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Bangko Sentral says digital banking catalyst for financial inclusion

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2021/business/07/28/20210330-covid-ecq-atm-manila-md-2.jpg"/><figcaption>Customers line up at a bank&#x27;s ATM in Manila on March 30, 2021. <em>Mark Demayo, ABS-CBN News</em></figcaption></figure></div><p>MANILA - Digital banking is helping the Philippines achieve its financial inclusion goal which is essential to economic growth, the Bangko Sentral ng Pilipinas said Wednesday.</p><p>The BSP earlier released a digital banking <a href="https://news.abs-cbn.com/business/07/21/21/unionbank-bsp-approved-digital-bank" target="_blank">framework</a> that set a distinct classification and has paved the way for purely digital banks to operate in the country.</p><p>Digital banks have no physical branches. All transactions, including on-boarding and opening of accounts, are done online. <br/> <br/>“Like an automobile bringing passengers to their desired destinations, the Digital Banking Framework contributes to transporting the country to greater financial inclusion and to further realization of a well-oiled financial system in the Philippines,” BSP Gov. Benjamin Diokno said in a webinar.</p><p>The measure promotes innovations, cyber resilience and boosts digitalization of the financial sector, the central bank said.</p><p>A &quot;sound&quot; digital governance, secure and resilient technology infrastructure and effective data management strategy should guide the digital-centric financial business model, the BSP said.</p><p>So far, the Monetary Board has approved digital bank licenses to Landbank&#x27;s Overseas Filipino Bank (OFBank), Tonik Bank, UNOBank and most recently UnionBank.</p><p>Diokno earlier said several other groups have filed an application to establish a digital bank including the Gokongwei group. </p><p>The BSP&#x27;s goal is to increase digital payments to 50 percent and to encourage 70 percent of the population to have their own bank accounts by 2023.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/21/21/unionbank-bsp-approved-digital-bank">BSP approves UnionBank application to create digital bank</a></li>	<li><a href="https://news.abs-cbn.com/business/03/18/21/new-digital-bank-tonik-offers-time-deposit-interest-up-to-6-percent">New digital bank Tonik offers time deposit interest up to 6 percent</a></li>	<li><a href="https://news.abs-cbn.com/business/06/09/21/unobank-launch-soon-philippines-digital-bank">UNObank eyes launch in PH after securing digital bank license</a></li></ul><div><strong>FROM OUR ARCHIVES: </strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1646531" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Digital banking is helping the Philippines achieve its financial inclusion goal which is essential to economic growth, the Bangko Sentral ng Pilipinas said Wednesday.</p>

Digital banking is helping the Philippines achieve its financial inclusion goal which is essential to economic growth, the Bangko Sentral ng Pilipinas said Wednesday.