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Mobile phones, 'tingi' economy help fintech thrive in Philippines

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ABS-CBN News

<figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/_1hGIyIX8" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div><p>MANILA - Widespread use of mobile phones and a &quot;tingi&quot; or sachet culture in retail provides a fertile environment for financial technology companies, an industry stakeholder said.</p><p>Financial technology or fintech aims to make services &quot;quicker, more convenient, cheaper and smarter,&quot; said Anthony Thomas, president of Mynt, a unit of Globe Telecom that partnered with China&#x27;s Ant Financial for a mobile payment service in the Philippines.</p><ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/10/25/17/jack-ma-ph-can-ride-new-tech-revolution-despite-internet-woes">Jack Ma: PH can ride new tech revolution despite internet woes</a></li></ul><ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/10/25/17/globe-launches-cashless-payment-service">Globe launches cashless payment service</a></li></ul><p>&quot;Millennials who grew up with smartphones and social media are looking for a way to solve their daily problems,&quot; Thomas told ANC&#x27;s On the Money.</p><p>&quot;Filipinos like transacting in small amounts, sachet qualities and they like doing it frequently and that’s easily solved with the mobile phone-based delivery,&quot; he added.</p><p>Mynt is also looking at technologies from Ant, owned by billionaire Jack Ma, for a potential foray into remittances.</p><ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/02/15/18/remittances-hit-record-high-in-december-2017">Remittances hit record high in December 2017</a></li></ul>

<p>Widespread use of mobile phones and a "sachet" culture in retail provides a fertile environment for financial technology companies, an industry stakeholder said.</p>

Widespread use of mobile phones and a "sachet" culture in retail provides a fertile environment for financial technology companies, an industry stakeholder said.