Further, we hope that the industry can already take advantage of recent rules allowing banks to use third party cash agents as a cost-efficient service delivery channel. Also, the BSP has reduced the Know-Your-Customer rules for certain low-risk accounts, including the use of technology to facilitate frictionless customer on-boarding.
Policy outcomes are more likely to be delivered if the design of the policy takes account of – and is influenced by – the expertise of those of us who are tasked with implementing the legislative output.