Manila – The Bangko Sentral ng Pilipinas (BSP) has announced the launch of its mobile application, ‘BSP Mobile,’ as part of its efforts to enhance financial information accessibility for the general public and investors, and to expand financial services.
The BSP focused on maximizing user convenience by leveraging device-specific features such as smartphone push notifications and location services during the app's development. At the launch event held at the BSP headquarters, BSP Deputy Governor Bernadette Romulo-Puyat emphasized, "This app launch is part of our efforts to strengthen communication with the public." She further explained that users can access various functions through the app, including checking key interest rates and announcements, locating coin deposit machines or BSP offices, filing complaints through the chatbot BOB, and staying updated on BSP news and announcements. BOB (BSP Online Buddy) is a chatbot service developed to support the filing of complaints against financial institutions under BSP supervision.
The central bank's launch of its own mobile app is considered a somewhat unusual move. However, some central banks also operate mobile apps, such as the Federal Reserve System of St. Louis' ‘FRED App’ (economic data), the Federal Reserve Bank of Atlanta’s ‘EconomyNow’ app, the South African Reserve Bank (SARB)’s publications and data access app, and the ‘SARB Currency App.’
Goals of Increased Accessibility and Interaction
The ‘BSP Mobile’ app also provides a ‘Find a Service’ feature that guides users to the locations of BSP regional offices. Additionally, users can explore the design and security features of the ‘interactive’ 1000-Piso polymer banknote (approximately 23,000 Korean Won) in detail.
The BSP stated that it will continuously improve this self-developed app and plans to add more features and services in the future. Currently, ‘BSP Mobile’ is available for download on both the Apple App Store and Google Play Store.
BSP Managing Director Charina de Vera-Yap said in a press release, "This new platform aims to enhance user experience and increase interaction with the BSP." She added, "Once downloaded, the app can be accessed offline anytime and provides personalized information tailored to the user's specific needs and interests."
BSP Director Reynaldo Florencia Gipagan urged attendees at the launch event, "We hope that all of us will be at the forefront of promoting the app and contribute to its improvement through valuable feedback."
Efforts to Build a Digital Payment Ecosystem and Promote Financial Inclusion
In the Philippines, with a population of approximately 115 million, the BSP is actively involved in various initiatives to promote innovation, increase payment efficiency, and expand financial inclusion.
A prime example is the ‘Paleng-QR Ph’ program, jointly developed with the Department of the Interior and Local Government (DILG). This aims to build a digital payment ecosystem by encouraging cashless payments in public markets and local transportation such as tricycles. Since November 2022, it has evolved into ‘Paleng-QR Ph Plus,’ with the goal of expanding the acceptance of digital payments to all cities and municipalities nationwide.
In addition, the BSP is undertaking various fintech-related efforts, such as ‘Project Agila,’ a proof-of-concept project for a wholesale (interbank payment) Central Bank Digital Currency (CBDC).
The launch of the ‘BSP Mobile’ app is expected to significantly enhance access to financial services for Filipinos and serve as an important milestone in accelerating the transition to a digital financial era. The BSP's continuous innovation efforts are projected to greatly contribute to the development of the Philippine financial system and the improvement of financial convenience for its citizens.
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