BSP promotes ‘co-opetition’ among banks, fintech firms

The Bangko Sentral ng Pilipinas (BSP) encourages healthy cooperative competition or “co-opetition” among banks and financial technology (fintech) companies that offer breakthrough systems to automate, expand and facilitate access to financial services.

“When the advantages of traditional banks, with their market size and operational scale, are coupled with fintechs’ organizational agility and technical know-how, resulting synergies could substantially improve the delivery of financial services to all Filipinos, especially the underserved,” said Governor Benjamin E. Diokno (right) during a forum hosted recently by the European Chamber of Commerce of the Philippines.

The event gathered key international stakeholders from the private and public sector, chief finance executives, and experts to discuss integration of machine learning, artificial intelligence, and big data analysis in the transformation of the financial services sector.

Photos on the left also show BSP Deputy Governor Chuchi G. Fonacier (top left) with other participants of the AI+ Financial Services, Future of FinTech Forum.