The Philippines and the United Kingdom have committed to deepen their collaboration in financial technology (fintech), sustainable financing, and regulatory reform.
BSP Governor Eli Remolona and British Ambassador Laure Beaufils discussed common interests in these areas during a recent courtesy call.
Remolina thanked the UK government for its unwavering support of Philippine development and expressed his eagerness for further collaboration.
Beaufils echoed Remolona’s sentiments, saying that the two countries have a strong foundation for cooperation in fintech, sustainable finance, and regulatory reform.
The Philippines and the UK formalized their collaboration in these areas in March 2021 through a memorandum of understanding (MOU) under the UK’s Prosperity Fund for the ASEAN Economic Reforms Program (AERP) and the ASEAN Low Carbon Energy Program (ALCEP).
The MOU covers capital market development, fintech development, green finance, and accounting standards. The Department of Finance is the lead agency, while the BSP, SEC, and IC are co-lead agencies.
Financial inclusion is one of the BSP’s top advocacies, and the collaboration on fintech and open banking under the MOU is expected to help the central bank achieve its goal of promoting greater access to financial products and services.
Source: PhilNews24 | September 15, 2023
