bsp

Jovelyn Hao, Bangko Sentral ng Pilipinas (BSP)’s FinTech Innovation and Policy Research Group acting head, said the central bank is open to leveraging the gains brought about by fintech innovations amid the pandemic.

The BSP issued the statement amid reports that some bank ATMs have allegedly dispensed fake bills.

By making payments and transactions more convenient, digitalization reduces the costs of production and distribution for businesses, the BSP said.

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.

There are only 21 rural banks offering PesoNet and 11 offering InstaPay electronic fund transfer services.

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.