The Bangko Sentral ng Pilipinas (BSP) Circular 1238 took effect on July 4, 2026; with the core rule of requiring fair, transparent, and cost-based market pricing for electronic fund transfers. And while the Bangko Sentral was not forcing financial institutions, from traditional banks to electronic money issuers and e-wallets, to offer zero fees; the principle of fair pricing was hailed across the board, by FinTech Alliance PH, and especially by micro-merchants. As a result of the Circular, fees for cross institution and interbank fund transfers do not materially differ from same bank, same wallet transfers.

This may be well and good; but the question for me was how does this affect us, the regular financial institution client, and the public at large? So I approached one of the banks I deal with regularly, EastWest, to gain some enlightenment; to appreciate how this could fit under, and extend, their cornerstone advocacy of Digital adaptation and transformation.

Let’s first define some terms - as I find Filipinos are notoriously shy to ask for clarification, often resorting to the nodding of one’s head to imply comprehension, even if they have only a limited grasp of what’s being said. First, there’s Digitization - which is merely converting physical records into digital files, to PDFs and MP3s. Then there’s Digitalization- defined as the leveraging of data to improve and automate processes. And most important for us in today’s column, there’s digital adaptation and transformation - this refers to a cultural and operational overhaul, altering how business operates and delivers value to the customers. If the first two concepts are more inward-looking, within a company or banking institution; the third involves looking outward, recasting the interaction with its customers.

EastWest (EW) promotes digital adaptation; integrating digital technology in workflow, business models, and culture - in short, in its’ everyday life. EW delivers value, responds to market shifts, and protects against cybersecurity threats; balancing technology upgrades with organizational capability, development, and risk management. It’s core focus areas are automation, data driven decision making (the shift to analytics), workforce readiness, security, and resilience.

I like how Filinvest Group director and EastWest Bank FVP and Chief Strategy and Transformation Officer Isabelle Gotianun Yap expounded on this, starting with the top view from Filinvest, then defining it for their banking arm, East West; “At Filinvest, innovation begins with understanding what people and businesses genuinely need. We look beyond the technology itself, and focus on how it can make everyday experiences easier, and more valuable to the communities we serve.”

“When we look at data such as EastWest’s 53.26 percent digital penetration rate, and about 1.36 million digital users, as of end April 2026, it is important to remember that these numbers represent real people and customers. Behind every transaction or interaction is someone looking for a simpler, more convenient way to manage their banking needs.” It’s giving digital adaptation the human face it needs.

EastWest brings this to life by creating multiple touch points for this digital adaptation to take root. The guiding principle is to seamlessly adapt, so it fits with your lifestyle.

For retail customers, the EasyWay mobile app makes it convenient to manage accounts, transfer funds, and pay bills anytime and anywhere. For business owners, cash flow management and payments can be done through EasyBiz, via a web browser. Meanwhile, KOMO mobile app offers high-interest savings accounts, and provides access to products such as the Teacher’s salary loan.

EastWest makes payments easier with its growing digital payment ecosystem. If one is an EW credit card holder, EastWest Pay allows one to leave the physical card at home, and still have full use of the card when one is out.

For an everyday smartphone user, it’s GooglePay. Your EW VISA debit or credit card, or EW Mastercard credit card, can be added to your Google Wallet, and then ‘hop on’ to GooglePay. It’s accepted globally, and can be used with compatible smartwatches and wearables. And for those with an active lifestyle, EW went the further mile and became Garmin Pay’s online traditional bank partner. So you can run, swim, cycle, play sports; and if you have your Garmin device on your wrist, you’re good to make payments at that coffee stop, snack bar, or supermarket.

EW is also leveraging AI. ESTA (EastWest System Tech Assistant) is the bank’s AI-powered digital assistant, allowing users to get information, and perform a range of credit card services. The bank also launched ECHO, or EW CMS Help Officer, an AI-powered chatbot designed to help business owners better understand, and access EW’s cash management services.

EastWest and their drive for Digital Adaptation is about enhancing connectivity and accessibility, embedding digital engagement in our everyday life. With digital payments already accounting for 57.4 percent of retail transactions in our country, its clearly about leading this Transformation, or being left in the dust.