The Bangko Sentral ng Pilipinas (BSP) said there will more customer-centric financial products with the implementation of the Open Finance Framework.
BSP Governor Benjamin E. Diokno BSP Governor Benjamin E. Diokno said the underlying idea is that customers are the owners of transaction data
BSP Governor Benjamin Diokno (file photo) MANILA - The government continues to strengthen its partnership with banks and related institutions to further improve the level of digital payments in the country. In his speech during the Chamber of Thrift Banks (CTB) virtual convention on Tuesday, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno highlighted the importance of banks' contribution in increasing the public's access to improved financial services and their cooperation in the reforms towards financial inclusion. "Thrift banks are strategically positioned to be a catalyst for financial inclusion with an extensive network of 2,744 banking offices as of end-August 2021 that are spread in different regions throughout the country," he said. Diokno said the country's strong macroeconomic fundamentals and ongoing reforms can be used by the thrift banking sector in the quest to be more resilient post-pandemic. He said the central bank, for one, has issued t
WHILE local financial consumers have historically been relatively aloof from the traditional banking system, it looks like financial technology (fintech) is winning them over on convenience and increased reliance on digital means due to the pandemic. Earlier this year, Moody’s Investors Service released an in-depth analysis on the Philippine banking…
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