Newly-elected Bankers Association of the Philippines president Cezar Consing on Tuesday disclosed a plan to launch the digital banking ID registry this year in pursuit of innovation and financial inclusion.
Consing, who is also the Bank of the Philippine Islands president and chief executive, succeeded BDO Unibank Inc. president Nestor Tan at the helm of the BAP in an election held on March 25, 2019.
Tan was noted for his 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,” Consing said.
The BAP ID registry will set the foundation for e-KYC (electronic know-your-customer) and future use cases. The 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 BAP member banks are already developing the systems to be able to interface with the ID registry. Julito G. Rada
“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,” Consing said.
He also reiterated BAP’s commitment to pursue the Philippine Banking Roadmap and to support the initiatives of the Bangko Sentral ng Pilipinas.
The BAP has been actively representing the industry’s position in policy development.