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Fintech Alliance.PH and BSP Deepen Commitment to Philippines Digital Finance

The Fintech Alliance.PH, the Philippines’ fintech organisation, engaged with the Bangko Sentral ng Pilipinas (BSP), signalling a strengthened partnership to bolster the nation’s digital financial ecosystem. This courtesy visit was an avenue to reflect on the fintech industry’s growth, spotlighted in the 2023 Philippine Fintech Report.

BSP Governor Eli Remolona Jr. and Fintech Alliance.PH agreed to further their collaboration to augment the Digital Payments Transformation Roadmap. This plan targets the digitisation of 50% of retail payments and aims to bring 70% of adult Filipinos into the formal financial system by the end of the previous year.

The meeting highlighted the increased adoption of digital finance in the Philippines and the expansion of the fintech sector, as evidenced by the Philippines Fintech Map 2023, which identifies 285 fintech companies.

Lito Villanueva

Lito Villanueva, Fintech Alliance.PH founding chairman stressed the importance of the alliance’s ongoing engagement with regulatory bodies to steer the future of fintech in the country.

“We are thankful for the continued support from Governor Remolona and the BSP in our collective pursuit of a sustainable digital economy,”

said Lito.

He emphasised the potential impact of their joint efforts on the nation’s progress towards more comprehensive digitalisation and financial inclusiveness.

The visit also included the oath-taking of the new Fintech Alliance.PH trustees demonstrate the breadth of industry and expert representation within the organisation.

Featured image credit: Edited from Fintech Alliance.PH