The Philippines has embraced the digital imperative, according to Bangko Sentral ng Pilipinas Governor Benjamin Diokno. In line with this, at least 50 percent of the country’s retail payments will already shift to digital by 2023.

“There is no arguing that the new economy is digital. Our aspirations for a more inclusive and prosperous post-COVID world necessitate putting in place the critical pillars of a digital economy, including robust digital infrastructure, digital skills, e-government, digital ID, and an enabling legal/regulatory framework. All these have given new urgency to BSP’s longstanding financial inclusion and digital transformation agenda for the financial sector,” said Diokno.

Transitioning to a digital economy

“The BSP committed by the end of my term at least 50 percent of retail payment transactions shifted to digital, and 70 percent of adult Filipinos having and using a transaction account. Towards this end, the BSP has drawn up a three-year digital payments transformation roadmap outlining our priority policy initiatives, including open banking.”

Diokno delivered the keynote at the We Bounce Forward Digital Forum on “Pump-Priming a Digital Economy Post COVID-19“. FinTechAlliance.ph organized the digital forum in collaboration with different industry stakeholders.

Fintechs will play a key role in shifting the country’s retail payments to digital, he said.

“From where I stand, fintechs, as an innovative provider and enabler of digital financial services, will find compelling opportunities in this digital transformation agenda. Now is a good time to act,” Diokno said.

A new and better normal

For his part, FinTech Alliance.ph Founding Chairman Lito Villanueva expressed his gratitude to the industry stakeholders. Villanueva is the EVP and Chief Innovation & Inclusion Officer of Rizal Commercial Banking Corporation.

“With the opportunity to rebuild our nation and shape a new and better normal, our best chances is through strong and collective effort. So thank you for joining us today. This digital forum is shaping up to be the biggest for the industry since the crisis,” Villanueva said.

The COVID-19 pandemic will continue to reshape our society We have been forced to adapt to changes almost overnight. Companies are finally prioritizing digital transformation, while consumers are embracing the digital lifestyle.

The world has changed. Now we have the opportunity to make it a better one.