The test deployment of satellite internet services for several banks to promote access to financial services in remote areas has begun.
The Bangko Sentral ng Pilipinas (BSP), Philippine Space Agency, and the Department of Science and Technology- Advanced Science and Technology Institute (DOST-ASTI) recently launched the test deployment at the Progressive Bank of Malvar and Rural Bank of Cuenca.
The two banks are located in geographically isolated and disadvantaged areas in Batangas City, where internet connectivity remains limited due to network and telecommunication facilities limitations.
Along with internet service provider iOne Resources, Inc.,the three state agencies aim to expand the performance and reliability of satellite internet services under local weather stations.
“We believe in the capability of satellite technology to enhance connectivity in rural areas, thereby expanding the capacity of banks to provide digital financial services and promote greater financial inclusion in unserved and underserved areas,” BSP Gov. Felipe Medalla said.
There are currently 533 municipalities or 33% of the 1,634 municipalities in the country that do not have bank branches operating within their areas. KC -ag
