The Bangko Sentral ng Pilipinas (BSP) is calling for higher public investment to upgrade and modernize the country’s information technology (IT) infrastructure as the country pursues more digital payment streams and improve access to digital banking.
“In an island economy with nearly everyone having a cellphone, public investment in satellite communications may enable access to financial services almost universal,” according to BSP Governor Felipe M. Medalla during an ASEAN-5 central banks’ virtual discussion on cross-border payments.
Medalla said the government could work with the private sector to “maximize the potential of and speed up access to e-money and phone-based banking services.”
He emphasized that increasing public investment on IT infrastructures and involving private players will fast track the implementation of a multilateral cross-border payments connectivity.
Central bank governors shared their visions for the future of cross-border payments in the ASEAN region during the session on “Faster, Cheaper, More Transparent and More Inclusive Cross-Border Payment to Promote Regional Economic Recovery”, part of the Indonesia Digital Economy and Finance Festival 2022.
Also discussed were key aspects of establishing interoperability, opportunities for ASEAN, and prospects for collaboration among authorities and market players.
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20 July 2022