Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla (seated center) underscored the country’s commitment to creating an enabling regulatory environment that promotes responsible innovation, resilient financial systems, and financial inclusion during a meeting with the Bank of Botswana (BoB) on 11 May 2023 at the BSP Head Office in Manila. Governor Medalla shared that the Philippine central bank amended the use of electronic “know-your-customer” through BSP Circular No. 1170, providing minimum client identification and verification requirements.
The implementation of the national identification system supports this, as it provides the unbanked with the proof of identity needed to open transaction accounts.
The BSP has also launched “Paleng-QR Ph Plus” to enable market vendors, public transport drivers, and other merchants to make and accept e-payments. To foster innovation, the central bank is also implementing the Regulatory Sandbox Framework, which enables sandbox participants to explore new technologies without posing significant risks to financial stability or harming consumers.
Also in the photo (seated, from left) are BoB Deputy Governor Tshokologo Alex Kganetsano and Advisor Sheila Malebogo Sealetsa; (standing, from left) Novus Transact Philippines Corporation Country Head Ariel B. Gumabao; BoB Head of Property Management Procurement and Projects Moeti Modimana and Banking Manager Vincent Golebetswe; RCBC Executive Vice President Lito Villanueva; BoB Director Julius Ghanie; Novus Technologies President and Chief Executive Officer Ricardos Khoury; BoB Coordinator Ruth Baitshepi; and Novus Technologies Vice President of Strategic Initiatives Sidath Wijeratne.
