CARK FREEPORT – “Let’s go digital!”
Thus, said Rene G. Romero, director of the Pampanga Chamber of Commerce and Industry, Inc. (PamCham), during the Balitaan media forum organized by the Capampangan in Media, Inc. (CAMI) in cooperation with the Clark Development Corp. (CDC) at the Bale Balita here last Friday.
As we try to adapt to the new normal, Romero said let us not wait “until we are left behind by other countries” to go digital. “Financial technology is now the thing,” he said.
“We are lucky because we have our own kababayan, Denis Uy, that is leading in the internet technology,” he said.
Uy’s company Converge is one of the leaders in the fiber optic internet technology in the country under the program “fiber to the home.”
The pandemic has left us with no choice but to go digital because we were under lockdown and sheltering in place, he said.
Romero, who is also the president and CEO of the ROMAC Group of Companies, said as early as 10 years ago he already went digital. “I can monitor my companies and their transactions anywhere in the country in my office in Angeles,” he said.
He said at the moment, the BPO industry contribute some $26 billion to the Philippine economy. But Romero said artificial intelligence (AI) will soon take over the business process outsourcing (BPO) industry in the country. AI is very reliable ad has evolved into fintech, he said.
Financial technology (FinTech) has become very popular especially among our young citizens, he said.
Fintech is used to describe new tech that seeks to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners and consumers better manage their financial operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones.
Accordingly, when fintech emerged in the 21st Century, the term was initially applied to the technology employed at the back-end systems of established financial institutions.
Since then, however, there has been a shift to more consumer-oriented services and therefore a more consumer-oriented definition. Fintech now includes different sectors and industries such as education, retail banking, fundraising and nonprofit, and investment management to name a few.
“But we need further research and development. We need to move forward, we can’t rely anymore on the old system,” he said.
“That is why now there is GCash, Grab, Toktok, Lalamove which are all doing well,” he added.
