Central Bank of the Philippines open to Qatar-based funding

Monday 10 August 2020 10:35 CET | News

Bangko Sentral ng Pilipinas (BSP) has announced plans to explore potential investment deals from Qatar for digital banking and fintech projects.

The nation’s reserve bank has been open to several different ideas and supporting regulations that would introduce new types of digital transactions in the country’s banking sector and help nonbank financial institutions with adopting the latest digital technology. This comes as part of the nation’s strategic planning to conduct at least 30% of all transactions via online or digital platforms. 

The BSP has dedicated an entire subsector to fintech related activities and projects. Also, the country supports digital banking. The Philippines has made progress with adopting Islamic banking. It’s important to offer all-digital, Shariah-compliant fintech solutions to the market, as there’s a lot of demand for these services, according to BSP staff.

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Keywords: Central Bank of the Philippines, Bangko Sentral ng Pilipinas, BSP, Philippines, Qatar, funding, investment, digital banking, fintech, Reserve Bank, regulations, digital transactions, banking sector, nonbank financial institutions, digital platforms, Islamic banking, shariah-compliance
Categories: Banking & Fintech
Countries: Philippines
This article is part of category

Banking & Fintech