BAP to pursue digitization of banking processes

The Bankers Association of the Philippines (BAP) will continue pursuing the Philippine banking roadmap and shift the processes of local lenders to digital.

“We have finished the term strong through our collective efforts and partnerships, and we will continue to perform our best in pursuing the roadmap,” BAP president Nestor Tan said in an emailed statement on Tuesday.

Tan, who is also the president and CEO of Sy-led BDO Unibank Inc., was re-elected as BAP president on March 19, his third term as president since 2016.

Under the Philippine banking roadmap, the BAP wants to establish an industry-wide facility which would fast-track the validation processes of banking transactions.

In November, the association said it was in talks with Amihan Global Strategies to create the facility which would allow bank consumers to share personal information with local lenders through their mobile phones.

“Using this platform, the onboarding process of clients will be easier and more efficient as the individuals themselves through participating banks and accredited agents would be able to upload personal information immediately through mobile phones,” it said.

“Once the uploaded information is validated and vetted by a participating bank, clients will be able to open a new bank account and access banking services of other participating banks in a much faster and easier way,” the BAP said.

“Going forward, we will rationalize and upgrade BAP utilities and operations, purse industry positions for the welfare of the Philippine banking industry and its stakeholders, and continue building enablers to push the BAP vision,” Tan said.

Also elected as first vice presidents of the BAP were Bank of the Philippine Islands (BPI) president and CEO Cezar Consing and East West Banking Corp. CEO Antonio Moncupa Jr.

Deutsche Bank AG managing director Enrico Cruz was elected secretary, while Hongkong and Shanghai Banking Corp. Ltd. president and CEO Jose Arnulfo Veloso was elected as treasurer. —Jon Viktor Cabuenas/VDS, GMA News