,Philippines
Photo courtesy of Blake Weisz.

Philippine financial regulator mulls offline digital payment solutions

The move is part of the BSP’s Digital Payments Transformation Roadmap.

The financial regulator of the Philippines is eyeing offline digital payment solutions that will enable transactions without the need for an internet connection.

The Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said in a statement that whilst effective and reliable internet connectivity is a necessary condition for digital finance to flourish, the central bank is also pursuing digital solutions to enable 'offline payments.' 

The move is part of the BSP’s Digital Payments Transformation Roadmap (DPTR), which aims to convert 50% of the volume of retail payments into digital form and onboard 70% of Filipino adults to the formal financial system by 2023. 

Also Read: BSP Deputy Governor Tangonan on the Philippines' digital finance ambitions

Diokno also discussed digital reforms during the Philippine Economic Society’s (PES) three-day virtual conference, with the theme “Building Back Better: Harnessing Digitalization Towards a Transformed Philippines.” 

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Mizuho most recently saw disruptions to its corporate online bank services on 11 January. 
He replaces current COO David Whiteing, who is moving back to Australia.
The bank assured customers that it employs a multi-layered defence system against fraud.
Banks are asked to remove links in emails and SMS sent to customers.
Two operators, Daenerys and Deodi, have shut down their ATM machines in the city.
Users can now link accounts from Bank of China, DBS, Maybank, OCBC, StanChart, and UOB.
The potential is there, but tech roadblocks prevent wider adoption in the industry.
And the search for a new head of corporate banking for Australia and New Zealand is on.
The new guidelines instruct against marketing DPT services in public areas.
Loyalty programs are also rated as important by consumers in the city.
Banks and financial institutions are invited to submit their entries for the Wholesale Banking Awards, Retail Banking Awards, and Corporate and Investment Banking Awards 2022.
Decisions on green finance now will lock in emissions trajectories for decades.
A possible rate hike in March will also positively affect the bank.
The region recorded its highest-ever equity capital market fees collected in a year.