Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Digital Banking and Payments to be Rolled Out in Rural Philippines

The pandemic had a significant economic impact across the world and in the Philippines as well. Businesses have suffered significantly as a result, affecting millions of Filipinos. Due to the extreme loss of jobs and money, the majority of Filipinos required financial assistance to manage the impact of COVID-19.

The country’s financial ecosystem is expected to improve as a growing number of Filipinos transition to digital and cashless transactions. This will be more relevant and beneficial for those living in rural areas. In the Philippines, many rural banks continue time-consuming manual processes and requiring customers to have to commute long distances to undertake face to face financial transactions. For banking to thrive in remote rural areas, advanced digital and communications technologies should be utilised.

Against this backdrop, the state-owned Development Bank of the Philippines is set to provide a payment firm that it is in collaboration with end-to-end digital payment solutions. These will be deployed with its partners in the public sector such as national government agencies, local government units (LGUs), water districts, electric cooperatives, as well agricultural and industrial enterprises, including small and medium-scale businesses.

With the platform and dedicated solution, these institutions and enterprises will be able to accept any credit, debit, prepaid card, or e-wallet for both online and offline transactions. With this initiative, more Filipinos across the country will be able to settle their dues and taxes at their local government units (LGUs) and businesses in a safer and more convenient manner.

Rural or countryside areas always have a significant impact on a country’s overall economic development. The majority of people do not possess bank accounts in the same area. By using mobile wallets people from those areas can conveniently create bank accounts without physically going to a bank branch. Mobile wallets also present transparency in business transactions in rural areas. The increasing number of mobile and internet users in rural areas will pave the way for the use of better digital payment solution over time.

In terms of the banking environment, cashless payments can assist supervisors, central banks, and commercial banks in growing faster. Electronic payments provide for greater oversight and monitoring, as well as the ability to inform central bank monetary and economic policy.

Payment systems will evolve as digital lifestyles increase and more people around the world become linked. Consumers, businesses, and governments all stand to gain, and the expansion of e-commerce necessitates a reliable electronic payment infrastructure.

The Philippines’ Bangko Sentral ng Pilipinas’ (BSP) recently launched its Digital Payments Transformation Roadmap 2020-2023. This roadmap charts the BSP’s current initiatives and strategy in advancing an efficient, inclusive, safe, and secure digital payments ecosystem. The end goal includes increasing the number of Filipinos with access to financial services.

According to an article from OpenGov Asia, BSP explained that the government’s strategy to increase internet access across the country is concurrent and crucial to the BSP’s efforts to expand financial inclusion. The country’s central bank also provided detail on how they are running financial and digital literacy programmes with local communities such as fishermen and state institutions including the Civil Service and Philippine National Police (PNP).

The BSP expects a further surge in the use of digital platforms for payments and in the number of Filipino adults with financial accounts over the near term and confirmed that the BSP is on track with its financial inclusion and digitalisation goals.

They also recognise the importance of the country’s National ID System (PhilSys), in which mass registration is ongoing. This will help facilitate the Philippines’ digitalisation and financial inclusion goals. The PhilSys will squarely address the problem of lack of formal IDs among the marginalised, which is a major barrier for them to open a bank or financial accounts, the BSP added

Nonetheless, policymakers and corporate leaders should not underestimate the hurdles after thousands of years of fiat currency. The solution should be a comprehensive one that includes the appropriate infrastructure, legal frameworks, technology, and a willingness to cooperate and collaborate. The task is difficult, but the reward is faster growth and an economy enabled for the future.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit