BSP committed to fostering fintech innovations in the Philippines
Following widescale Filipino government initiatives like Digital Payments Transformation Roadmap 2020 to 2023, Open Finance Framework, National Strategy for Financial Inclusion 2022-2028 and others, the Central Bank of the Philippines (BSP) is racing to expedite the growth of fintech in the country. While fintech innovations in the Philippines are gaining rapid momentum, it’s not without BSP’s continued efforts with the government and private sector companies. So much so that even the Securities and Exchange Commission (SEC) has joined the former’s bandwagon in spearheading groundbreaking initiatives in the sector. Furthermore, to increase the adoption of digital financial products in the island country, government agencies like the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) are getting a complete digital makeover. Giving a 360-degree view on the evolving sector alongside the many existing opportunities, the archipelago is also witnessing a surge in fintec...