Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the establishment of a digital banking framework is particularly relevant as billions of people affected by the pandemic are driving a historic and dramatic shift in consumer behavior.
Bangko Sentral ng Pilipinas and French Agency Tie up to Boost Financial Inclusion in the Philippines
The grant from the French Development Agency is expected to enhance the BSP’s initiatives to empower marginalized sectors in the Philippines by providing them access to financial products and services.
Expanded collaboration will offer outbound and inbound money transfer services through Cebuana Lhuillier mobile app.
The measure will promote financial inclusion and literacy especially to those living in rural and underdeveloped areas to ensure equitable access to financial technology.
The value of transactions using the QR (quick response) technology via the national QR code standard reached almost P1 billion as of end-May, as more Filipinos embrace digital channels amid the pandemic.
The system's online authentication and e-KYC will enable a more seamless digital onboarding, making it easier for clients to open an account.
Experian and FinScore to Raise Financial Inclusion in the Philippines via Alternative Credit Scoring
Through this partnership FinScore will intensify its focus on delivering alternative credit scoring to help financial institutions reduce high default rates and prevent fraudulent activity.
The program is designed to increase climate lending by participating banks in Egypt, Mexico, the Philippines, and South Africa to 30 percent of their portfolios by 2030.