For Southeast Asia’s oldest bank, reinvention and innovation are the key ingredients to how it remains one of the Philippines’ biggest banks since its establishment over 170 years ago.
In the modern era, Bank of the Philippine Islands has set its sights on an ambitious goal: to be the undisputed leader in digital banking.
“The pandemic has accelerated digital banking adoption among Filipinos, and all indicators say that there’s simply no turning back. If we truly want to be the Philippines’ undisputed banking leader, we must ensure that each and every one of our customers, without exception, has digital access to our services and products,” Jose Teodoro “TG” Limcaoco, president and CEO of BPI, told Asian Banking & Finance in an exclusive interview.
Since assuming the leadership of BPI in 2022, Limcaoco has pushed BPI’s position as a pioneer in local banking — the very quality that has allowed it to thrive in every era.
“We doubled down on digitalisation over the past two decades as online banking transformed into mobile banking. We brought banking services that were only available on desktops to smartphones,” he said.
“BPI’s spirit of innovation has enabled the bank to become a pioneer in various aspects of banking. In the 1980s, BPI launched the Express Teller system and introduced the first 24-hour ATM service in the Philippines. We later on launched the country’s first debit card system. In the 1990s, BPI began offering phone banking and then introduced Express Online,” Limcaoco added.
More recently, BPI introduced the mobile wallet in 2012 for retail payments, the country’s first bank-initiated contactless payment system.
هذه القصة مأخوذة من طبعة Issue 111 من Asian Banking & Finance.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة Issue 111 من Asian Banking & Finance.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Embedded Finance, Digital Banks To Drive SEA's Fintechs
Embedded finance, partnerships, and digital banks will be the three defining trends shaping Southeast Asia’s financial technology (fintech) landscape in the future.
UBC Aims For Top 5 In Sri Lanka Banking
Chairman Nirvana Chaudhary is prepared to lead amidst a national finance crisis.
What Makes Malaysia The Next Great Investment Banking Frontier In Southeast Asia?
EVs, takaful insurance, and its proximity to Singapore attract investment activity, according to a BofA executive.
How HomePay Is Combating Renovation Scams In Singapore
Money is put in an escrow account and disbursed when milestones are reached.
Will Property Woes Continue To Weigh On Chinese Megabanks?
This year, Chinese megabanks are facing two big hurdles: the government’s mandate that may force banks to take on more risks in the name of propping up China’s embattled property sector; and declining credit demand and interest rates.
How Have Banks' Wealth Management Pivots Played Out In China?
There’s up to $25b in fees to be made in Asia, but it’s a tough market, an analyst said.
Why Singaporeans are okay with locking away over $4b of their money
Customers can only access 'locked' money with a physical card or by visiting a branch.
OCBC builds the the next pipeline of talent
Lim weaves in support for women bankers to broader industry talent shortage.
Banks flip the tables on disruption by becoming the disruptors themselves
Companies are facing not just tech transformations but also shorter skill lifespans for their workforce.
Basel III capital hike is not a problem for APAC
Most of banking jurisdictions in most Asia Pacific markets should be able to absorb the moderate increases in capital requirements stipulated under the final Basel III standards.