News » BSP urges foreign investors to explore PH’s financial services sector

BSP urges foreign investors to explore PH’s financial services sector

BSP urges foreign investors to explore PH’s financial services sector

The Bangko Sentral ng Pilipinas (BSP) is inviting foreign companies to invest and bring new technologies and technical expertise to the Philippines’ financial services sector.

According to BSP Governor Benjamin Diokno, investors can “take advantage of untapped potential in the financial services space and be our partners in achieving our economic growth and financial inclusion objectives.” 

The Philippine central bank stated that the new tech brought on by venture capitalists can support the competitiveness of the local banks and allow expansion to new markets.

Under the BSP’s digital payments transformation roadmap, the agency is looking to shift 50% of the retail payments volume to digital. BSP is also planning to onboard 70% of Filipino adults into the formal financial system by 2023.

Meanwhile, a discussion paper from the Philippine Institute for Development Studies (PIDS) stated that the “government needs to support the financial technology (fintech) industry in meeting its funding and talent development needs for the sector to grow.”

The paper added that the presence of foreign investors could drive the growth of fintech startups in the country.

Read more here.

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.