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June 23, 2024

FinTech Alliance.PH backs regulator initiatives for stronger financial inclusion drive

The FinTech Alliance.PH continues to ramp up financial inclusion efforts in support of the National Strategy for Financial Inclusion (NSFI) 2022-2028 recently launched by the Bangko Sentral ng Pilipinas (BSP).

FinTech Alliance.PH, founding chairman Lito Villanueva said the new national strategy is a new chapter in the country’s financial inclusion journey.

“Every Filipino deserves to be able to freely and sustainably make financial transactions to uplift their lives. The Alliance continues to support the BSP in making this happen not only through the digital channels Alliance members have developed in recent years, but also in broadening the collaborations and strategic partnerships we have established,” Villanueva said.

Villanueva, who is also chief transformation and inclusion officer at Rizal Commercial Banking Corporation, said the national government is pursuing bolder moves to ensure more unbanked and underserved Filipinos are on-boarded into the formal financial system in the next six years.

The NSFI 2022-2028 is focused on delivering four key outcomes, namely reduced disparities in financial inclusion, improved financial health and resilience, more financially capable and empowered consumers, and increased access to finance for micro, small and medium enterprises (MSMEs), including startups, and the agriculture sector.

As one of the country’s premiere think-tanks advocating for inclusive digital finance, Villanueva added the FinTech Alliance.PH continues to empower member financial institutions to continue developing innovative products and services that are aligned with the BSP’s twin goals of digital acceleration and financial inclusion.

More than 90 percent of digital finance transactions done in 2021 were facilitated by products and platforms launched by Alliance members.

The central bank has committed to shift half of total retail transactions to electronic channels and increase the number of Filipino adults with bank accounts to 70 percent by 2023.