BSP: Digital transactions up thanks to FinTechAlliance.PH
Bangko Sentral ng Pilipinas Governor Felipe Medalla thanked FinTechAlliance.PH for their efforts in increasing the volume of digital transactions in the Philippines. Medalla said that the volume of contactless payments increased to 30.1 percent in 2021 from 1 percent in 2013.
FinTechAlliance.PH is the premier organization of digital finance players in the Philippines. It is currently headed by Lito Villanueva, RCBC Executive Vice President and Chief Innovation and Inclusion Officer.
Gov. Medalla administered the oath taking of FinTechAlliance.PH officers last July 27, 2022. The BSP governor added that he trusts the Alliance in continuously helping the government achieve the twin goals stated in the BSP Digital Payments Transformation Roadmap 2020-2023. The FinTech Alliance.ph is the Philippines’ leading and largest digital trade organization comprised of startups and unicorns collectively generating over 90% of digital-initiated transactions volume in the country today. Its Board of Trustees is led by its chairman, Lito Villanueva, RCBC executive vice president and chief innovation and inclusion officer with the following Trustees: Atty. Allan Chu, Cashalo Director, and General Counsel, Allen Guo, Alibaba Cloud Country Head – Philippines, David L. Almirol, Multisys President and Chief Executive Officer, Griselda Santos, Fintech Alliance Trustee, Imelda C. Tiongson, Pru Life Insurance Corporation of U.K. Chairperson, JJ Disini – Disini Law Managing Partner, Mario Jordan (Magellan) F. Fetalino III, UBX Philippines Corporation Head of Alternative Finance, Innovation Garage, Martha Elaine Borja – Grab Philippines Head, Martha M. Sazon – Gcash President and Chief Executive Officer, Miguel S. Perez – Ayannah Chief Executive Officer, Nauman Mustafa – Coins.ph Chief Executive Officer, Shailesh S. Baidwan – PayMaya President, and Zdenek Jankovsky – Home Credit Executive Director, Treasurer and Board Director.
Through the Digital Payments Transformation Roadmap, the BSP targets to make 50 percent of retail transactions into digital, and to bring 70 percent of adult Filipinos into the formal banking sector by 2023.
FinTechAlliance.PH is an instrumental partner of the government in crafting and inking enabling legislation and programs that champion consumer interests in the digital finance world. These initiatives include a Code of ethics and Code of Conduct for digital finance entities, anti-money laundering initiatives, and anti-vote buying schemes. ##