BPC and financial inclusion in the Philippines and beyond
BPC , is one of Philippines ’ leading payment systems providers . We spoke to Eugene Gutierrez BPC ’ s Senior Vice President , to find out more about BPC ’ s efforts to bring the Philippines at the forefront of digitalisation .
For almost a decade , BPC has been a key partner to organisations in the Philippines that have a core payment service as part of their offerings . Eugene Gutierrez , tells us why the company is playing a key role in the digital transformation of financial institutions within the country and the wider region .
He says , “ BPC , as a global payments company , has endeavored to focus on bridging real life to digital ; which means designing solutions that solve consumer and business challenges . To do so , we apply an “ ecosystem approach ” to work with our customers and partners , on their vision and strategy , supporting financial inclusion globally .
“ Over 110 million Filipinos , for decades , have been challenged with low banking penetration in ASEAN . However , the pandemic has had a positive impact on increasing financial inclusion in the Philippines .” says Gutierrez , who points out that the Central Bank - BSP has seen a spike in the opening of bank accounts in order to receive cash assistance from the government .
Eugene Gutierrez SVP , BPC
Digital and mobile trends will continue to evolve in the banking and payment space .
Gutierrez notes that historical barriers that made eradicating financial inclusion difficult in the Philippines , are being quickly removed . “ These are driven largely from the needs of an agile , more tech-savvy , population who want financial payments , banking convenience , speed , and use personal financial analytics at their disposal ,” he says .
Him and various banking clients believe the future of banking in the Philippines is overwhelmingly positive . “ Digital and mobile trends will continue to evolve in the banking and payment space . However , with an impressive velocity in digital adoption that is capturing the world ’ s attention , the harsh reality is that “ Cash is still King ” in the present-day Philippines and continues to be the dominant payment method .”
He concludes , “ but the convergence of those forces of consumer demand for modern financial services and the efforts of Philippines ’ financial institutions that provide these services to all segments of the Filipino society will eventually prevail and will help to improve the lives of our citizens in this new digital financial era .”