Indonesia-based financial technology firm Xendit, the fastest-growing payments infrastructure in Southeast Asia, plans to continue its growth momentum in the Philippines, almost a year after it entered the domestic market in December 2020.
Yang Yang Zhang, chief executive and managing director of Xendit Philippines, said in an online briefing several factors were encouraging the company to expand its operations in the country.
“The regulators [such as Bangko Sentral ng Pilipinas] are open to innovation and the Philippine economy is on the verge of a hyper growth,” Zhang said.
“The potential of the Philippine economy is great,” Zhang said. He said Xendit considers the Philippines a core market outside Indonesia.
Christian Reyes, chief operating officer of Xendit Philippines, said the firm would “focus on small and medium enterprises, which serve as the backbone of the economy.”
Zhang said the targeted goals for each sector of the new digital economy would include building long-term strategic partnerships to co-build innovative payment solutions; facilitating access to capital; and developing features and programs that cater directly to SMEs.