December 12, 2017, 11:13 am
Facebook iconTwitter iconYouTube iconGoogle+ icon

COOPERATES WITH BANKING INDUSTRY FOR DIGITAL ID: Local Pinoy tech group wants to lead Blockchain in PH

BLOCKCHAIN is the technology that will significantly speed up digital transformation in many fields because it has the potential to solve problems as it builds trust and accountability. This is the conclusion of Winston Damarillo, Executive Chairman of Amihan Global Strategies, a Filipino digital strategy and technology consulting company as he announced its a long-term collaboration with Hyperledger, an open source consortium hosted by The Linux Foundation. 

The two companies excitedly launched the Philippines’ first-ever Blockchain Week earlier this month that brought together industry experts with technologists. The series of events kicked off last November 10 to unlock the potential of Blockchain in banking, retail, healthcare, media, and beyond.

The first immediate result of this common pursuit is the establishment of a industry-wide facility that will further enhance the country’s banking industry using digital identity technology. 

This project with the Bankers Association of the Philippines (BAP) has upped the ante of digitization in Philippine banking by revolutionizing validation processes in the banking industry. With this, the Philippines is said to be one of the first few countries in the world to employ a powerful and sophisticated technology for identity management.

 “We are committed to pursuing the Philippine banking roadmap we have crafted with the support of the Bangko Sentral ng Pilipinas. 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.

“The possibilities are limitless. Our ambition is to move beyond possibilities towards action, towards real innovations that can spur a new wave of economic opportunity in one of the fastest growing economic regions of the world,” Damarillo pointed out. 

The goal of the BAP, Amihan, Hyperledger consortium is to deliver banking services to more Filipinos, maximizing financial inclusion so increase who will benefit from access to credit and banking. Currently only 44 million out of 100 million Filipinos who have their own bank accounts..

“With the rapid development of technology on our side, banks must use this opportunity to constantly improve, innovate and provide better services to the banking public,” BAP Operations Committee chairman Abraham Co added.

““With Amihan’s partnership, we are excited to see new Blockchain-based Asean solutions that will revolutionize the region, and the entire digital world. We welcome this development for the Philippines. The Bankers Association of the Philippines joins a global movement to benefit consumers using this technology. We’re proud that the banking community is using open source software from Hyperledger technology to enrich data privacy and finance,” Brian Behlendorf, Executive Director of Hyperledger told media men.

“Digital is the best solution for financial inclusion in the Philippines,” Damarillo agrees.

Amihan is a leader in turning large enterprises into digital pioneers. 

Among their innovations is the Nimble Wallet, a unified platform for holding digital assets including cash, points, vouchers, and digital currencies and universal ID system, which has been utilized in the BAP project. 

Along with payments and remittances, the wallet enables businesses to incentivize customers by unifying disparate loyalty programs into one connected marketplace while the ID system a self-sovereign identity where every individual has full access over their data and can share it with organizations and people that they trust.

While the project is still in development, several major banks which include Asia United Bank, BDO, BPI, Citibank, East West Bank, Metrobank and Union Bank have already signed on to accept and verify customer data on the platform. Other banks are soon expected to follow.

“We are excited to collaborate with Hyperledger and the BAP to deliver inclusive innovation for the Philippines,” Damarillo concludes.

Established in 1949, The Bankers Association of the Philippines (BAP) is the lead organization of universal and commercial banks in the Philippines. It currently consists of forty-one member banks; twenty-one of which are local banks and twenty are foreign bank branches.
Rating: 
Average: 5 (1 vote)

Column of the Day

The Silence breakers

By ABIGAIL VALTE | December 12,2017
‘There are still thousands who cannot afford to come out and stand against these monsters without risking the fragile fabric of their lives.’

Opinion of the Day

Duplicity

By REY O. ARCILLA | December 12, 2017
‘Today, President Digong brought us to a position where we can stand tall as an independent country, with our dignity back and not the lapdog of anyone. – Gen. Sotelo’