BSP chief: Challenges to financial inclusion remainhome/Business/Top Business/BSP chief: Challenges to financial inclusion remainMANY Filipinos are still being left behind in terms of financial services despite technological advancements in the banking and non-banking sector, according to the chief of the Bangko Sentral ng Pilipinas (BSP). Citing the results of the central bank’s 2017 Financial Inclusion Survey, Diokno said only 23 percent of Filipino adults have a formal account and only 48 percent of adults save. The BSP is mandated to elevate financial inclusion and its complementary objectives of financial literacy and consumer protection from advocacies to an institutional imperative under its amended charter, according to him. “The pursuit of financial inclusion requires an openness to all possible transformative solutions and impactful innovations, such as digital technology, new business models and cross-sectorcollaboration,” Diokno said. “Needless to say that digital technology can massively help our financial inclusion agenda,” he added.

Source: Manila Times October 11, 2019 17:03 UTC