Philippines Central Bank – A flagship Agent Registry Platform for strengthening Digital Financial Services under National Strategy for Financial Inclusion

The Institute

Bangko Sentral ng Pilipinas (BSP), the central bank of Philippines, is a supervisory and regulatory institution for all the banks and banking activity. The National Strategy for Financial Inclusion (NSFI) 2022-2028, implemented by BSP aimed to map and strengthen the country’s Digital Franchise System (DFS).

The Gap

Mapping the DFS revealed a huge gap in the banked and unbanked population of the country. The widespread presence of financial agents across the country was completely uncharted and their presence and penetration was unknown.

The Technology Intervention

SyntecX Solutions, consulting for Alliance for Financial Inclusion (AFI), developed an Agent Registry System (ARS) for the BSP. A consolidated web-portal has been designed with integrated APIs, providing access to users based on roles and authorities. Real-time data and standardized reporting system is provided through this tool.

The Transformation

    • Groundbreaking RegTech and SupTech tools in Philippines
    • Establishing and maintaining the integrity of the financial ecosystem
    • Standardized reporting system with role-based access to real-time data
    • A digitized RegTech and SupTech tool in the form of an Agent Registry System (ARS)
    • Availability of secure and transparent financial transactions to underdeveloped and far-off areas
    • Comprehensive database with information of over 148,000 financial agents, including e-money agents, cash agents and remittance sub-agents (RSAs)