BSP fosters digital transformation of financial services

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the central bank is continuously working towards a more dynamic, digital, and inclusive financial system.

During the recent General Membership Meeting of the Money Market Association of the Philippines, the Governor said in a speech delivered for him by BSP Deputy Governor Chuchi Fonacier, “Last October, the BSP issued the 2020-2023 Digital Payments Transformation Roadmap which charts initiatives toward an efficient, inclusive, safe, and secure digital payments ecosystem.”

Under the roadmap, the BSP is working with stakeholders towards converting at least half of retail payment transactions into digital form and onboarding at least 70 percent of Filipino adults to the financial system through the ownership and use of transaction accounts by 2023.

According to Governor Diokno, the BSP has also put in place a framework for establishing digital banks.

“We believe that the introduction of such institutions will increase efficiency in the delivery of financial products and services and provide greater access to currently unserved and underserved market segments,” he explained.

Aside from the digital transformation of financial services, Gov. Diokno also identified sustainable finance, reforms on key financial market benchmarks, the supervisory assessment framework, and the BSP’s legislative agenda as priority areas.