MSNBC reports that over “5.5 million Filipinos now use their cell phones as virtual wallets, making the Philippines a leader among developing nations in providing financial transactions over mobile networks.”

Not really a surprise, considering that there are over 41 million mobile users in a country of at least 85 million. Local service operators have set up e-wallet services to take advantage of the large Filipino OFW population looking for a secure and prompt way of sending money back home to their loved ones.

Despite the lack of apparent high-technology in the Philippines, I really believe that technology-based companies can thrive in the country. It’s just a matter of taking an approach and using marketing that suits the population’s needs and tastes.

What do you think?