Last week marked a significant step forward in transforming the financial infrastructure of the Philippines. As I reflect on the launch of Higala, the first inclusive instant payments system in the country, I am profoundly excited about what it represents for the future of our nation’s economy.

The transformative power of instant payment systems lies in their ability to democratise financial services. By lowering the barriers to entry, these services can offer a lifeline to those who have traditionally been excluded from the financial mainstream. It’s not merely about facilitating quicker transactions but about creating opportunities for millions to engage in the economy on terms that were previously unattainable.

Imagine a scenario where every Filipino, regardless of their socio-economic status or geographic location, has instant access to financial services no matter where they bank. This isn’t just convenient; it’s life-changing. It means that a farmer in a remote area can receive payment for his produce instantly into his rural bank account without hefty transaction fees or a vendor in a bustling city can manage her earnings within her e-wallet more efficiently and securely.

This vision is what excites me: the prospect of an economy where no one is left behind. With each transaction that bypasses traditional banking hurdles, we are slowly but surely paving the way for a more inclusive economic environment. The ripple effects of such a system are profound—improving household financial stability, fostering small business growth and ultimately driving national economic development.

The beauty of inclusive instant payments lies in their simplicity and the doors they open. By removing complex barriers, we are paving the way for everyone to participate more fully in the economy. This not only enhances individual lives but also strengthens our national economy.

Moreover, the impact extends beyond individual financial health. These systems have the potential to enhance transparency, reduce corruption and increase the overall velocity of money in the economy. Each of these elements is crucial for the Philippines as we aim to foster a more robust, dynamic and equitable economic future.

Launching Higala was a deeply personal milestone. With each transaction it facilitates, Higala isn’t just moving money; it’s weaving a more inclusive economic narrative. I imagine the countless individuals whose daily lives will be transformed: the small-scale vendor, like my mom in her past life, who can now seamlessly and cheaply receive payments from miles away, or the young entrepreneur in a remote area now connected to a world of possibilities, much like myself when I started.

As I reflect on the paths carved by many technological revolutions that came before including the work we did building PayMongo in my previous startup life, I am filled with optimism about what we can achieve next. Just as mobile phones brought banking to the pockets of millions in Africa, inclusive instant payment systems like Higala can redefine economic participation for countless Filipinos.

The journey towards a fully inclusive financial system is undoubtedly filled with challenges. Yet, the promise it holds for a real lasting change makes it an exciting prospect. As we navigate this path, the focus must remain on leveraging technology not just for innovation’s sake but as a means to an end—the end being a society where no one is left behind.