Citing data from credit reporting company TransUnion dated March 2021, Sen. Grace Poe said 44 percent of Filipinos have been targeted by digital fraud while fraud attempts against businesses have risen by 31 percent.
The Open Finance model assigns greater control to customers over their own data, enabling them to allow third-party providers access to their data across multiple financial products and services.
The Bangko Sentral ng Pilipinas (BSP) has also reminded banks and e-wallet providers to enhance their surveillance and monitoring measures to deter digital vote-buying and selling schemes in relation to the upcoming elections in May 2022.
At the same time, the BSP said it will also “recalibrate” its approach in handling applications from non-bank institutions for new EMI (electronic money institution) or e-wallet licenses.
The Bangko Sentral ng Pilipinas (BSP) said it is eyeing offline digital payment solutions to enable transactions without the need for Internet connection in an effort to boost financial inclusion in off-grid areas.
The central bank said using digital money as an alternative means of giving cash gifts is highly recommended to reduce physical contact and virus transmission between giver and receiver.
Much of these initiatives were implemented or initiated under the late BSP governor Nestor Espenilla, who vigorously pushed for the adoption of digital payment systems such as e-wallets and online banking.
Independent ICT policy researcher Grace Mirandilla-Santos said the IRR contains some very good provisions that underline the important role of satellite in the digital infrastructure ecosystem.
To receive payments, merchants only need to print QR codes to obtain payments by asking their customers to scan the code without necessarily getting connected to the Internet.
