THE Bangko Sentral ng Pilipinas (BSP) and the Global Finance & Technology Network (GFTN) on Friday launched an Asean-wide challenge seeking scalable solutions to persistent gaps in financial resilience, including emergency savings, responsible credit, and insurance.
The initiative comes as nearly two-thirds of Filipino adults struggle to raise emergency funds, according to the BSP’s 2025 Consumer Finance and Inclusion Survey.
The survey found that 48 percent of Filipino adults considered raising emergency funds “very difficult,” while another 15 percent said they could not do so at all. Only about three in 10 respondents said their current finances or savings would last in the event of income loss.
The Asean Financial Health Challenge will bring together regulators, financial institutions, fintech firms, and other innovators to develop solutions that can be tested and potentially scaled across the region.
“The BSP has made financial health a cornerstone of our National Strategy for Financial Inclusion. This Challenge promotes multisector collaboration and leverages the region’s strong innovation ecosystem to develop scalable solutions that advance financial health in the Philippines and Asean,” BSP Deputy Governor Bernadette Romulo-Puyat said.
The challenge will focus on three areas: responsible credit choices, emergency savings, and insurance.
It will have two tracks. The Technical Product track will be open to startups, fintech firms, and teams within financial institutions developing technology-based solution; and the Programme Proposal track will cover nontechnical proposals such as public awareness campaigns, research, and financial literacy programs.
The initiative is designed to shift the focus of financial inclusion beyond access to financial services toward whether such access helps households manage financial shocks, plan for the future, and improve their overall financial resilience.
GFTN Group Chief Executive Officer Sopnendu Mohanty said Asean countries have made progress in expanding access to finance, but the next challenge is ensuring that financial services translate into greater resilience and security.
“Financial health is the next step towards inclusive growth across Asean. Countries have made significant progress in expanding access to finance; the real test now is whether financial systems are helping people become more resilient, more secure and better able to plan for their futures,” Mohanty said.
Applications are open until Oct. 2, with finalists expected to be announced in early October. Finalists will undergo masterclasses, mentorship sessions, and consultations with the BSP and participating financial institutions.
A virtual demo day will select the top three winning solutions, which will be presented at the 2026 Singapore FinTech Festival on Nov. 18 to 20.
The program is co-organized by the BSP and GFTN, with the United Nations Secretary-General’s Special Advocate for Financial Health serving as thematic thought partner.
The Digital Bank Association of the Philippines, Maya, Tala, and Pru Life UK are supporting the initiative as Financial Health Champions by contributing problem statements, mentorship, masterclasses and potential pilot opportunities.
Winning solutions are expected to move toward pilot implementation after the Singapore FinTech Festival, creating a potential pathway for solutions developed through the challenge to be tested and scaled across Asean.
