Savyint Proudly Sponsors World Financial Innovation Series (WFIS) 2025 Philippines as Bronze Sponsor
Savyint is honored to be a Bronze Sponsor of the World Financial Innovation Series (WFIS) 2025 Philippines, the premier fintech event in the ASEAN region, organized by Tradepass. The event will bring together over 600 leaders and experts from the finance, banking, and insurance sectors, representing more than 200 organizations across the region. The Philippines is at the forefront of the digital financial transformation, with the online lending market projected to reach USD 1.68 billion by 2027 and over 65 million e-wallet users expected by 2025. Additionally, electronic payments account for 52.8% of total retail transactions, reflecting the widespread adoption of digital technologies in financial services. This surge is driven by three key factors: supportive government policies, the rapid rise of fintech, and the growing demand for a comprehensive financial ecosystem. Initiatives led by the Bangko Sentral ng Pilipinas (BSP), such as the Open Finance pilot program and Project Nexus for enhanced cross-border payments, underscore the country’s commitment to fostering financial inclusion and sustainable development. Against this backdrop, WFIS 2025 Philippines, hosted by Tradepass, serves as a pivotal platform, uniting over 600 industry leaders and experts from 200 organizations. Under the theme “Bridging Financial Gaps for a Digitally Smart Philippines,” WFIS 2025 is more than an event—it is a hub for strategic collaboration and discussions on critical topics such as Open Finance, Central Bank Digital Currency (CBDC), and the application of AI and blockchain in financial services. With over 300 active fintech companies and online payments comprising 52.8% of retail transactions, WFIS 2025 is the ideal stage to shape the future of fintech in the Philippines and drive financial innovation. Over the course of two days, WFIS 2025 Philippines will feature a robust lineup of activities, including: As a Bronze Sponsor, Savyint is represented at the event by Mr. Steve Hoang, Chief Technology Officer, and Mr. Brad Palmer, Chief Operating Officer and Executive Vice President. Savyint’s leadership will engage with top regional executives, investors, and strategic partners, sharing insights on secure digital transformation, electronic identity, and building digital trust within the financial ecosystem. Mr. Brad Palmer stated: “WFIS 2025 is a vital platform for Savyint to connect with strategic partners in the region while reaffirming our long-term commitment to delivering advanced security, identity, and digital finance solutions. This event provides an opportunity to showcase our latest technologies, engage with banking and fintech leaders, and contribute to the secure and sustainable growth of the Philippines’ and ASEAN’s financial ecosystems.” With over 20 years of expertise in developing encryption, identity, and authentication solutions, Savyint offers the market’s most comprehensive authentication platforms, fully compliant with BSP Circular No. 1213. The company is dedicated to supporting the Philippines’ financial sector by implementing modern security standards, combating fraud, and fostering digital trust. Images from the event:
Security in Online Payments in the New Era
Online payments have rapidly become a preferred payment method in many countries worldwide. Alongside this trend, the demand for authentication and security has never been higher, aiming to protect transactions from increasingly sophisticated threats, ensure absolute safety, and maintain a seamless user experience. Over the past decade, the world has witnessed a powerful surge in e-commerce, smartphones, and high-speed connectivity infrastructure. Cashless payment habits have become an integral part of daily life. Bank cards, digital wallets, Apple Pay, Google Pay, QR codes, and cross-border payment platforms like Alipay+, WeChat Pay (China), and UPI (India) are used daily by millions for shopping, bill payments, and personal financial transactions. However, alongside this growth comes a downside: increasingly sophisticated cyberattacks. Cybersecurity reports highlight a significant rise in advanced attack methods, from phishing scams and malware on mobile devices to OTP theft, creating an urgent need for financial service providers, banks, and payment organizations to enhance authentication and transaction security measures. Popular Authentication Methods Today Currently, many countries employ Multi-Factor Authentication (MFA), which applies at least two of three factors: Something you have (e.g., a device or OTP), Something you know (e.g., a password or PIN), and Something you are (e.g., biometric data like fingerprints, facial recognition, or iris scans). For example, in India, the Reserve Bank of India (RBI) mandates two-factor authentication (2FA) for all online transactions, typically combining OTP with a PIN. In the UAE, OTPs delivered via SMS or email are a common authentication method for financial transactions. However, OTPs and PINs are increasingly vulnerable, becoming prime targets for cyberattacks, paving the way for new, more secure, and efficient authentication trends. Trends in Online Payment Security Biometrics is considered a significant advancement in authentication security today. When a user registers, their device generates a pair of security keys: a private key stored on the device, unlocked only through biometric authentication, and a public key stored on the payment network. During a transaction, the device signs the request with the private key, the network verifies it with the public key, and the result is sent to the bank. This process shifts authentication from the bank to the payment network or a third party, reducing the risk of OTP theft and providing a smoother user experience. In addition to biometrics, securing payment applications on mobile devices is another critical piece of the security puzzle. For instance, Google Play Protect, Android’s default security layer, can scan apps and detect known malware at the operating system level. However, it lacks the ability to identify sophisticated in-app fraud, such as fake keyboards, unauthorized access, or zero-day attacks. Advanced app-level security solutions enable real-time detection and response to threats, from blocking suspicious transactions to adjusting security policies based on the usage environment. As online payments continue to thrive, biometrics and mobile payment protection technologies are emerging as inevitable trends, strengthening transaction security, reducing cyber risks, and delivering a seamless, reliable payment experience. This marks a significant step toward a future where every online transaction is comprehensively protected, providing absolute peace of mind for both users and businesses. Savyint – Setting New Standards for Strong Authentication and Payment Security Amid increasingly stringent requirements for payment security and user authentication, Savyint—a global technology company specializing in open banking, data security, and advanced security solutions—is ready to deliver authentication and payment security solutions that meet rigorous national and international standards. With a focus on passwordless strong authentication (Passwordless FIDO2, PKI Passwordless, SmartOTP Passwordless), Savyint builds a comprehensive, easily integrated ecosystem of solutions, enabling financial institutions, fintech companies, and service providers to optimize user experience while meeting international standards. These include: All solutions are designed to strictly comply with international standards such as FIDO2, PSD2, eIDAS, GDPR, and PCI DSS, offering rapid deployment, compatibility with existing infrastructure, and the highest level of security. Connect with Savyint’s experts today to start building a secure payment ecosystem