Traditional industries need to embrace tech, experts say

PHILIPPINES: Employees in traditional industries such as accountancy need to upskill and boost their digital know-how, experts at the first Philippines Fintech Festival said.

Organised by Digital Pilipinas, the festival brings together innovators, entrepreneurs, and policymakers.


Emmanuel Bonan, COO and vice chair of audit firm KPMG Philippines said that workers in traditional fields need to upgrade their skills and be more technology-oriented.


“We know that the next frontier for accountancy is not [in] counting, but in accountants who are savvy in analytics, accountants who know how to use blockchain, accountants who know how to program bots to do financial transactions,” Bonoan said.


Insurance company Etiga Philippines’ CEO Rico Bautista agreed, saying, “We want to use technology in reaching out to more of our target market."


Bautista also explained that industries and companies need to be aware of the trends that can help capture their target markets, especially in Web 3.0.


Meanwhile, George Royeca, CEO of ride-hailing platform Angkas said that technology could also empower the masses.


“Imagine if we can extend this to the 18 million motorcycle riders who all (come from) low-income households? That is our next goal and how we will use digitalisation,” Royeca said.

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