The Philippines Looks to Develop Its Digital Banking and Islamic Fintech Sectors

The Philippines Looks to Develop Its Digital Banking and Islamic Fintech Sectors

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According to Arifa A Ala, Managing Director at Bangko Sentral ng Pilipinas (BSP), the Philippines aims to conduct at least 30% of all transactions online or via digital platforms, as part of its strategic planning targets. Ala added that the country is open to many new ideas as well as supporting regulations that may be required to allow the introduction of new forms of digital transactions within the banking sector as well as within non-bank financial institutions.

A representative from BSP has stated that the Central Bank is keen to explore possible investment opportunities from Qatar, as the Philippines moves forward in its efforts to build its digital banking and Islamic finance/Fintech sectors.

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