Why the digital transformation of the financial sector matters AMID the global Covid-19 crisis, the Philippines saw an increasing number of people transacting through digital platforms, with a 5,000-percent surge in digital payments in 2020. This resulted in the enactment of a bill, known as the "Promotion of Digital Payments Act," which aims to promote the use of digital payments in the Philippines while simultaneously increasing the participation of unbanked citizens.
The Bangko Sentral ng Pilipinas (BSP) aims for 70 percent of adult Filipinos to have bank accounts by 2023 as part of its digital transformation and financial inclusion bid. Speaking to The Manila Times, Ajit Melarkode, vice president for Asia Pacific & Japan (APJ) at Dell Boomi, shared his insights on the state of digital transformation in the Philippines' financial sector and what the sector could learn from global trends and tech industries.
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