Fintech firms laud digital national ID launch

MANILA, Philippines — Financial institutions lauded the recent launch of the digital national ID, saying it will be a helpful tool in easing the way they do business.

Lito Villanueva, EVP and chief innovation and inclusion officer at RCBC and founding chairman of Fintech Alliance Philippines, said an operational national ID “will drive significant advancements in financial inclusion and digital transformation.”

FinTech Alliance PH is the country’s first and largest association of digital ecosystem players collectively generating over 95 percent of fintech retail financial transaction volume today.

“This is a historical milestone for the Philippines’ journey toward building a financially inclusive, empowered, and truly digital nation. Systems such as eKYC will become more efficient, accessible, and human-centered. We thank the national government agencies for partnering with us and for trusting us in forging the path ahead for financial and digital inclusion,” Villanueva said.

During the digital national ID’s public launch last Monday, RCBC, along with three privately-owned banks: BPI, AUB and PSBank, have all subscribed to the use of data provided by the national ID as their main identification mechanism for customer screening and acceptance. Such integration will allow Filipinos to use their national IDs for bank onboarding and other financial transactions. Leading mobile wallet app, GCash, has likewise joined in the fold of private companies now using the digital national ID.

Special Assistant to the President on Investment and Economic Affairs Frederick Go also praised his former counterparts in the private sector for heeding his call to participate in the government’s efforts to get the national ID working.

“The significance of this progress is all about one thing: developing the user-case for the digital national ID,” Go said. “It is very clear to me, our goal was to get the private sector, particularly the banks, and the financial institutions to accept and to want to use the national ID. Therefore, I am happy to see that some of them are now our partners in this and we are just beginning.”

More than being used for financial and monetary transactions, Go said the identification facility can also be tapped by other private users including those in the schools, hospitals and even insurance providers, among others.

“This is what the whole-of-government approach can do for us. The digital national ID is a beacon of hope. It is a reminder that even the most ambitious dreams can become reality if and when we work together towards a common goal,” said Go.