Through satellite internet, PhilSA, DOST-ASTI and the Bangko Sentral ng Pilipinas have taken the initial steps toward financial inclusiveness and connectivity, especially for unserved, underserved areas and unbanked communities.
To boost digital transformation in the sector, the Prime Minister has urged players to enhance cybersecurity, formulate a decree on cashless payments, and strengthen connectivity between banks and credit organisations.
With the rise in the number of Mobile Money subscribers and households with fibre optic connections, the government believes it will achieve its target of having 75% of households use fibre optic services.
Hanoi aims to raise cashless payments in e-commerce to 45% and for electronic transactions on e-commerce platforms to 65%; it plans to disseminate information about cashless payments through social networks and programmes.
The DICT will provide information on satellite connections in the Philippines while the Bureau of Customs has formally introduced a simplified and digitalised Customs Baggage and Currency Declaration procedure.
Valued at $135 billion, the month-on-month volume of transactions was up 7.16% and the value increased by 4.76%. Year-on-year, the volume of transactions nearly doubled while the value of transactions was up 75%.
The Ministry of Planning and Investment and the USAID are working together to help small and medium-sized enterprises accelerate digital transformation and build capacity for broader access to finance.
The Point Carbon Zero Programme was initiated by the Monetary Authority of Singapore with the intention of accelerating the development, incubation and scaling of climate-related FinTech solutions in Asia.
OpenGov TV Speaker Panel – Open Banking
Part 2 of our OpenGov TV Speaker Panel series with OneConnect. Listen to experts talk about Open Banking and how it can impact the banking world!