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Nov 20, 2017 @ 19:38

Like Facebook: PH banks to use digital profiles for depositors


It’s the quick way to verify client identity across different institutions.

The Bankers Association of the Philippines (BAP) has tapped Amihan Global Strategies to create an industry-wide system for digital identity.

“This initiative will enable the banking industry to provide a more convenient and faster way of delivering banking services to the clients,” BAP president
Nestor Tan said in a statement.

Under the new platform being developed, bank clients can choose to upload and share personal information to participating banks and accredited agents through their smartphone, which the lenders can use to open new accounts and transact.

The digital banking profiles will make use of blockchain technology to allow real-time access and data uploads for the use of BAP member-banks to verify clients.

The Asia United Bank, BDO, BPI, Citibank, East West Bank, Metrobank and Union Bank have already signed up to access the Amihan-powered platform. It is seen to help bring more unbanked Filipinos access formal banking channels and finally get their own deposit accounts.

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