This study formulated a strategic plan for a financial technology start-up company in the Philippines. The business model involves selling airtime prepaid loads and mobile top-ups, channel and medium for various remittance and financial institutions, and Artificial Intelligence (AI) capable system that gives assistance and basis to its users for granting of loans. The FinTech industry is a fast-emerging industry in the county. The Philippine government pushes and backing up the financial inclusion and digitization programs aiming to simplify and bring ease and convenience of doing business which brings stiff competition among FinTech companies. The emerging market and stiff competitors can bring disadvantage position, thus strengthening marketing initiative campaign will be the best strategy for the company. Based on the strategic management tools and gathered data, market penetration will be the best strategy for the FinTech company to sustain performance. The marketing campaigns and use online social media platforms must be utilized to do promotions and advertisements. Specific action plans to achieve the company's objective is to create social media accounts and increase its presence on all social media platforms. The creation of short audio-visual presentations and videos will inform, and educate the targeted market about the company, and its product and services. The videos will be also used to inform the market about the importance and advantage of doing online transactions. The implementation of the strategies and program plans is expected to bring a FinTech company to a better position and can be the leading and most trusted financial solution providers in the country.
Financial Technology, strategic plan, startup company, FinTech
Angelo Efren G. Ngo. A financial and business professional with over 10 years of progressive experience in a non-bank financial industry. Graduate of B.S. Accountancy and Master in Business Administration. He works as General Manager of Peraquel Inc. and serves as Business Development Head of Raquel Group of Companies Inc. Corresponding email:
plukangeloefrenngo@gmail.com
Abadilla, Doris Dumlao. (2020, February 11). Gearing to become next hotbed for FinTech. Philippine Daily Inquirer.
https://business.inquirer.net/290279/gearing-to-become-next-hotbed-for-fintech#ixzz6atzoXudR
Anifa, Mansurali, Swamynathan Ramakrishnan, Shanmugan Joghee, Sajal Kabiraj, & Malini Mittal Bishnoi (2022). Fintech Innovations in the Financial Service Industry. Journal of Risk and Financial Management 15: 287. https://doi.org/10.3390/jrfm15070287
Asia-Pacific Economic Cooperation (2022). Public Policy, Fintech and SMEs: Recommendations for Promoting a New Financing Ecosystem. APEC Small and Medium Enterprises Working Group.
Ayannah (2018). Money remittance. https://vulcanpost.com/636041/ayannah-ph-money-remittance/
Ayman Mansour Khalaf Alkhazaleh (2021). Challenges and Opportunities For Fintech Startups: Situation In The Arab World. Academy of Accounting and Financial Studies Journal. Volume 25, Issue 3, 2021
Bangko Sentral ng Pilipinas (2009). Bangko Sentral ng Pilipinas Circular No. 649 https://www.bsp.gov.ph/Regulations/Issuances/2009/m031.pdf
Bangko Sentral ng Pilipinas (2020). 911 risk management. https://morb.bsp.gov.ph/911-risk-management/
Bittini, J. S., Rambaud, S. C., Pascual, J. L., & Moro-Visconti, R. (2022). Business Models and Sustainability Plans in the FinTech, InsurTech, and PropTech Industry: Evidence from Spain. Sustainability, 14(19), 12088. MDPI AG. Retrieved from http://dx.doi.org/10.3390/su141912088
Development Bank of the Philippines (2020). Multi-channel approach keys DBP’s cash aid disbursement. https://www.dbp.ph/newsroom/multi-channel-approach-keys-dbps-cash-aid-disbursement/
Emerhub (2018). 5 reasons to start a FinTech company in the Philippines. https://emerhub.com/philippines/fintech-company-philippines/
Emerhub (2018). Philippines FinTech Regulations. https://emerhub.com/philippines/fintech-company-philippines/
FinTech News Singapore (2016). Top 24 FinTech start-ups by Forbes Philippines. https://fintechnews.sg/5978/fintechphilippines/top-24-fintech-startups-forbes-philippines/
