The refreshed six-year-old National Strategy for Financial Inclusion is meant to make it more current and to reflect the impact of the COVID-19 pandemic and greater digitalization of financial services.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the establishment of a digital banking framework is particularly relevant as billions of people affected by the pandemic are driving a historic and dramatic shift in consumer behavior.

The grant from the French Development Agency is expected to enhance the BSP’s initiatives to empower marginalized sectors in the Philippines by providing them access to financial products and services.

Expanded collaboration will offer outbound and inbound money transfer services through Cebuana Lhuillier mobile app.

The measure will promote financial inclusion and literacy especially to those living in rural and underdeveloped areas to ensure equitable access to financial technology.

The value of transactions using the QR (quick response) technology via the national QR code standard reached almost P1 billion as of end-May, as more Filipinos embrace digital channels amid the pandemic.

The system's online authentication and e-KYC will enable a more seamless digital onboarding, making it easier for clients to open an account.

The loans approved under the COVID-19 Assistance to Restart Enterprises program is said to have benefited 29,816 enterprises in the Philippines.

Through this partnership FinScore will intensify its focus on delivering alternative credit scoring to help financial institutions reduce high default rates and prevent fraudulent activity.