The Bankers Association of the Philippines (BAP), under the new leadership of Bank of the Philippine Islands (BPI) President and CEO Cezar P. Consing, looks forward to the launch of the digital banking ID registry this year as it continues to pursue innovation and financial inclusion for the benefit of the country.
Consing, during the BAP annual membership meeting held on March 25, 2019, expressed his gratitude to former BAP President Nestor Tan for the latter’s steadfast leadership for three consecutive years, during which the BAP developed the foundation for the BAP ID registry and increased its focus on cybersecurity.
“The Philippine banking industry is transforming itself so as to continue to be relevant to one of the world’s fastest growing economies. Digitalization, cybersecurity, and financial liberalization are issues foremost on bankers’ minds.The overall objective is increasing financial inclusion — the imperative of our times,” said Consing.
The BAP ID registry in particular will set the foundation for e-KYC (electronic know-your-customer) and future use cases. This facility, powered by blockchain technology, will make it easier and faster for clients to open accounts and avail of banking services with BAP’s member banks. The technology employs an unalterable distributed ledger of transactions used to ascertain and vet transactions and client identity. Several of the BAP member banks are already developing the systems to be able to interface with the ID registry.
Consing said the BAP will also jumpstart its campaign on cybersecurity to help the public to be #CyberSafe, and focus on Environmental, Social and Governance (ESG) projects.
“The BAP has been blessed throughout its history with leaders who are passionate about moving the industry forward. I will build on Nestor’s considerable accomplishments. We want the Philippine banking industry to be accessible to every Filipino,” added Consing.
He also reiterated the association’s commitment to pursue the Philippine Banking Roadmap and to support initiatives of the Bangko Sentral ng Pilipinas (BSP).
The BAP has been actively representing the industry’s position in policy development. In 2018 alone, the BAP converted the fixed income exchange to over-the-counter market; favored PHP BVAL Reference Rates as the PH GS benchmarks; acquired license from SEC as benchmark administrator for the PH GS benchmarks; contributed to the launch of BTr’s NroSS system; advocated the streamlining of regulatory requirements for bond issuances; continued to administer the organized dollar-peso spot market; and had proactive dialogues with regulators and legislators for taxation, mandatory lending and Basel III implementation.
The BAP membership also elected the following officers to the association: Mr. Antonio C. Moncupa, Jr. of Eastwest Bank as First Vice President; Mr. Fabian S. Dee of Metrobank as Second Vice President and Treasurer; and Mr. Enrico S. Cruz of Deutsche Bank AG Manila Branch as Secretary. To complete the lineup, BAP introduced the following board of directors which include executive representatives from the following banks: ANZ, Bank of Commerce, Citibank, DBP, Maybank, PNB, RCBC, Robinsons Bank, Security Bank, SMBC and Union Bank.