For many Filipino families, an unexpected expense can quickly become a financial burden, prompting a new push for stronger financial resilience.
The Bangko Sentral ng Pilipinas (BSP) and the Global Finance & Technology Network (GFTN),with support from the UN Secretary-General’s Special Advocate for Financial Health, have launched the ASEAN Financial Health Challenge to address persistent financial challenges faced by households in the Philippines and across the region.
The initiative comes as recent BSP data shows that many Filipinos remain unprepared for sudden financial shocks. According to the BSP’s 2025 Consumer Finance and Inclusion Survey, 48% of Filipino adults said raising emergency funds would be very difficult, while another 15% said they could not raise emergency funds at all.
Only three in ten Filipino adults said their current finances or savings would last in the event of income loss.
The figures underline the need for solutions that can help people build emergency savings, make responsible financial decisions, and protect themselves from unexpected financial difficulties.
The new ASEAN challenge seeks to turn these concerns into practical solutions by bringing together regulators, financial institutions, fintech companies and innovators to develop ideas that can be tested, implemented and potentially scaled across the region.
BSP and GFTN Launch a Regional Financial Health Challenge
The new initiative brings together regulators, financial institutions, fintech companies and innovators to develop solutions that can improve financial health across the Philippines and the wider ASEAN region.
The Challenge is designed to help move financial inclusion beyond access and toward stronger financial resilience.
While ASEAN countries have made progress in expanding access to financial services, the initiative recognizes that access alone does not necessarily mean that individuals and households are financially secure.
The ASEAN Financial Health Challenge focuses on three major needs:
- Responsible credit choices to help consumers make informed borrowing decisions and manage credit responsibly.
- Emergency savings help individuals build financial buffers that can be used when unexpected expenses or income disruptions occur.
- Insurance to strengthen protection against financial shocks and unexpected risks.
The initiative is co-organised by the BSP and GFTN, with the UNSGSA serving as the Thematic Thought Partner. Financial Health Champions are also supporting the program by contributing problem statements, mentorship, masterclasses, and potential pilot opportunities.
“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.”
Three Financial Challenges, Two Paths for Innovators
To encourage a wide range of ideas, the ASEAN Financial Health Challenge offers participants two tracks. These tracks allow both technology-focused teams and organizations with non-technical approaches to contribute to solutions.
The Technical Product track is open to startups, fintech companies, and teams within financial institutions. Participants on this track will develop technology-based solutions that address identified financial health needs.
The Programme Proposal track, meanwhile, welcomes non-technical solutions. These can include public awareness campaigns, research projects, and financial literacy initiatives designed to improve how people understand and manage their finances.
The submission process is intended to identify ideas that can move beyond a concept or proof of concept. Entries will be assessed according to several factors, including:
- Innovation and the depth of their potential impact on financial health.
- Sustainability and the strength of the business model.
- Traction and potential adoption.
- Team capability and ability to execute the proposed solution.
- Scale and replicability across different markets.
The approach reflects the Challenge’s broader goal of finding solutions that can eventually be tested, implemented, and potentially scaled across ASEAN.
From Ideas to Pilots at the Singapore FinTech Festival
The program will run virtually from September 2026 before reaching its culmination at the Singapore FinTech Festival from November 18 to 20, 2026.
Applications are open until October 2, 2026, with finalists expected to be announced in early October. Selected participants will then take part in masterclasses, mentorship sessions, and consultations with the BSP and Financial Health Champions.
A virtual demo day will determine the top three winning solutions. These teams will receive opportunities to present their work to a global audience of regulators, financial institutions, investors and technology leaders at the Singapore FinTech Festival.
The Financial Health Champions supporting the initiative include Maya, Tala, Pru Life UK and the Digital Bank Association of the Philippines (DiBA PH).
Winning solutions are expected to move toward piloting and implementation after the festival. This creates a pathway that connects policy priorities with innovation, testing, and potential regional scale.
“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. Through this partnership with BSP, we want to bridge policy and innovation, moving beyond proofs of concept towards practical solutions that regulators and financial institutions can put into people’s hands and take to scale.”
Building a More Resilient Digital Financial Future
The ASEAN Financial Health Challenge reflects a growing effort to ensure that financial services provide more than access.
By encouraging solutions for savings, responsible borrowing and insurance, the initiative aims to help individuals and households become better prepared for financial disruptions while supporting broader financial resilience across ASEAN.
For Filipinos navigating an increasingly digital financial ecosystem, accessible and reliable digital channels can also play an important role in managing everyday transactions and moving when it matters
DOPAY, as a BSP-licensed e-wallet and crypto wallet, provides a reliable channel for remittances and digital transactions, helping Filipinos navigate the evolving financial ecosystem with confidence.
For our beloved OFWs, DOPAY guarantees peace of mind allowing them to send money from anywhere, including Japan, Hong Kong, Dubai, and beyond, to the Philippines quickly and affordably while enjoying secure and transparent transactions.
And with DOPAY’s Crypto Wallet, users can earn crypto rewards through the Trade & Earn program. Plus, the Refer & Earn program opens new opportunities for Filipinos to boost their income with every successful referral.
Download the DOPAY app today!
