The Philippines has seen over US$33 billion in remittances from Filipinos working overseas last year, and an even bigger domestic flow of over US$40 billion as people in the provinces move to metro areas to find work.

Southeast Asia is a region that presents booming potential for Fintech right now. After all, the region has a population of more than 640 million people with around 50% of its population under 30 years old. Along with the robust macroeconomic growth the countries are experiencing, the young, digitally-savvy population will help to stimulate middle-class spending, in turn driving demand for financial services.

MIKKO PEREZ IS THE FOUNDER AND CEO OF AYANNAH – A LEADING PROVIDER OF DIGITAL FINANCIAL SERVICES TO THE WORLD’S EMERGING MIDDLE CLASS, MOST OF WHOM ARE MIGRANTS OR UNBANKED COMING FROM THE BASE OF THE PYRAMID.

The rise of fintech in the region has been fueled by Southeast Asia’s expanding economies, young-urban-digitally-savvy populations and rising mobile and Internet penetration. Since the past years, several homegrown fintech players have risen to notable size and gained international traction.