Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. on Thursday underscored the importance of tie-ups with stakeholders to make the country’s digital landscape more secure, accessible and simple.
“First, we need a safer digital space. The Anti-Financial Account Scamming Act or AFASA was actually enacted to fight fake accounts, fraud, and scams. Implementing rules and regulations are in the works,” he said.
The next step is simpler digital banking, he said, citing that QR Ph, or the national QR code standard for payments, and the “new standard business loan applications form or SBLAF streamline payments and credit applications.”
“Launched last December, the SBLAF is short, user-friendly, and fully digital,” he said.
Remolona also highlighted the push for broader digital access, pointing out that lifting of the moratorium on digital banking licenses means there will be more digital banks to help small businesses in opening accounts and loan applications.
“With these measures, digital finance is becoming more secure, more efficient, and more inclusive,” he said.
During the day, the BSP chief along with Microfinance Council of the Philippines Inc. chairperson Gilbert Maramba and Citi Philippines chief executive officer Paul Favila led at the BSP office in Manila the launch of the 4th Digital Financial Inclusion Awards (DFIA) to honor digital financial transformation leaders.
The DFIA will recognize four microfinance institutions (MFIs) and 15 microentrepreneurs that were proven to have effectively advanced financial empowerment through digital innovation by providing inclusive and efficient financial services to underserved communties.
“Microentrepreneurs are the backbone of our economy. More than awards, the DFIA is a program that aims to give them greater access to resources and technical assistance in digital transformation so that they can reach their full potential,” Favila said.
Awardees will receive PHP100, 000 cash prize and laptops to further strengthen their digital transformation initiatives. (PNA)
