Making Sense of Digital Banking - Disini Law Office
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Making Sense of Digital Banking

Last September 24, 2020, Disini Law, in partnership with the Digital Freedom Network (DFN), held another episode of the webinar series Digital Transformation Thursdays entitled “Making Sense of Digital Banking.” In view of recent technological developments, the Bangko Sentral ng Pilipinas (BSP) seeks to classify digital banking as distinct and separate from traditional banking, in particular, universal banks, commercial banks, thrift banks, rural banks, cooperative banks and Islamic banks.

Mohamed Keraine, Head of Retail Development of Asia of ING Philippines, shared the journey of ING as a digital bank in the Philippines. According to Keraine, ING seeks to build a technology platform that is open, scalable, and borderless. Keraine emphasized three key customer experience principles: the remarkably easy, surprisingly easy, and refreshingly smart. 

Lito Villanueva, Executive Vice President and Chief Innovation Officer of RCBC, believes that the pandemic has accelerated the digital transformation of all the organizations across segments and sectors globally. Villanueva talked about four pillars that have been essential in driving consumer adoption and scale: data or evidence-driveness, relevance and impact, empathetic engagement, and awareness and education. He also discussed how digitalization has made a great impact in empowering, enabling, and engaging its customers, particularly the marginalized individuals in the remotest towns of the Philippines. RCBC was able to achieve this through its latest products, including ATM GO and the DiskarTech.

Atty. Lars Serzo, Senior Associate of Disini Buted Disini Law, provided an overview of the current regulatory regime on digital banks. As she mentioned, there is no rule or licensing specific for digital banking yet. Atty. Serzo compared the recent efforts by the Bangko Sentral ng Pilipinas (BSP) in drafting the guidelines for digital banks with the Lower House’s bill for virtual banks. She thinks that the latest developments in the BSP and the Congress are consistent with the thrust of the BSP in promoting the innovation and digitalization of the financial industry, while at the same time, ensuring that the consumers are protected and risk exposure is controlled. 

The recording of this session can be accessed on Facebook through the Disini Law page. To know more about the upcoming Digital Transformation Thursdays webinars, visit