Philippines fintech firms urged to capitalize on digital transactions

Lenin Lumumba

The Kwara Take

The Philippines Central Bank has urged the country’s financial technology firms to take advantage of the rise in digital transactions and favorable regulatory policies to grow their industry and provide digital solutions.

In a story reported by the Inquirer, the Central Bank Governor Benjamin Diokno noted that the coronavirus pandemic caused a surge in the uptake of electronic transactions both in terms of volume and value.

Kwara would like to join the Central Bank and Governor in supporting this. Financial technology has today provided innovative digital solutions that have brought much more value in our lives. We need to ensure that we seize the moment and entrench digital transformation across the Philippines economy.

The Central Bank issued policies on digital banking to encourage better delivery of financial services of digital banks in the Philippines. Earlier this year, the central bank and the country’s other financial regulators agreed to come up with a unified monitoring and supervision scheme for the local fintech industry without stifling these firms’ new and creative ideas.

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