covid19 pandemic are driving a “ historic and dramatic shift in consumer behavior ” – according to the latest research from pricewaterhousecoopers or pwc. the consulting and accounting firm ’ s june 2021 global consumer insights pulse survey also reported a strong shift to online shopping as people were first confined by lockdowns, and continued to work - from - home. other significant finding from the report that may change the business models of companies is that consumers do not think they ’ ll go back to their old ways of shopping once the pandemic is over. in the philippines, the study conducted by visa also showed that around 70 percent of filipinos who used digital payment channels during the lockdown will likely continue to do so. since the release of the regulatory framework for digital banks in december 2020, a number of 2 / 4 bis central bankers'speeches proponents have expressed interest and actual intent to apply for a digital banking license in the country. as of june 2021, the monetary board ( mb ) has approved the applications of four ( 4 ) banks. the mb approval refers to the first of the three - stage licensing framework of the bsp on the establishment of banks. on march 25, 2021, the mb approved the first application which is from the overseas filipino bank ( ofbank ) seeking to convert its banking license from a thrift bank to a digital bank. on june 3, 2021, the mb approved the applications of ( 1 ) tonik digital bank, inc., for conversion of its rural banking license to a digital bank license, and ( 2 ) unobank, inc. for the establishment of a new digital bank. then on july 15, 2021, the mb approved the application of union digital bank, a wholly own subsidiary of ubp. with the framework ’ s promising benefits, we must also be cognizant of its attendant challenges and risks. data privacy concerns, money laundering, and electronic frauds are among the issues that can undermine the confidence in this policy initiative. we therefore expect that the key stakeholders particularly the financial institutions, to adopt adequate measures and controls to manage such risks. foremost of which is the conduct of an effective information campaign to ensure that consumers are aware of the risks and how they can perform their transactions securely. consumers must also be aware of the available mechanisms that can promote consumer protection. on the other end of spectrum, other government agencies are also expected to collaborate and address the digital divide. it entails ensuring access to it infrastructure

by people from all walks of life to achieve inclusivity. with the framework ’ s promising benefits, we must also be cognizant of its attendant challenges and risks. data privacy concerns, money laundering, and electronic frauds are among the issues that can undermine the confidence in this policy initiative. we therefore expect that the key stakeholders particularly the financial institutions, to adopt adequate measures and controls to manage such risks. foremost of which is the conduct of an effective information campaign to ensure that consumers are aware of the risks and how they can perform their transactions securely. consumers must also be aware of the available mechanisms that can promote consumer protection. on the other end of spectrum, other government agencies are also expected to collaborate and address the digital divide. it entails ensuring access to it infrastructure by people from all walks of life to achieve 3 / 4 bis central bankers'speeches inclusivity. we are living in exciting times and we each have a role to play. let this initiative be just one of many more opportunities for us to work together to truly provide better ways of serving our constituents whenever they require and wherever they are. be at the comforts of their homes, in the office, in digital devices, or who knows tomorrow even from outer space! thank you and a pleasant day to all of you. 4 / 4 bis central bankers'speeches