BSP plans to tap artificial intelligence

The Philippines’ central bank is using the buzzwords ‘FinTech,’ ‘RegTech,’ and ‘chatbots’ Published 5:30 PM, July 27, 2017 Updated 5:30 PM, July 27, 2017 ROBOTICS? The Philippines’ central bank taps a technology partner to study the possibility of adopting artificial intelligence in its operations. File photo MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is studying how it can make use of artificial intelligence to improve its regulatory and consumer protection functions. BSP Governor Nestor Espenilla Jr said the central bank is venturing into regulatory technology (RegTech) to address regulatory challenges in the financial services sector through innovative technology. “BSP is also adopting financial technology (FinTech) method. Today, for example, the BSP has a pilot to be called RegTech,” Espenilla said on the sidelines of the Philippine Bar Association’s lunch fellowship on Wednesday, July 26. RegTech is a software or other technology that helps businesses providing financial services to comply with regulations efficiently and economically. (READ: Espenilla’s target: Break new ground for financial inclusion) Espenilla explained that the BSP is pilot testing an application program interface (API) system for its reporting process as well as experimenting with the potential use of “chatbots” in handling consumer complaints. “We are also…


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