Digitalization and the integration of finance and technology or “fintech” are fast revolutionizing the banking and the global financial services industries. Digital innovations drive increasing demand for new and better financial products and services. Globally, consumers and clients expect quick and immediate response rates, and faster and shorter transaction and payment processes.
There is also a rise in public confidence in making electronic payments and in using digital channels, a clear culture change! So how do we keep up? While correspondent banks are concerned with digitalizing its services and leveraging on technology to facilitate cross-border trade, remittance flows and payment and settlement transactions, the BSP is also on its toes.