Even before the pandemic, we launched the Digital Payments Transformation Roadmap with the twin goals to first, digitize at least half of the total volume of financial transactions and second, have at least 70 percent of Filipino adults owning transaction accounts by 2023.
To help achieve these goals, we have implemented the digital banking framework, which provides the rules for the establishment of digital banks. In addition, we created the open finance framework, which provides the rules for consent driven use of information for the development of financial instruments that cater to the needs of customers.