FinTech News Singapore (2018). Top 10 FinTech start-ups in Philippines 2018. https://fintechnews.sg/20428/fintechphilippines/top-10-fintech-startups-in-philippines-2018/
Forbes Magazine (2019). The FinTech revolution. https://www.forbes.com/sites/esade/2019/07/30/the-fintech-revolution-who-are-the-new-competitors-in-banking/#2649c4601161
Gimpel, H., Rau, D. & Röglinger, M. (2018). Understanding FinTech start-ups – a taxonomy of consumer-oriented service offerings. Electron Markets 28, 245–264. https://doi.org/10.1007/s12525-017-0275-0
Grit Ph. (2020). Can banks and FinTech bring environmental accountability to their everyday purchasing decisions? https://grit.ph/money-transfer/
Haddad, C. & Hornuf, L. (2023). How do fintech start-ups affect financial institutions’ performance and default risk? The European Journal of Finance, DOI: 10.1080/1351847X.2022.2151371
KMC Solutions (2020). The emerging FinTech Sector in the Philippines. https://kmc.solutions/blogs/the-emerging-fintech-sector-in-the-philippines/
KPMG (2019). The truth about customer loyalty. https://home.kpmg/ph/en/home/insights/2019/12/the-truth-about-customer-loyalty.html
KPMG India (2016). Fintech in India A global growth story. KPMG Network
Kurt Walker. (2020). Top 6 global FinTech trends of 2020. https://fintechweekly.com/magazine/articles/top-6-global-fintech-trends-of-2020
Law Phil Project. (2019). The minimum requirement for E-money issuer BSP Circular 649 series of 2009. https://lawphil.net/statutes/repacts/ra2019/ra_11293_2019.html
Lee, I. & Shin, Y. (2017). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons. 0007-6813. http://dx.doi.org/10.1016/j.bushor.2017.09.003
National Economic Development Authority. (2017). http://pdp.neda.gov.ph/wp-content/uploads/2017/01/PDP-2017-2022.pdf
National Economic Development Authority. (2020). Philippine Pandemic recovery https://www.neda.gov.ph/harnessing-digital-technologies-can-help-philippines-overcome-impact-of-pandemic-hasten-recovery/
National Privacy Commission (2020). Appointing a Data Protection Officer https://www.privacy.gov.ph/appointing-a-data-protection-officer/
News Byte Philippines. (2020). https://newsbytes.ph/2020/10/13/bsp-bares-digital-payments-transformation-roadmap/
Philippine News Agency. (2020).https://www.pna.gov.ph/articles/1113235
Quimba, F.A., Barral, M.A. & Carlos, J. (2021). Analysis of the FinTech landscape in the Philippines. PIDS Discussion Paper Series, No. 2021-29, Philippine Institute for Development Studies (PIDS), Quezon City
Ruhland, P. & Wiese, F. (2022), “FinTechs and the financial industry: partnerships for success”, Journal of Business Strategy. https://doi.org/10.1108/JBS-12-2021-0196
Rylida, V., Makararavy, T. & Leakhena, C. (2020). Financial Technology Landscape in the Kingdom of Cambodia Technical Report. Techno Startup
Schellhase, J. & Garcia, A. (2019). FinTech in the Philippines: Assessing the State of Play. Milken Institute.
Siddiqui, Z., & Rivera, C. A. (2022). FinTech and FinTech ecosystem: A review of literature. Risk Governance and Control: Financial Markets & Institutions, 12(1), 63–73. https://doi.org/10.22495/rgcv12i1p5
Statista (2023). Total value of investments into fintech companies worldwide from 2010 to 2022. Retrieved from: https://www.statista.com/statistics/719385/investments-into-fintech-companies-globally/
Thales Group (2019). Can Banks and FinTech bring environmental accountability. https://dis-blog.thalesgroup.com/financial-services/2019/08/08/can-banks-and-fintech-bring-environmental-accountability-to-their-everyday-purchasing-decisions/
Vandenberg, P., Hampel-Milagrosa, A. & Helble, M. (2020). Financing of Tech Startups in Selected Asian Countries. ADBI Working Paper Series, No. 1115
Vogels, E. (2019). Millennials stand out for their technology use, but older generations also embrace digital life. Pew Research Center.
Wang, R. (2022). Business Model Innovation in Swedish FinTech Industry A case Study of Klarna. KTH Royal Institute of Technology.
Cite this article:
Ngo, A.G. (2023). Formulation of strategic plan for a financial technology startup company. International Journal of Academe and Industry Research, 4 (1), 46-79. https://doi.org/10.53378/352974
License:
This work is licensed under a Creative Commons Attribution (CC BY 4.0) International License.
