Financial Authority Partner Profile:
Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (BSP) was the first financial authority to partner with R2A. The BSP has requested the development of an Application Programming Interface (API), and back office reporting and visualization application (the Project) to:
- Allow financial institutions to submit data digitally and automatically to the financial authority.
- Increase the volume, granularity, and frequency – and improve the quality – of data submitted to the central bank.
- Enable BSP staff to improve data validation and analysis, and generate customized reports for supervisory and policy development purposes.
By improving data quality and access, and developing new tools for data visualization and analysis, R2A will help the BSP implement a risk-based supervisory approach that reduces compliance costs and promotes financial inclusion while ensuring financial stability and integrity. Moreover, the BSP will be able to capture crisper insights on the Filipino financial sector that will be used to develop policies such as the financial inclusion strategy.
The project will deliver a prototype by June 2018. The competition to select the firm that will prototype this regtech solution is currently open. The deadline for submission is October 29th, 2017. More information here.
The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Philippines. It was established on July 3, 1993, pursuant to the New Central Bank Act of 1993.
Nestor A. Espenilla, Jr.
4th Governor of the Bangko Sental ng Pilipinas (BSP)
As the Governor, Mr. Espenilla, Jr. heads the BSP and chairs the Monetary Board and the Anti-Money Laundering Council. He also represents the Philippines as its Governor in the International Monetary Fund and as Alternative Governor of both the World Bank and the Asian Development Bank.
Mr. Espenilla, Jr. has been with BSP since 1981 and has worked in Economic Research, International Operations, and in the Office of the Governor. He was seconded to the IMF in 1990 -1992.
Pia Bernadette Roman-Tayag
Director, Inclusive Finance Advocacy, and co-Head, Financial Consumer Protection Department
As head of the Bangko Sentral ng Pilipinas’ Inclusive Finance Advocacy Staff, Pia Roman-Tayag is involved in all of the bank’s financial inclusion work, particularly in the areas of policy and regulation, capacity building, advocacy and relationship building.