As the BSP leverages on digital technology to fast-track financial inclusion, it continues to open doors to new players such as fintechs that can diversify and transform the market, as well as pave the way for the banking industry to make the technological leap forward by laying the regulatory groundwork for digital financial services (DFS).
In 2017, the BSP endorsed the country’s first cloud-based banking project for one of the largest rural banks in Mindanao. I am pleased to share that this project has been very successful. The bank now fully operates on a cloud-based system and has also participated in a crossborder remittance scheme.