Manila, Philippines – In a bid to enhance cross-border payments, the Bangko Sentral ng Pilipinas has recently announced that it has signed a deal with the Monetary Authority of Singapore.
Under the agreement, the two parties stated that said initiative is designed to enable seamless payment interoperability between the two countries. Said initiative was participated in by Ravi Menon, managing director at the Monetary Authority of Singapore, and Benjamin Diokno, governor at BSP.
“Since Singapore is a key trading partner and major source of remittances, pursuing seamless e-payments is seen to benefit overseas Filipinos and local export, import, and tourism businesses,” stated Diokno.
He also said that the effort further represents the first phase in aligning the domestic payment system with other nations in the ASEAN region.
As part of its digitalisation efforts, the BSP shared their plans to increase digital payments to 50% and ensure that at least 70% of Filipinos have bank accounts by 2023.
