We will continue to refine regulations, taking into account good corporate governance, sound risk management, efficient financial intermediation, and effective customer service. The BSP is actively promoting financial technology, which helps speed up payments and capital turnaround and therefore boosts income and economic growth.
My personal goal is that half of financial transactions in the country should be digital by 2023, the end of my term. But with enabling regulations and the pandemic, this may be achieved sooner— perhaps by the end of 2022. In fact, we have seen an exponential increase in the use of e-payments platforms Instapay and Pesonet.