An efficient, secure and reliable payment system reduces the cost of exchanging goods and services. It is also an essential tool for the effective implementation of monetary policy and the 3/4  BIS central bankers' speeches  smooth functioning of the financial system.
Under the National Retail Payments System (NRPS), launched in 2015, we leveraged on financial technology to bring about an inter-operable, safe, affordable, and efficient real-time digital payments system. In 2017, we launched the PESONet to provide an electronic alternative to the still widely used paper-based check system and to provide an efficient channel for government and private business collections and disbursement.