lead in the banking sector computer emergency response team ( cert ) under the department of information communications technology ( dict ), the bsp is developing the financial services cyber resilience plan that will serve as the primary framework covering strategies and plans to strengthen cyber resilience in the financial services industry. second, we are also in the development stage of implementing the advanced suptech engine for risk - based compliance, or what we call asterisc *. 1 / 2 bis central bankers'speeches this is unified regtech and suptech solution that will streamline and automate regulatory supervision, reporting and compliance assessment of bsfis ’ cybersecurity risk management. third, the bsp continuously engages with the bsfis through the bankers association of the philippines cyber incident database or bapcid. bapcid is currently provided by cyberint, which is a cybersecurity service provider based in israel. it is a web - based portal and an industry cyber threat and best practices sharing platform where participants can report incidents and threats anonymously, receive threat intelligence feeds and threat advisories from the bsp. lastly, the bsp is currently coordinating with relevant government agencies and industry associations for a joint consumer protection campaign and message amplification to raise overall cyber awareness in the country. given the supervisory expectations and industry - wide cybersecurity initiatives, there are several ways israel companies can help bsfis in increasing their cybersecurity capabilities and maturity and the financial sector in general. considering the sophistication and maturity of israel in terms of cybersecurity controls and management, the bsp and the bsfis would greatly appreciate hearing israel ’ s expertise, knowledge and technology in the following areas : cybersecurity trainings, education, and capacity build - up ; security operations center ( soc ) ; incident response and forensic investigation ; information sharing and threat - intelligence platform ; and set - up and establishment of israel ’ s financial sector and national certs. in closing, i hope that this session will strengthen ties and cooperation between the philippines and israel so that our respective financial services sectors remain safe, innovative, and resilient in the digital economy. thank you for your attention. 2 / 2 bis central bankers'speeches

and cost - effective. these allow for interaction between two or more online connected services. mobile smartphones are game changers. they have led to important changes in the payments system as well as in the behavior of market agents. an industry report puts the number of fintech startups in the country at 60 players in 2017. mobile payment and alternative finance firms dominate with 26 and 17 players, respectively. the transaction value of the fintech market in the philippines is estimated to amount to us $ 5. 7 billion in 2018. it is expected to grow at an annual rate of 16. 4 percent. by 2022, the fintech market in the country is projected to amount to us $ 10. 5 billion. digital payments account for the largest share of the market at 98. 9 percent. this translated to an estimated total transaction value of us $ 4. 6 billion in 2017. most of these digital payments are in the form of digital commerce. 1 / 3 bis central bankers'speeches meanwhile, the alternative finance market is estimated to have raised a total amount of us $ 0. 2 million in 2016 and us $ 0. 7 million in 2017. start - up businesses are adopting financial technological innovations to improve their customers ’ payments experience. these fintech businesses lower costs by employing different business models that involve fewer entities. leveraging on fintech innovations how can we take advantage of these fintech innovations to promote more inclusive growth in the philippines? for one, the philippine government recognizes the huge potential of fintech services to lower remittance costs for the country ’ s over 10 million migrant workers. transaction costs for remitting us $ 200 currently average at 7. 1 percent of transaction amount globally. this can drop to as low as 2 percent. aside from lower remittance charges, the philippine government is likewise seeking to facilitate for overseas filipinos ( ofs ) other online - based banking and financial management services. fintech innovations can also help drive financial inclusion as access and usage of financial services continue to be limited. the world bank estimates that only 31. 3 percent of the philippine adult population has bank accounts. estimates show that the country ’ s gdp could increase by more than 14 percent if the financial inclusion gap was closed. an important part of this solution is digital enablement. digital applications and related regulatory initiatives are expected to boost philippine gdp by about 3 percent. they may yield an increase of about 11 percent in the incomes of the population segment earning less than us $ 2 per day