Because of growing regional financial integration and the entry of foreign banks, competition pressures have increased. New sophisticated players such as financial technology solution providers have entered the market. This is a good thing as these bring about a notable and gradual unbundling of the traditional value chain in the Philippines and intimately links banks closer to customers.
While FinTech provides interconnectivity, convenience, and efficiency in delivery of financial 3/4  BIS central bankers' speeches  products and services, we must also be vigilant as it also ushers in cyber-security concerns. In this regard, the BSP has been laying the groundwork on promoting cyber-security and related regulation on technology. But there is still much to be done.