Fintechs preparing shift away from OTPsLito Villanueva, founding chairman of FinTech Alliance PH, said industry players are ready to comply with the Bangko Sentral ng Pilipinas (BSP)’s directive to adopt more advanced security tools that will gradually replace OTP-based verification. MANILA, Philippines — Financial technology firms in the Philippines are prepared to transition away from one-time passwords (OTPs) as regulators push stronger authentication systems to curb rising digital fraud. “The fintech industry is ready to comply,” Villanueva said in a chance interview. “We have no choice but to comply.”The BSP has given banks and financial institutions until June 30 to phase out SMS-based OTPs and shift to stronger authentication methods, including biometric verification. While OTPs have long been the standard method for verifying online financial transactions, Villanueva said many fraud cases stem from consumers unknowingly sharing these codes with scammers.

Source: Philippine Star March 13, 2026 16:52 UTC