Connect with us

Hi, what are you looking for?

News

Gov’t should continue to pursue open finance to boost inclusion

THE GOVERNMENT must continue to pursue open finance to bring more Filipinos into the formal financial system, UnionBank of the Philippines, Inc.’s financial technology unit said.

“With multiple economic crises at present and a looming global recession ahead of us, financial inclusion should be emphasized now more than ever. The inclusion of multiple economic sectors in the Philippines is crucial, especially considering that we are still recovering from the impact of COVID-19 and many challenges are already being posed by the circumstances in the post-pandemic era,” UBX Philippines Corp. President John Januszczak said in a press release on Thursday.

“As staunch advocates of inclusivity, we at the European Chamber of Commerce of the Philippines’ (ECCP) Special Committee on Open Finance and Financial Inclusion (SCOFFI) vow to support the government’s endeavors towards financial inclusion and open finance,” Mr. Januszczak, also the ECCP-SCOFFI’s chairman, added.

Open finance would strengthen digital businesses, which can help rebuild the economy as it allows the creation of customer-centric products and easier access to financial services, he said.

“This trend highlights the urgent need for the government to accelerate its digital transformation initiatives to maximize the potential of the digital economy. Digital finance will be the bedrock of digital transactions. Through open finance, we can help reduce finance and even social inequalities in the Philippines,” he said. 

Open finance would also benefit micro-, small- and medium-sized enterprises, as most of these firms rely on loans to sustain their operations, UBX added.

“Achieving financial inclusion is not just a one-man agenda. It requires cooperation among all those involved, but it must be emphasized that the government must be at the forefront of this campaign,” Mr. Januszczak said. — A.M.C. Sy

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Editor’s Pick

<?xml encoding=”utf-8″ ??> Pressure on the Tory Party chairman increases as the head of HMRC says there are no penalties for ‘innocent errors’. Nadhim...

Editor’s Pick

<?xml encoding=”utf-8″ ??> With the increased threat of industrial strike action looming across the UK, we consider whether a force majeure clause can strike...

Editor’s Pick

<?xml encoding=”utf-8″ ??> TSB’s 5,700 staff and executives are to share a 10% bigger bonus pot this year, after rising interest rates pushed the...

Editor’s Pick

<?xml encoding=”utf-8″ ??> NatWest is to shut another 23 branches in England and Wales, adding to a raft of high street banking closures already...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Shell has put more than 2,000 jobs in the UK at risk after launching a “strategic review” of its domestic energy...

Editor’s Pick

<?xml encoding=”utf-8″ ??> British taxpayers have become shareholders in a further 53 companies backed by a government rescue funding scheme. These firms include a...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.