The Bangko Sentral ng Pilipinas (BSP) named China Bank as an outstanding stakeholder in recognition of the Bank’s strong support for the BSP’s programs and initiatives to build an inclusive and increasingly digital Philippine economy. The 2021 Outstanding BSP Stakeholders Appreciation Ceremony was held virtually last July 30 and live streamed on BSP’s Facebook Page.
“We are most grateful for this recognition by the BSP and we reiterate our commitment to support the Bangko Sentral ng Pilipinas and its various programs and initiatives — particularly in governance, innovative platforms, and customer service,” said China Bank President William C. Whang.
China Bank is one with the BSP in empowering Filipinos though financial literacy and technology. The Bank was a pilot participant in InstaPay, launched in 2018, and was one of the initial six participants in the pilot launch in 2019 of the National QR Code Standard, QR Ph for person-to-person payments or “QR Ph P2P”. When the COVID-19 pandemic struck in early 2020, digitalization took on greater urgency and more people embraced digital banking and contactless payment. The BSP launched QR Ph for person-to-merchant payments or “QR Ph P2M” in April 2021 to boost the digitalization of small businesses, and China Bank was again one of the seven participating institutions in the pilot run.
With QR Ph, Filipinos can conveniently and safely pay and transfer funds by scanning the code with a mobile phone. It is steadily gaining traction amid the pandemic. As of end-May, QR Ph P2P transactions reached almost P1 billion in value.