DIGITAL-ONLY banking penetration in the Philippines is expected to double in the next five years, according to a survey. Finder.com's Digital Banking Adoption Report said 18 percent of Filipinos presently have a digital bank account, with another 18 percent planning to acquire one within the next five years. "We're set to see an average increase in digital banking adoption of 11 percentage points across the 30 countries included in the study," she emphasized. Barry said that by 2026, Asia will have four of the top five countries for digital banking adoption, with almost a third of Filipinos having a digital-only bank account. "With the issuance of Digital Banking Framework, the Philippines is a step closer to reaching its strategic outcomes," Diokno pointed out.

Source: Manila Times October 09, 2021 13:41 UTC