Over the previous week, the Department of Foreign Affairs (DFA) recorded 145 new Covid-19 cases…
‘Within two years, consumer apps will reign supreme among Filipinos.’
MANILA, Philippines — In two years, consumer-centric apps will likely remain the public’s darling, thanks to the Philippines’ expanding startup industry.
Filipinos, according to Lester Lim, country director of SHAREit Philippines, are still interested in apps that improve the customer experience, such as the introduction of financial apps. At the start of the epidemic, these apps gained center stage since Filipinos’ mobility was so limited that they had no alternative but to rely on digital wallets like GCash to meet their spending demands.
“It will concentrate on consumer apps for at least the next two years. Other countries’ content will continue to be consumed by us. They plan to expand into the Philippines, while we’re working on exporting our own startups. We’re only seeing the beginning of it “In an interview with Philstar.com, he stated.
Despite his comfortable new position, Lim is no stranger to the startup environment. His nomination to lead SHAREit’s activities in the Philippines fills a unique void in the Philippines’ tech industry. For one thing, SHAREit is popular among Filipinos, particularly Android users, because it is the largest peer-to-peer file-sharing network. Pre-pandemic, the app’s popularity allowed it to transition into a middleman (or, as Lim puts it, a digital plumber) for enterprises both locally and internationally.
They assist businesses to expand their customer base by allowing SHAREit users to transfer apks to other SHAREit users without having to download them from app stores. According to Lim, SHAREit has a large user base in various countries, including the United Arab Emirates, Egypt, and South Africa.
Lim is a skilled observer due to his familiarity with technology.
According to the Philippine Venture Capital Report 2022, startups in the Philippines were able to raise $1.03 billion in the capital in 2021, up 179 percent from the previous year. Fintech firms accounted for the majority of deal activity in the same time period, accounting for 77% of the total value.
Fintech apps, which include digital banks, are still popular among Filipinos. According to Lim, the public’s appetite for consumer apps will continue for the time being, but that might change quickly when funding from local venture capitalists arrives, indicating that the Philippines is ready to become a “tech exporter.”
“The Philippines is a very consumer-oriented country, and we still spend a lot. In two years, I see that [trend]. It can alter drastically in that short amount of time “he stated
This shift could be influenced by entrepreneurs and developers. This may take some time since these ventures must first generate significant interest, which will allow them to feel at ease before growing, as is the case with regional neighbors such as Indonesia, which has seen an explosion of new startups in recent years.
Lim believes that domestic entrepreneurs can compete with Indonesian startups, which have been able to spread their offerings regionally.
“Right now, we’re just attempting to validate alternative theories,” Lim explained.
“The overall sense, at least in the homegrown startup sector,” he continued, “is that they’re enthusiastic to expand locally first, then go outside.”