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Philippine banks lag Asian rivals as digital race intensifies

Singapore and Malaysian institutions outspending Philippine banks

A 2017 survey found that only around 23% of Filipinos own accounts in financial institutions, but rising smartphone penetration could change that. (Photo by Cliff Venzon)

MANILA -- Philippine banks risk being left behind as higher spending Asian rivals and fintech innovators set their sights on the country's nascent digital finance market.

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