The BSP has also allowed covered institutions to implement reduced Know-Your-Customer (KYC) rules for certain low-risk accounts and use technology for face-to-face contact requirements. The second pillar of the digital financial ecosystem refers to the establishment of an expansive network of low-cost touch points to serve the country’s financial intermediation needs.
4/7  BIS central bankers' speeches  Notwithstanding the continuing growth of their offices nationwide, banks and other BSPsupervised financial institutions (BSFIs) are hard-pressed to establish physical presence in every location due to the archipelagic geography of our country. Thus, the BSP has allowed banks to serve their clients through ubiquitous retail outlets which act as cash agents.