Pantia, Patrik Oliver E.

ACRESEARCH 1
BSA – 4 8/27/2021
The Impact of FinTech Companies on the Banking Business in Cotabato City
Banks and other financial institutions have been around for a long time, and their importance in
one's economy and people is immeasurable. They offer a wide range of financial services that
benefited communities for ages. In 2019 Manila was ranked one of the world's friendliest cities
for fintech startups, and it was praised for its solid English-language abilities and well-
established outsourced businesses; and as a result of notable developments and agreements in
2019, the fintech industry in the Philippines is likely to continue rising in 2020. (Fintechnews
Philippines, 2020).
Financial Technology or sometimes called "FinTech" or "fintech," is a technology and innovation
that tries to compete with the existing means of providing financial services to deliver better
financial services to consumers. Financial services are becoming more accessible to the general
population through smartphones for banking, investing, borrowing services, and
cryptocurrency. Especially in this pandemic, lockdowns and quarantines are prominent, thus
limiting the physical operations of banks and similar institutions, making fintech companies like
Pay Maya, MarCopay, PhonePera much more accessible.
The paper aims to seek if the emergence of fintech companies threatens the banks and other
financial institutions in Cotabato city. Preparations or countermeasures are done by banks to
address such threats as financial service providers. Furthermore, the study will be conducted
through inquiries and interviews of selected banks and other financial institutions within the
locality.

References
Alterkawi, M. A., & Bittar, T. (2019). The Impact of FinTech Companies on Financial Institutions in
Sweden.

Fintechnews Philippines. (2020, May 13). Top 7 Fintech Startups in the Philippines for 2020 - Fintech
Singapore. Retrieved from Fintech Singapore:
https://fintechnews.sg/38481/fintechphilippines/top-7-fintech-startups-in-the-philippines-for-
2020/

Wikipedia contributors. (2021, August 23). Financial technology. Retrieved from Wikipedia, The Free
Encyclopedia.: https://en.wikipedia.org/w/index.php?
title=Financial_technology&oldid=1040237765