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Twenty key government agencies led by the Bangko Sentral ng Pilipinas (BSP) have agreed to push for greater financial inclusion among Filipinos by promoting digital payments among consumers as well as in their transactions with stakeholders.
In a statement, the central bank said the Financial Inclusion Steering Committee (FISC) chaired by BSP Gov. Benjamin Diokno convened recently and agreed to use financial technology as an imperative for financial inclusion in the new economy, and to collectively shepherd statutory issuances that can liberalize the use of satellites and services to address the challenges in internet connectivity.
To further catalyze broader adoption of digital payments among consumers and businesses, the central bank provided an overview of the country’s digital payments landscape and presented the BSP Digital Payments Transformation Roadmap.
This outlines the BSP’s three-year priority policy initiatives, including open banking, which aims to shift at least 50 percent of retail payment transactions to digital, and to have at least 70 percent of adult Filipinos owning and using a bank account or e-wallet by 2023.FEATURED STORIES
Members of this steering committee include heads of the Commission on Filipinos Overseas, Cooperative Development Authority, Department of Agrarian Reform, Department of Agriculture, Department of Budget …
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