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

Bangko Sentral ng Pilipinas eyes QR code for payments system

Further enhancements to the country’s payments system are being eyed by the Bangko Sentral ng Pilipinas (BSP) this year.

According to a recent report, further enhancements are in the pipeline for the country’s payments system after the launch of two electronic clearing houses in the previous years.

In a speech by the BSP Governor Nestor A. Espenilla Jr. that was delivered by Deputy Governor Chuchi G. Fonacier, current efforts would include the development of an interoperable national quick response (QR) code standard.

The central bank explained that this standard is born out of the fundamental need to create an efficient digital financial ecosystem for the country, where innovations can come together to achieve the greatest synergy for local financial consumers.

A QR code is an image consisting of black and white squares that could store information about a certain product, service or transaction.

A traditional barcode works similarly to that of a QR code. The difference is that QR codes can be scanned and read with the use of a smartphone’s camera.

An interoperable national QR code standard, according to the central bank, will accelerate the digitalisation of merchants to close the loop on the digital payment system.

Technological advances in the banking and payments system have been cited as one of the key core challenges that the central bank is looking to deal with this 2019.

Another challenge is to adapt to the rapid expansion and reach of technological innovation and deployment of digital financial solutions.

These developments need to meet the highest standards of transparency, product suitability, security and confidentiality to ultimately serve the public.

There are other challenges that the central bank needs to face. These are developments in the economic global landscape and keeping an eye out for signs of excessive credit and leverage in the financial system.

The officials of the bank have been encouraging banks to harness digital transformation in the industry for it will lead to greater economic opportunities.

Utilising digital transformation will allow financial institutions to tap a wider customer base and provide real-time, on-demand financial services in line with market needs through the use of digital innovation.

When funds are channelled more efficiently, expediently and expansively, limitless opportunities that can drive business and industry growth and expand financial inclusion are within reach.

The central bank remains steadfast in undertaking major organisational reforms and projects, for a more proactive supervisory and regulatory stance, because it has experienced remarkable success in their digital transformation initiatives.

OpenGov Asia has recently reported on the plans of the Bangko Sentral ng Pilipinas to roll out supervisory tech in 2019.

The supervisory technologies will modernise the BSP’s internal processes, complementing their pursuit of a regulatory agenda.


CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.


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 www.planview.com.


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 business services provider. We help 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 3,000 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.

Send this to a friend