Fintech has immensely contributed to the enhancement of a financial consumer’s experience by transforming the delivery of financial services from branch banking to online banking, paperbased money to electronic money, and face-to-face customer verification to technology-aided know-your-customer process, among others. In addition, Fintech transcends geographical barriers and enhances transparency, and reduces the cost of financial transactions.
In line with this, the BSP has identified the responsible promotion of FinTech as a priority agenda, thus, the establishment of a fintech roadmap covering three key areas, namely: Collaborative Engagements, Commensurate Regulations and Capacity Building.