The transaction value in the 'Neobanking' segment of the fintech market in the Philippines was forecast to continuously increase between 2024 and 2028 by in total 6.1 billion U.S. dollars (+73.49 percent). After the tenth consecutive increasing year, the indicator is estimated to reach 14.37 billion U.S. dollars and therefore a new peak in 2028. Notably, the transaction value of the 'Neobanking' segment of the fintech market was continuously increasing over the past years.
Data provided by Statista Market Insights are estimates.
Definition:
A neobank is a type of challenger bank that operates solely digitally. Neobanks are newly established banks that do not belong to large conventional banks. They do not have any physical branches and can provide their services both via mobile or desktop devices. They require their clients to go through a digital onboarding process, most frequently via smartphone. Neobanks can be of two types: those which have a banking license and those that do not.
Additional Information:
The most popular neobanks include Revolut, Chime, Nubank, N26, and Monzo.
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Statista. (January 22, 2024). Transaction value of neobanking in the Philippines from 2018 to 2028 (in billion U.S. dollars) [Graph]. In Statista. Retrieved November 23, 2024, from https://www.statista.com/forecasts/1347571/philippines-neobanking-transaction-value
Statista. "Transaction value of neobanking in the Philippines from 2018 to 2028 (in billion U.S. dollars)." Chart. January 22, 2024. Statista. Accessed November 23, 2024. https://www.statista.com/forecasts/1347571/philippines-neobanking-transaction-value
Statista. (2024). Transaction value of neobanking in the Philippines from 2018 to 2028 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: November 23, 2024. https://www.statista.com/forecasts/1347571/philippines-neobanking-transaction-value
Statista. "Transaction Value of Neobanking in The Philippines from 2018 to 2028 (in Billion U.S. Dollars)." Statista, Statista Inc., 22 Jan 2024, https://www.statista.com/forecasts/1347571/philippines-neobanking-transaction-value
Statista, Transaction value of neobanking in the Philippines from 2018 to 2028 (in billion U.S. dollars) Statista, https://www.statista.com/forecasts/1347571/philippines-neobanking-transaction-value (last visited November 23, 2024)
Transaction value of neobanking in the Philippines from 2018 to 2028 (in billion U.S. dollars) [Graph], Statista, January 22, 2024. [Online]. Available: https://www.statista.com/forecasts/1347571/philippines-neobanking-transaction-value
