Author: Johanan Devanesan

This month, the Bangko Sentral ng Pilipinas (BSP) issued the latest rules outlining the minimum digital identification and verification requirements for financial institutions, otherwise known as electronic ‘know-your-customer’ procedures, or e-KYC. Seeking to promote seamless identity verification and customer due diligence, the central bank designated the national Philippine Identification System (PhilSys) as an acceptable e-KYC system, meeting all of its regulatory requirements.  The Philippines and its progressive central bank are making great strides to prepare the country’s digital future, particularly in terms of efficient digitised services at both governmental and private sectors — along with promoting financial inclusivity for all…

Of the many branches of fintech that can benefit society, the Philippines recognised the need to embrace digital payments as a means of fostering financial inclusion and economic growth. In response, the Bangko Sentral ng Pilipinas (BSP) launched the Digital Payments Transformation Roadmap (DPTR) 2020-2023, outlining key strategies to accelerate the adoption of digital payments in the country, over the course of three years.  According to then-BSP governor Benjamin E. Diokno, the central bank intended the Roadmap to be a blueprint for “achieving an efficient, safe, and inclusive payments ecosystem.”  With the original roadmap direction now nearing completion in 2023,…

For a developing fintech market like the Philippines, 2022 was yet another year of groundbreaking developments and impressive growth. The Philippines has a youthful population, and digital literacy is rapidly on the rise across the sprawling collection of islands. Fintech solutions and startups are helping meet economic needs and establishing connections throughout the Philippines, and this gradual but progressive growth has never been more evident as it was in 2022. From blockbuster funding reveals to advancements in digital currencies on the blockchain, 2022 was an exciting year for developments affecting the fintech space in the Philippines. Funding growth for Philippines…

The digital payments landscape in the Philippines has undergone significant growth and evolution in recent years. In 2015, the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, introduced the National Retail Payment System (NRPS) to promote the development and use of electronic payments across the archipelago of islands.  This system has helped to increase the availability and accessibility of digital payments, with varied options in the Philippines. This growth would have been surprising in a country that has traditionally been slow to embrace modernisation of tried-and-tested mainstream systems, such as cash. It had been a cash-first society for the…