Home Business News Authorities study fintechs' part on financial inclusion

Authorities study fintechs’ part on financial inclusion

By Joann Villanueva


MANILA — A Bangko Sentral ng Pilipinas (BSP) official has raised the need to check on whether financial technology (fintech) firms can really boost financial inclusion in the Philippines, citing the large number of Filipinos who remain unbanked.

In her speech during the media launch of the “Fintech for Impact” partnership program between ING Bank, N.V. and the United Nations Children’s Fund (Unicef) in Makati City Wednesday, Bangko Sentral ng Pilipinas (BSP) Center for Learning and Inclusion Advocacy Managing Director, Pia Bernadette Roman-Tayag, said fintechs have continuously presented innovative financial services solutions using the latest technology.

Roman-Tayag said people can now easily hail a cab, order food and deposit checks, among others, using their smart phones.

She, however, noted that while these digital solutions are helping people in their everyday lives, there is a need to “look past the hype and constantly discern whether these fintechs have the real potential to solve financial inclusion problems and the real pain points that lead to inclusion.”

Roman-Tayag cited that while Filipinos are known worldwide for their usage of smart phones, more than two-third of adult Filipinos is still not part of the formal financial system.

“More Filipinos may now have mobile phones but that doesn’t mean they have access to affordable, safe, and convenient financial services in their pockets. They remain financially excluded, missing out on welfare-enhancing benefits of these products and services,” she said.

ING Philippines N.V. Country Head Hans Sicat, during the same event, said there is a need to support fintechs vis-à-vis their ability to allow their ideas to be discussed and be part of the ecosystem.

In terms of government policies, he said, “less regulation is better” for now to allow the fintechs to freely present their concepts first but these firms should also be “mindful and sensitive” to the issues.

“I don’t know much about the direction of regulation right now but I would say that in respect of fintechs, I think, you would rather not regulate ideas as they come out right now. And I think a free market of ideas is the best way to get the young entrepreneurs and young ideas brought up into the fore,” he added. (PNA)


Please enter your comment!
Please enter your name here

- Advertisment -


Lacson defends anti-terror bill from critics

By Jose Cielito Reganit   MANILA – The Anti-Terrorism Bill passed by the Senate has enough legal safeguards against perceived abuses that may be committed during its...

Solon urges NSWMC to provide list of non-eco-friendly products

By Filane Mikee Cervantes   MANILA – Deputy Speaker Loren Legarda on Thursday urged the National Solid Waste Management Commission (NSWMC) to formulate a list of non-environmentally...

Parlade renews call for CHR to take action vs. Reds’ atrocities

By Priam Nepomuceno   MANILA – A ranking military official called on the Commission on Human Rights (CHR) anew to take action against atrocities of the New...

DOT ramps up tourism marketing in int’l, local markets

By Raymond Carl Dela Cruz   MANILA – The Department of Tourism (DOT) is set to ramp up its marketing of the country’s tourism industry amid the...

No need for Duterte’s guidance on unaired ad refund: Palace

By Ruth Abbey Gita-Carlos   MANILA – Broadcast firm ABS-CBN Corp. need not seek President Rodrigo Duterte’s guidance on how to donate the PHP2.6 million refund the...