The global financial inclusion ranking of the Philippines slipped further this year despite improvements spurred by the government’s need to promote digital channels as part of its response to the COVID-19 pandemic.

Under the agreement, IFC will help AIA Sri Lanka develop a women's insurance program strategy and suitable products for Sri Lankan women.

This is the first foreign equity placement by Commercial Bank, the first post-pandemic equity placement by the IFC and is one of the largest foreign investments into Sri Lanka since the start of the COVID-19 pandemic.

"COVID-19 has underscored how important digital systems and contactless transactions are for economic resilience."

Digital payment software and solutions firm ACI Worldwide will be working with Sri Lanka’s National Savings Bank to implement a new solution for mitigating fraud.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances coursed through banks declined by 6.4 percent to $11.55 billion from January to May compared to $12.35 billion in the same period last year.

Moody’s said the fall in remittances could further widen the current account deficit of the Philippines and other countries.

This tie up highlights Western Union’s efforts to strengthen presence in the Philippines, which has been recognized as the fourth-largest remittance recipient country in 2019 according to the World Bank.

The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.

IFC will support developing more specially-designed products and services for women, as part of a move to help boost access to finance for women.