Voyager, which serves 47 million people through its consumer platforms that include e-wallet and digital payments, said the fresh capital will fund its digital banking venture and other services like cryptocurrency and micro-investments.

The Bangko Sentral ng Pilipinas said the use of satellite technology to expand broadband services would boost financial inclusion, as well as help banks in remote areas improve disaster resiliency.

Under the terms of the agreement, CIMB Bank Philippines will leverage Zoloz's eKYC solution for frictionless user onboarding and enhanced payment experience, making financial services more accessible and inclusive to Filipinos.

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.