The Bangko Sentral ng Pilipinas (BSP) said it is working with ASEAN neighbors on interoperating its retail payments systems through Project Nexxus.
It said Instapay would be linked to Thailand’s PromptPay and Singapore’s PayNow as part of the plan to make real-time retail payments interoperable in the region.
“The end view is to have scalable, truly global cross-border retail payments. This will not only help in remittances, but also open broader economic opportunities for the country,” BSP Governor Eli Remolona Jr. said.
The BSP launched the National Retail Payment System Framework in 2015, which gave birth to what is now known as PESONet and InstaPay.
The BSP also issued policies on digital banking, open finance, regulatory sandbox and generative artificial intelligence (AI).
“We want to make sure that this digitalization will result in better and more products that respond to the needs of clients, help them manage their finances, and enable them to seize economic opportunities,” Remolona said.
The BSP also rolled out a cybersecurity roadmap and a robust fraud management system to address potential risks from innovation.
The payments and settlements system offers a gateway to financial inclusion to serve the unbanked.
Remolona said the BSP’s efforts in payments were looking beyond the Philippines and toward regional and global opportunities.