The Philippines is known for a lot of things. There’s the much-lauded level of Filipino hospitality, jeepneys, crystal blue oceans with white sands and of course, Balut!! But what the Philippines isn’t widely known for, at least not until now, is leading the curve when it comes to the adoption of technology. This is all changing through as the introduction of e-payments have made it easy for everyone to pay essential charges such as their utilities and their credit card bills. E-payments have also made it possible for citizens to pay their government bills more easily or to remit money overseas to loved ones. We sat down with one of those chosen few who has been privileged to work in such a dynamic environment, Vice President for International Platforms at PayMaya, Kenneth Palacios.
Hi Kenneth, could share something about yourself with our readers?
KENNETH: People find it easy to do business with me. I am straight forward, transparent and will always find ways to win together. I am a father to three very creative children, who always manage to convince me to drop everything to spend time with them, at least when I am at home. Running and cycling are the two sports I do regularly, it helps me focus and I find besting my fastest time or farthest distance a way of self improvement. The one thing I hold closest to my heart is my Faith. It defines who I am, what I do and where I am headed.
Who is your industry hero and why?
KENNETH: Jack Dorsey, founder of Twitter and Square. He is a person who has taken technology found a way to present it simply to people to gain massive adoption.
Which financial challenge/opportunity is front of mind for you going into 2016 and why?
KENNETH: Digitisation of Payments. In emerging markets where cash is still predominant, getting people to adopt to technology and use alternative forms of payment is a behavioural shift. Its building the right eco-system of business partners, technology platforms, relevant usage scenarios and value propositions to gain adoption. Its capturing the transaction from the moment one receives their money to the way they spend it to purchase products, pay their bills or to transfer to another person all within regulatory parameters.
What do you enjoy about your job at PayMaya?
KENNETH: Aside from working with the best people, it’s in our ability to bring solutions that people use and makes a difference in their lives.
Are there any cool projects that you’re currently working on that you could share?
KENNETH: Micro Merchant Acceptance. Its getting emerging market micro entrepreneurs an ability to accept payments beyond cash. What makes it interesting is that the technology approach needs to be simple and inexpensive but reliable and secure.
Kenneth will be hosting a 30 minute round table discussion on who will win the battle for remittances. To learn from Kenneth in person at his table, book your ticket now to attend the Financial Inclusion Summit Asia by clicking here
To find out more on the very latest developments for Cards & Payments Philippines 2016, track our agenda and our speaker developments, click here to find out more.