BSP to Fintech Firms: Go Beyond Payment Solutions

February 17, 2020 – A robust payment solution is important for financial inclusion, and many fintech firms are providing ways to tackle that specifically. However, it is time that fintech firms focus on the supply chain for the benefit of micro, small, and medium enterprises, said a Bangko Sentral ng Pilipinas (BSP) officer.

According to BSP Managing Director of the Center for Learning and Inclusion Advocacy Pia Bernadette Roman-Tayag, while the majority of fintech firms are looking to provide payment solutions, she wants to see these firms “solve the connection of supply chains”, to provide financial services that the supply chain needs. “In this way, the potential of the MSMEs can be unlocked,” she said on the sidelines of the launch of ING Bank and Unicef’s Fintech for Impact program.

Fintech (Financial Technology) refers to the usage of new tech to improve the delivery of financial services.

The Fintech for Impact program will be looking for 6 startups that will offer open-source fintech solutions to serve the hardest-to-reach communities and marginalized sector of the society. The program is in line with ING’s efforts to leverage technology to become more client-focused and sustainable. Interested startups can apply via www.fintechforimpact.com. Registration is until February 23, 2020. The chosen startups will be mentored in tech and business for a year.

Source: The Business Mirror

This article is published on BitPinas: BSP to Fintech Firms: Go Beyond Payment Solutions