From the viewpoint of competition among banks, those providing account transfer services to FinTech firms have an advantage in attracting new customers and/or preventing existing customers from closing or deserting their accounts. Secondly, banks participate in cashless payment platforms operated by the banking industry, competing with FinTech firms.
To date, the program has reached 79 out of the 81 provinces. We also have financial learning campaigns for OFWs. This September, we sent financial education materials to embassies and consulates abroad to disseminate to OFWs. The video also mentioned our focus on consumer protection. In a recent diagnostic review, the World Bank described this focus as “impressive”.