accessibility, agility and autonomy across the organization. Small lead times and metrics for each new feature and the fail-fast approach accelerate development cycles and incorporate performance and usage metrics to quickly pivot based on external feedback.

Security is of the utmost importance when it comes to handling personal data and assets. Throughout every phase of our operations, we meticulously incorporate strict financial-grade security policies, protecting every customer’s information with an unwavering adherence to regulatory standards.

We have a Zero Trust Policy in place, fortifying our security posture and significantly minimizing potential attack vectors. Site Reliability Engineering (SRE) principles and small Mean Time to Recover (MTTR) reduce downtime and improve recovery time from incidents, allowing us to swiftly resume normal operations. Our commitment extends beyond vigilant monitoring to prevent cloud leaks; it encompasses a comprehensive approach that extends to our employees’ workstations as well.

At the forefront of our security efforts, we have skilled internal investigators, intuitive internal trigger systems, and comprehensive training programs for our employees which involve participation in Capture the Flag (CTF) exercises to progressively hone their professional skills.

Our vision also extends beyond technology and innovation; it is rooted in a sense of social responsibility and a belief in the transformative power of entrepreneurship. True financial inclusion cannot be achieved through technology alone — it requires a holistic approach that addresses the multifaceted needs of underserved communities. That’s why we are committed to working hand-inhand with local stakeholders, regulators and community leaders to drive sustainable change from the ground up.

Through strategic partnerships and grassroots initiatives, we are working to build a more inclusive financial ecosystem that enables economic empowerment and social mobility. From providing financial literacy programs to helping consumers elevate their financial well-being, we are dedicated to creating more opportunities and making a significant difference in the lives of all Filipinos.

As we continue to grow, now with over 500 partner merchants, a presence in more than 3,000 stores nationwide, and a significantly expanded workforce. The company achieved an average Compound Monthly Growth Rate of 50 percent, a testament to the trust placed in our innovative financial solutions. Our mobile app grew by 82.5 percent, 20 times more than the active mobile app users compared to the previous year. We show robust market adoption and continued success with a staggering increase in applications and usage.

We aim to harness this upward trend to boost our momentum in the coming years. On top of our priorities in the immediate future is to position our company as a primary data source for various fintech companies and cover 75 percent of the market, including both good and bad debts, transactional data, and credit history. Innovation and customer satisfaction will take precedence in our advancements in lending, savings and investment services.

Our success is measured not just in financial terms but in our impact on people’s lives. This is the heart of our mission — to create a more equitable and prosperous society where everyone has the opportunity to thrive.

As we look to the future, we see boundless opportunities to drive positive change and foster inclusive growth in the Philippines and beyond. Through continuous innovation, strategic partnerships and a commitment to our mission, we are confident that we can make a meaningful difference in the lives of millions of Filipinos. Together, let us build a future where financial inclusion is not just a goal but a reality for all.