The shareholders of electronic banking consortium, BancNet, Inc. elected the company’s Board of directors during their annual stockholders’ meeting held May 23, 2023. At the Board’s organizational meeting that followed, Nestor V. Tan and Fabian S. Dee were given a fresh mandate to lead the company as chairman of the Board and president respectively, for the term 2023-2024.
Tan is currently the president and CEO of BDO while Dee is the president and CEO of Metrobank.
Fabian S. Dee, BancNet President
Dee told the stockholders that 2022 was a record year for BancNet while it played a pivotal role in expanding digital payments as the country returned to near normalcy and the economy gradually recovered with the waning of the Covid-19 pandemic. “Our two main businesses—InstaPay and ATM reached new heights in 2022, setting new records in both volume and value. As a result, we closed the year with a net income of P99.14 million and an ROE of 9.82%,“ he reported.
“We expect the upward trend in transactions to continue in 2023 and beyond. For Instapay, the interoperable BillsPay Ph, a service we launched in 2022; our various efforts to expand the adoption of payments to merchants using a QR Ph code; and a new use case we will introduce this year will contribute to this trend,” Dee added.
The elected members of the 15-man Board are: Michaelangelo R. Aguilar, President and CEO of Bank of Commerce; Charina D.C. Balanquit, First Vice President of Veterans Bank; Dennis C. Bancod, Senior Executive Vice President of RCBC; Edwin R. Bautista, President and CEO of Union Bank; Florido P. Casuela, President of PNB; Michael O. De Jesus, President and CEO of DBP; Fabian S. Dee, President and CEO of Metrobank; Maria Alicia C. Marasigan, Senior Vice President of CTBC Bank; Leila C. Martin, Senior Vice President of Landbank; John Howard D. Medina, Chief Operations Officer of PBCom; John Cary L. Ong, Executive Vice President of Security Bank; Alexander G. Seminiano, Senior Vice President of BPI; Salvador R. Serrano, Senior Vice President of East West Bank; Manuel C. Tagaza, Senior Vice President of China Bank; and Nestor V. Tan, President and CEO of BDO.
Nestor V. Tan, BancNet Chairman of the Board
In a message to shareholders, Tan said, “BancNet will continue to be an enabler. Our key role is to allow financial institutions and money or electronic wallets to have interconnectivity with each other. BancNet is the link that opens a new entrance into the whole ecosystem. This is why, now and in the future, stability of operations is crucial. We can sum it up in two words: No surprises. We have to keep on top of capacity, keep on top of resiliency, keep on top of the battle against cyberattacks, keep on top of technology. A lot of work is involved in making sure that we stay on top of developments. We cannot be left behind because we have the whole industry relying on us. If BancNet falls behind, it will have an impact on the whole economy.”
Elmarie S. Reyes, BancNet CEO
For her part, BancNet CEO Elmarie S. Reyes reported to the shareholders that BancNet processed a record 1.27 billion interbank transactions in 2022, 19 % more than the total in 2021. This includes 538 million InstaPay transactions which grew by 25%, ATM withdrawal transactions of 389 million which grew by 16% and 124 million POS transactions, up by 25% from 2021.
The Board elected the following key officers of the company aside from Tan and Dee: Elmarie S. Reyes, CEO; Edwin R. Bautista, Treasurer; and Agnes H. Maranan, Corporate Secretary.
The Board also appointed the members of the Audit Committee, Corporate Governance Committee, Risk Oversight Committee, and Operations Committee. The latter is responsible for translating Board-defined policies into detailed operating policies and procedures. Its members for the 2023-2024 term are: Melanie Marie D. Aguirre (BPI), Ma. Antonia C. Bacabac (Veterans Bank), Dennis C. Bancod (RCBC), Allan V. Bornas (Land Bank), Reynaldo C. Burgos (PNB), Expedito G. Garcia, Jr. (PBCom), George S. Inocencio (DBP), Michael P. Magbanua (Union Bank), Maria Alicia C. Marasigan (CTBC Bank), Tomas Victor A. Mendoza (BDO), Salvador R. Serrano (East West Bank), Richard Benedict S. So (Metrobank), Manuel C. Tagaza, (China Bank), Ricardo G. Torres (Security Bank), and Jay S. Velasco (Bank of Commerce).