The BSP’s approach has been to scale regulations according to the risks involved to ensure that beneficial innovations and efforts for financial inclusion are not hampered by unwarranted compliance burden. Currently, the BSP is working closely with various innovators on the launch of additional digital financial services covering mobile financial services via social network, online micro-investment platform, and use of digital cash.
Moreover, the BSP has been working closely with the national government for the implementation of a biometric-based digital identity system. The initiative is envisioned to facilitate the provision of more efficient, transparent and equitable government and financial services, especially to those who have been disenfranchised due to lack of an acceptable ID.