Cybersecurity, innovation to future-proof PHL financial system

IMPROVING cyber resilience and fostering innovation to boost inclusion can help future-proof the Philippine financial system, the Bangko Sentral ng Pilipinas (BSP) chief said on Tuesday.

“The best experts would say, the system grows stronger as more people participate in it. Then amazing things happen. Social good escalates. To us, future-proofing finance looks like this,” BSP Governor Eli M. Remolona, Jr. said in a speech at the Manila Tech Summit 2025.

Inclusivity efforts make the financial system stronger, Mr. Remolona said as he cited the central bank’s own efforts to encourage the adoption of digital payments like QR Ph.

With more Filipinos using digital finance channels, boosting cybersecurity is a must to hep instill trust in these services, the BSP chief said. “Without trust, the system can’t grow.”

“Third, innovation keeps the system relevant. We continue to champion smart technologies like open finance…,” he added.

“At the BSP, we like to keep things simple. We like smart innovations that solve real problems. We like simple solutions that people can easily use. We like secure systems that can withstand shocks and attacks. This is how we connect inclusion, security, and innovation.”

Mr. Remolona said financial technology (fintech) companies play an important role in future-proofing the system. “You are the builders, the connectors, the innovators.”

In his own speech at the event, Fintech Alliance.PH Chairman and Rizal Commercial Banking Corp. Executive Vice-President and Chief Innovation and Inclusion Officer Angelito “Lito” M. Villanueva said digitalization presents both opportunities and risks amid the changing global environment.

“That is why we are here — to turn risks into resilience, to turn uncertainties into opportunities, to forge a future anchored in trust, innovation, and shared prosperity,” Mr. Villanueva said.

Fintech Alliance.PH is focused on ensuring responsible innovation, he said.

First, technology should be used to solve problems and protect consumers, Mr. Villanueva said.

“With more than 130 corporate members, collectively driving 95% of digital financial transactions, we uphold a zero-tolerance policy against the misuse of digital payment platforms for illegal businesses, especially online gambling. Consumer protection and industry integrity are nonnegotiable,” he said.

Technology should also be used for growth, to encourage innovation, scale businesses by unlocking new markets, and ensure equal digital access for Filipinos, Mr. Villanueva said.

“When technology works for good, for growth, for all, and for trust, it doesn’t just innovate — it transforms economies and societies. This is our moment. We are called to change through innovation, to evolve with technology, to lead the charge for a digital revolution. It’s time to forge a new global order. Not someday, but today. Here, together.” — K.K. Chan