Philippines Central Bank – A flagship Agent Registry Platform for strengthening Digital Financial Services under National Strategy for Financial Inclusion
The Institution
Bangko Sentral ng Pilipinas (BSP), the central bank of Philippines, is a supervisory and regulatory institution for all the banks and banking activity in the country. 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. This tool provides real-time data and a standardized reporting system.
The Transformation
-
- Agent Registry System (ARS): a groundbreaking, digitalized RegTech and SupTech tool, ensuring complete regulatory compliance
- Establishing and maintaining the integrity of the financial ecosystem
- Standardized reporting system, with real-time data
- Comprehensive database with information of over 148,000 financial agents, including e-money agents, cash agents and remittance sub-agents (RSAs)
