Of course, I fully acknowledge that the process of integrating retail markets is bound by some persistent home biases in lending to and borrowing from non-financial corporations and households. I also see some similarities to the observed lack of full cross-state penetration in the United States, after restrictions on cross-state banking were removed in the 1970s and 1980s.
Benjamin E Diokno: Data-driven road to digital financial inclusion Speech by Mr Benjamin E Diokno, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the TransUnion and FinTech Alliance Webinar, 6 December 2021.