Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. urged members of the Bankers Institue of the Philippines Inc. (BAIPHIL) to stay abreast with the trends and developments in Financial Technology (FinTech) for this will help to expand the level of financial inclusion in the country.

On a speech, Gov. Espenilla said, "Banking products, financial services and needs, technology and consumer preferences are always leveling up. We have to keep pace. We do this with training and education. We do this with updated and relevant regulations.” He also said that the BSP has raised the bar of prudential standards to promote resilience in the banking system and market discipline for risk-taking activities.

In order to help more Filipinos to gain access to formal banking channels, the central bank will be keen to allow new financial products, particularly those products that can be utilized through digit channels in the Philippines. “New sophisticated players such as financial technology solution providers have entered the market. This is a good thing as these bring about a notable and gradual unbundling of the traditional value chain in the Philippines and intimately links banks closer to customers,” the BSP Governor said.

In line with incorporating technology for the convenience of the majority of Filipinos, Gov. Espenilla also takes great concern on cyber threats. On June, the central bank drafted enhanced rules on information technology to tighten its guard against such event.