- Singapore’s Tagit brings Digital solutions closer to Philippine market
- Tagit also plans to extend it services to the Philippine Government, which has embraced digital transformation as of means of offering valuable and meaningful government services
Tagit, a leading Digital solutions provider that enables local banks, government and enterprises to rapidly build secure, scalable and innovative digital applications, recently held its inauguration of its Regional Delivery Hub in the Philippines at Solaris One Building in Makati City.
Tagit’s expansion is a proof of the company’s commitment to the Philippines as Digital transformation efforts have been making a buzz in both private and public sectors looking to integrate the newest technology trends with their services.
“Tagit is betting on smart Filipino talent to build out its technical team that will enable Tagit to respond faster to customer needs, and will play key role in our regional strategy to provide innovative digital solutions to our customers,” said Sajjad Akthar, Chairman of Tagit Pte Ltd. The Philippines is one of Tagit’s core Regional Delivery Hubs for Tagit in Southeast Asia.
Since 2015, the company has acquired a respectable roster of local banking customers including Philippine National Bank (PNB), China Bank and UnionBank of the Philippines – EON. Mr. Sandeep Bagaria, Chief Executive Officer of Tagit Philippines, Inc. said, “We build award winning apps with a focus on innovation and engaging user experience. With the total number of mobile subscriptions at approximately 126% of the total population, Philippines is easily the fastest growing market for digital financial solutions.”
Tagit is a Leader in the 2015 Forrester Wave: Mobile Banking Solutions report and was ranked has been cited for its “rich support of mobile touch points, great support for integration and security and well-articulated product strategies and particularly planned enhancements. Last year, it was again recognized among the leading global solutions in the 2017 Forrester Wave: Digital Banking Engagement Platforms.
Kok Li Peng, Singaporean Ambassador to the Philippines mentioned, “It is a pleasure to have Tagit invest in the country as Singapore being one of the top investors of the Philippines as well as a fellow ASEAN member. We are trying to bring many of our own investors in the country. With the Philippines’ grasp of really rapid growth that needs a massive infrastructure boost in physical, digital, and connectivity. We are finally seeing this coming at the speed of construction rambling up in this administration.”
The Bangko Sentral ng Pilipinas (BSP) has undertaken initiatives to transform the local market into an advanced digital economy, targeting for 20% of Philippine transactions to be digital by 2020. By this time, BSP hopes to fulfill its cash-lite program whereby most financial transactions will become digital through increased smartphone penetration, the adoption of mobile money accounts and the launch of the Philippine National Strategy for Financial Inclusion.
“Digital innovations remain to be one of the priority agenda items of BSP in line with our vision for a responsive, efficient and inclusive financial system. This Tagit milestone further opens up new doors of opportunities for the Philippine Financial services industry to scale up their digital footprints through mobile banking technologies,” said Vicente T. De Villa III, Senior Director of Supervisory Data Center – Bangko Sentral ng Pilipinas.
Filipinos are actively embracing digital banking, demanding richer services and improved customer engagement. According to the 2017 Digital Banking Consumer Survey undertaken by PricewaterhouseCoopers, 82% of Filipinos aged 18-24 use smartphones. “This presents a very big potential for banks to engage the Filipino digital millennial. I just find this country very exciting and when I think of digital an innovation, I can’t think of better place than Philippines, where I can be really successful,” said Sandeep.
Tagit also plans to extend it services to the Philippine Government, which has embraced digital transformation as of means of offering valuable and meaningful government services. In February 2018, the House ICT Committee created a Technical Working Group (TWG) to fine-tune House Bill 262 seeking to create an e-Government structure in the Public Sector. This is in line with the E-Commerce Law that prescribes all government agencies to enable electronic filing, issue electronic approvals, accept electronic payments and issue guidelines on e-commerce implementation. Tagit plans to work on multiple Smart Nation initiatives, bringing best-in class practices to this high-growth segment.
