Fintech, digital banks unite to boost financial health

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December 4, 2025 | 12:00am

MANILA, Philippines —The country’s financial technology (fintech) and digital banking industries unveiled three major initiatives aimed at improving financial health and supporting inclusive digital transformation, showcasing the sector’s growing collaboration with regulators and policymakers.

The Digital Bank Association of the Philippines (DiBA PH) and FintechAlliance.ph developed the measures in consultation with the Bangko Sentral ng Pilipinas (BSP).

The groups said the effort consolidates digital banks and fintech players, including e-wallets, around a unified agenda anchored in innovation, behavioral design and coordinated policy reform.

These programs build on the results of the 2nd DiBA PH Financial Health Survey, which found that the financial health index (FHI) among digital bank customers improved to 62 in 2025 from 56 in 2024. The rise reflects better control of day-to-day finances, stronger short-term resilience and gradually improving confidence in long-term planning, although gaps remain.

The first is the adoption of the 2028 Digital Finance Industry Roadmap, which lays out how digital banks and fintechs will work with the BSP to reach the “80x80 by 2028” target.

The roadmap aims to have 80 percent of Filipino adults with active accounts and 80 percent of payments made digitally in the next three years. It identifies key pillars such as open finance, interoperable credit data, cybersecurity, digital trust and responsible innovation and urges government agencies to enable reforms in regulation and infrastructure.

The second is the launch of the Industry Financial Health Program, which embeds financial health metrics and behavioral tools such as nudges into digital products to help users build durable habits.

The third is the ASEAN Financial Health Survey Collaboration, which extends the survey methodology to regional fintech associations, backed by BSP support, to develop a shared regional lens on financial health.

“Through this collaboration, we are aligning fintechs and digital banks around a shared vision for financial well-being. It’s a call for collective leadership toward a more financially resilient Philippines,” said Lito Villanueva, founding chairman of FintechAlliance.ph.

Nathaniel Clarke, vice president of DiBA PH and chief executive officer of GoTyme Bank, said the roadmap provides a concrete basis for joint action.

“The Digital Finance Roadmap is a shared starting point,” Clarke said. “Working closely with FintechAlliance.Ph allows us to expand adoption across the wider fintech ecosystem. The roadmap gives us a common language for what we aim to achieve, how we can collaborate, and how we measure progress.”

DiBA PH president and Maya Bank CEO Angelo Madrid said the partnership moves the sector beyond access and toward measurable well being.

“This partnership represents our collective effort to move the conversation from access to actual financial well-being,” Madrid said. “Turning these insights into design, regulation, and shared accountability is how we turn inclusion into measurable, lasting impact.”

The initiatives coincide with the release of the 2nd Financial Health Survey, which shows meaningful progress in how Filipinos manage their finances.

The share of digital bank customers in “Bad/Very Low” financial health fell sharply from 33 percent to 17 percent, while those in the “Good–Great” ranges rose from 26 percent to 63 percent. Respondents reported better saving behavior and increased confidence in making financial decisions earlier in their financial journeys.

Still, financial stability remains uneven. While 73 percent of respondents now have emergency savings, most can cover only up to one month of expenses and many continue to worry about their financial future. Lower-scoring cohorts also struggle with consistency, highlighting the need for stronger behavioral support.

“These results confirm that financial inclusion is starting to translate into measurable financial health,” Madrid said. “What matters now is how we sustain this momentum.”

BSP Governor Eli Remolona Jr. reaffirmed the central bank’s pivot toward financial health.

“It was not enough to just do financial inclusion,” Remolona said. “Now our efforts are focused more on financial health than on financial inclusion. With what we call behavioral economics strategies, we think we will succeed.”

The survey was conducted among customers of the six licensed digital banks including GoTyme Bank, Maya Bank, Overseas Filipino Bank, Tonik Bank, UnionDigital Bank and UNO Digital Bank throughout October.