Nine out of 10 startups fail” is a popular buzz phrase accepted by many as plain and simple truth, while some even say success is 99 per cent failure. For the past few years, Fintechnews has featured numerous startups in the Philippines engaged in fintech and blockchain and they were mostly about what they are. In this latest top 10 local fintech startups, it features some of those startups focusing on their achievements, present status, new innovations, and future plans.

With over 400 million individuals in Asia who will be expected to not use banking services, the FinTech startup industry has been seeing a boom in the emergence of innovative financial platforms geared towards helping the unbanked and emerging middle class further their livelihood.

The Fintech industry has had tremendous growth in the recent years, and Asia has maintained its position as the leader with fast evolving markets like China, India, Singapore, Hong Kong. Innovation continues at a breakneck pace with the addition of blockchain and cryptocurrency sub-categories in Fintech. Investments in the form of traditional and Initial Coin Offering (ICO) participation continue to stimulate this growth.

Through innovative business models, products and use of cutting-edge technologies such as artificial intelligence (AI), Big Data, digital identity and the Internet-of-Things (IoT), fintech companies are making significant progress in promoting financial inclusion, according to a new report co-authored by the International Finance Corporation (IFC), a sister organization of the World Bank and member of the World Bank Group.