The Bankers Association of the Philippines (BAP) will launch a new ID registry scheme to ensure better security for banking. (image source)
New Bank of the Philippine Islands (BPI) President and CEO Cezar P. Consing is looking forward to the launch of the new scheme. It will be powered by blockchain technology. The launch is also in time with the new #Cybersafe campaign to battle cyber-crimes such as phishing and malware that can be used to access private information.
Consing said, “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.”
This new technology in banking promises easier and more secure transactions between banks and clients.
To know more, watch this video from Bankers Association of the Philippines: