When it comes to technology, the Philippines has benefitted from knowledge and skill transfers from the many tech based enterprises that have since invested operations in the country. Through employment, training and the many certification programs that companies have invested in the direct human capital market, the number of technically skilled Filipinos has grown since the early 90s.
With tech enterprises needing technically qualified individuals, institutions and government aided certification programs have since churned out qualified Filipino professionals when it comes to IT, business and management.
Currently, technology and business certification offer the most lucrative careers in the country and as technology is progressing to an age of Artificial Intelligence movement that will define business application systems and software, the Philippines has a bright future when it comes to its skilled population of IT professionals.
AI and Blockchain
In last year’s Singapore FinTech festival, Blockchain has drawn the most attention due to its galvanizing property of being able to operate in a financial cycle system of governance with less human interaction as the governing artificial intelligence manages the financial cycle from accounting to remittance and financial data reporting.
What is blockchain? It is the digitized, decentralized, public ledger of all cryptocurrency transactions (such as Bitcoins) where the growing as ‘completed’ blocks aka “recent transactions” are recorded, filed in a chronological order without the need for a centralized governing system as transactions are automated in a streamlined function where the market and participants can even keep track of it via automated receipts.
In the Philippines, blockchain is thriving due to the rise of the cryptocurrency community of end-user as consumers and the many cryptominers who happen to be blockchain enthusiasts. With the concept of bitcoins and cryptocurrency not being foreign, it is a fundamental aspect of knowledge where enterprises with the pioneering spirit of tech startups can capitalize on. It is estimated that cryptocurrency will be around for the many decades to come as viable alternatives of currency and cash-less transactions in valutation is rising annually in Asia.
When it comes to digital transactions, the take up has been slow at first during the last decade but with the telecommunication companies in the Philippines investing networks and channels within the ripe eco-system of digital transactions, the rise of alternative payment merchants have also spurned the growth of e-commerce in the country.
Now, there are a number of successful online payment gateway in the Philippines and looking further ahead, cryptocurrency is also being pioneered by local companies such as coins.ph.
Governance
The country’s central bank and financial regulatory body known as the Bangko Sentral ng Pilipinas, has been very receptive to the concept of digital transactions where its support has allowed banks and financial entities to lay out the groundwork for a network digital payment system consisting of ATM terminals, online channels and online banking to be able to offer customers the means to transact online through debit or credit.
The FinTech festival, the BSP has demonstrated its openness to cryptocurrency and its potential to further stimulate the country’s economy through pioneering transactions with the use of alternative currency. With that intention, the central banks of Singapore and the Philippines have announced a joint initiative of creating a collaborative sandbox that will pioneer the cryptocurrency movement where its respective shareholders are free to develop, innovate and allocate resources within ethical means to be able to create an atmosphere of innovation.
With such practice, the stakeholders of each country’s respective banks must share and openly discuss their progress.
Emulating Singapore
Singapore is a global destination when it comes to Fintech due to the country’s tech culture cloud of promoting innovation due to the nation’s strong digital foundation consisting of infrastructure, telecommunications and tech-invested human capital.
For the Philippines, emulating Singapore’s success when it comes to being a destination for tech investments by tech enterprises will only help benefit the country’s economy and upgrade its global status as a tech destination.
Challenges of Artificial Intelligence
When it comes to the country’s IT-BPM and BPO industry, its capability to deliver under a shared service framework is based on technological capabilities – just as much as it is based on the skilled manpower required for delivery.
With the disruptive and soon to be director of business that is Artificial Intelligence, it will change business processes across industries. While robotics and blockchain fundamental technology will require less human intervention in order to facilitate end to end financial transactions, the concept of human interface will not disappear entirely. Instead, human interface will be needed to refine, program and if possible, override certain situations.
For BPO and IT-BPM, the jobs of tomorrow will require less entry-level data handling work and it will lead to a shrinking job market whose redundancy will be defined by artificial systems that are capable to replace and process more amount of work.
In upgrading the outsourcing industry’s human capital and its IT capabilities, the industry is future-proofing itself to be able to maintain its global destination for outsourcing. This time, by the mid 2020s, companies are projected to be outsourcing vertical and open-ended cloud infrastructure rather than focus on sheer manpower.
To prepare for a tomorrow where businesses are driven by artificial systems, a culture of innovation will allow the growth of the many opportunities in the near future when it comes to the many open-ended economies that are further enriched by capital driven and niche defined services or specialties that are operating in an environment governed by artificial intelligence.
Ezy Outsourcing Hub is a gateway service for businesses and fintech companies to be able to jump start their operations in the Philippines. Part of our outsourcing solutions in the Philippines consists of management and the recruitment of talented IT professionals. To get started, call AU 1300 77 88 62 or PH+63 917 5680402 | +63 917 5166897 or email us at contact@ezyoutsourcinghub.com.
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