Direct clearing members of a CCP are required to share the losses and take over positions in the event that another member fails – which requires that they have large financial resources and a wide scope of activities. But here lies an important challenge.
In 2020, the BSP has launched the Digital Payments Transformation Roadmap where we aim to achieve two major goals by 2023: First, that at least half of all financial transactions in the country are done digitally; and second, at least 70 percent of Filipino adults have financial accounts.