Create an Agent Registry and RegTech tool for supervision, consumer protection and financial inclusion monitoring
Country
Philippines
Member institution
Bangko Sentral ng Pilipinas (BSP)
Timeline
Nov 2021 – October 2022
Thematic area
Digital Financial Services
Context
Agents play a central role in promoting inclusive digital finance, especially to populations in remote and underserved areas. Given their strategic significance, effective monitoring and risk management of agents is critical.
Previously, no information on accredited agents and their services was available publicly. BSP used an excel-based data collection system for agents, creating issues of inflexibility, time-consuming processes, and non-uniform reporting requirements.
The Agent Registry project aimed to address existing data gaps that hindered visibility into the status and operations of agents.
Previously, no information on accredited agents and their services was available publicly. BSP used an excel-based data collection system for agents, creating issues of inflexibility, time-consuming processes, and non-uniform reporting requirements.
The Agent Registry project aimed to address existing data gaps that hindered visibility into the status and operations of agents.
Project Activities
Outcome
By addressing data gaps and digitalizing crucial information about agents and their operations, the project enhanced transparency and monitoring capabilities. The development and integration of the Agent Registry system, along with the digitalization of agent-related data, represented important milestones in the Philippines’ efforts to foster an inclusive and efficient digital finance ecosystem.