Blockchain plays a pivotal role in the success of this microfinancing model, from transparency, security, and efficiency to serving as a strategic tool in capital markets and global financial inclusion.

Visa recently teamed up with Oxfam America to serve as a payments partner in the Philippines, Columbia, Puerto Rico and Kenya.

The investment will enable Voyager to grow its platform and offer integrated, end-to-end digital financial services to consumers, micro, small, and medium-sized enterprises (MSMEs), and large enterprises.

Under the terms of the agreement, CIMB Bank Philippines will leverage Zoloz's eKYC solution for frictionless user onboarding and enhanced payment experience, making financial services more accessible and inclusive to Filipinos.

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.

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.

"COVID-19 has underscored how important digital systems and contactless transactions are for economic resilience."

While the COVID-19 pandemic has increased usage of digital payments, there has been an observed increase in attempts at scams and financial crimes.

Online payments have been slow to take off in the Philippines, where cash has long been king.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno championed the use of e-payments amid the Luzon-wide, enhanced community quarantine (ECQ) to minimize face-to-face transactions and prevent the spread of COVID-19.