Fintech group seeks 'seamless' onboarding for unbanked Filipinos

ABS-CBN News

Posted at May 27 2019 10:46 AM | Updated as of May 27 2019 10:52 AM

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MANILA – Filipino financial technology firms are building a KYC or "know your customer" registry to encourage the unbanked sector of the population to transact through formal channels, a bank executive said Monday.

Adopting formal financial channels should be "seamless" for millions of Filipinos who don't have accounts with banks and financial institutions, said Fintech Alliance chairman Lito Villanueva, who is also EVP and chief innovation and inclusion officer for RCBC.

Of the 68 million Filipino adults surveyed by the Bangko Sentral ng Pilipinas in 2017, 22.6 percent had formal financial accounts in banks, cooperatives and microfinance firms.