BSP's deputy governor Fonacier: "We will ensure a "Balanced, Systematic and Progressive/ Prudent" approach to financial innovation"

BSP will ensure a "Balanced, Systematic and Progressive/Prudent" approach to financial innovation and development of the domestic financial system said Chuchi G. Fonacier, Deputy Governor of Bangko Sentral ng Pilipinas at the Future of Future Philippines 2018. The central bank rolled out a range of supporting policies and initiatives, including the implementation of the National Retail Payment System, and introduction of PesoNet and InstaPay services; as well as national electronic ID, eKYC and micro banking offices initiatives to move the economy to adopt more cashless transactions and promote financial inclusion.

International keynote speaker, Nick Hungerford, Co-founder of Nutmeg and Venture Partner, argued for more competition between players to increase the pace of digital transformation in the financial service industry, during the leadership dialogue with the panel comprising: Dennis D. Omila, EVP & Chief Information Officer of UnionBank of the Philippines, Tina Stockdale, EVP & Chief Transformation Officer of Security Bank, Anthony Thomas, President and CEO of Mynt and Pramod Kumar, Business Head APAC of Newgen. Chairman of UnionBank of the Philippines, J Antonio Ortiz, discussed the bank's I2I (Island to Island) initiative to connect rural banks in the country via blockchain technology to bring basic banking services to millions of unbanked, what he termed as inclusive prosperity. A seemingly bold and visionary initiative that will put the core premise of the distributed ledger technology to the test. In a country where much of basic infrastructure is lacking there will many obstacles to overcome.

Throughout the day, topics such as securing digital transformation in a cyber world were discussed. The event concluded with a Fintech Innovation Showcase demonstrating outstanding creativity and potential in the market. The Future of Finance Philippines 2018 conference gathered over 200 bankers and financial services professionals for a day of insightful discussion. The event provided delegates with useful perspective on how the deployment of financial technology (fintech) and e-commerce in the country has paved the way towards digitalisation of payment transactions.

Click here to see photos from the Future of Finance Philippines Summit 2018