Philippine rural banks are seeking to advance a technical assistance program for shared digital and technology infrastructure as the industry steps up efforts to modernize operations and expand access to financial services.
Officials of the Rural Bankers Association of the Philippines (RBAP) and the Asian Development Bank (ADB) met virtually with the Bangko Sentral ng Pilipinas (BSP) to discuss the initiative and strengthen cooperation on the digital transformation of rural lenders.
RBAP said the meeting allowed the groups to present the proposed program, align its objectives with the central bank’s priorities and explore ways to improve the digital capabilities of rural banks.
Shared technology infrastructure could help rural banks, particularly smaller lenders with limited resources, gain access to digital systems without having to develop and maintain their own platforms.
“Through this partnership, RBAP, ADB, and BSP affirmed their shared commitment to enhancing the digital capabilities, resilience, and competitiveness of rural banks in support of greater financial inclusion across the Philippines,” RBAP said in a social media post.
The initiative forms part of efforts to help rural banks adopt technology and remain competitive as more financial transactions shift to digital channels.
