Bangko Sentral ng Pilipinas (BSP) picked up double victories at the 2019 Central Banking Fintech and Regtech Global Awards held in Singapore.
The Philippines’ Central Bank was awarded for its innovative programs in the Artificial Intelligence Initiative and Data Management Initiative categories in ceremonies held on September 4.
The BSP won the award for Artificial Intelligence (AI) Initiative with its migration from manual processing to an AI Chatbot for short messaging service (SMS) and social media to address consumer concerns. The AI Chatbot is scheduled to begin serving consumers by mid-2020.
The BSP also won the award for Data Management Initiative with its development of a prototype API-based prudential reporting system.
The BSP reported that the pilot testing of the initiatives has expanded from covering just two banks into 19 banks. Preparations are underway to move the system to cover all Universal, Commercial, and Thrift Banks for a total of 96 institutions. The system is scheduled to go live by late 2020.
“By providing a machine-to-machine link between the banks’ core banking systems and BSP’s system, the system will allow for the streamlined transmission, processing, warehousing, and analysis of the banks’ prudential reports. This will significantly improve the timeliness, ease, and integrity of data submission,” according to the BSP.
Governor Benjamin E. Diokno received the two awards on behalf of the BSP, saying, “The BSP’s regtech journey has just begun. As with any initiative, we did not imagine receiving recognition or award when BSP embarked on this journey. The initiatives were born from BSP’s commitment to continue building its digital capabilities as a regulator intent on promoting innovations in the financial service sector to benefit the country and the people.”
The Central Banking Fintech and Regtech Global Awards winners are determined after deliberations by a judging panel composed of industry experts and former central bankers. The event is organized by Central Banking Publications.
The BSP has also updated its coin-minting using cutting edge technology and earned a Best Central Banker award for its leader.
Other Philippine institutions have been innovating with financial technology such as SM and GrabPay and have also earned international recognitions for the Bank of the Philippine Islands.
SEND congratulations in the comments below to BSP for innovating on banking services with technology!
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