Philippines Central Bank – A flagship Agent Registry Platform for Bangko Sentral ng Pilipinas (BSP – Philippines State Bank)
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, as a consultant for Alliance for Financial Inclusion (AFI), developed an Agent Registry System (ARS) for Bangko Sentral ng Pilipinas (BSP – Philippines State Bank). Our solution provided a comprehensive system integrated into BSP’s own infrastructure and security envelope to provide information for over 148,000 financial agents, including e-money agents, cash agents and remittance sub-agents (RSAs). This information assisted in keeping track of financial transactions and avoid money laundering.
The Transformation
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- Agent Registry System (ARS): a groundbreaking, digitalized RegTech and SupTech tool, ensuring complete regulatory compliance
- Security envelope with information of over 148,000 financial agents, including e-money agents, cash agents and remittance sub-agents (RSAs)
- Establishing and maintaining the integrity of the financial ecosystem
- Standardized reporting system, with real-time data
