Without a vaccine for Covid-19, BSP assistant governor Iluminada Sicat said the increasing trend in digital transactions is expected to continue “even as lockdown measures are eased”.
The Bangko Sentral ng Pilipinas (BSP) has approved the suspension of licensing fees for mobile applications and digital channels that provide electronic payment and financial services (EPFS).
Philippine-based WonderTech team was selected for the top honor for its Agree Farm App, besting more than 1,000 developers and data scientists from around the world.
The government and the private sector are moving to further cement the role of the country as a hotspot for innovation in the fintech space via the inaugural Philippine Fintech Festival (PFF) to be held on May 20 to 21.
BSP Center for Learning and Inclusion Advocacy managing director Pia Bernadette Roman-Tayag said fintechs are helping people in their everyday lives, there is a need to “look past the hype and constantly discern whether they have the real potential to solve financial inclusion problems and the real pain points that lead to inclusion.”
Financial technology startup PearlPay has signed a strategic partnership with the Association of Pangasinan Rural Banks (APRUB) as part of its push to enable financial institutions to be more commercially competitive through digital transformation.
The ADB also noted that purely digital banks have also started operating but regulations are still currently using the traditional models.
Other advantages of fintech financing were related to its accessibility.