BancNet fortifies cybersecurity, pushes tech enhancements

MANILA, Philippines — Electronic banking consortium BancNet Inc. is further fortifying cybersecurity measures as the banking sector leverages technology to enhance operational efficiency, detect fraud and improve customer experiences.

Newly-reelected BancNet president Fabian Dee said cybersecurity remained a top priority in 2023.

“Because being an open system, BancNet’s strength lies in the collective security of all its partners, from large financial institutions to smaller providers. We have diligently fortified our defenses to safeguard against potential threats, ensuring robust protection across our network,” Dee said.

Dee, who is also the president of the Ty-led Metropolitan Bank & Trust Co., told the company’s stockholders that 2023 was another banner year for BancNet as it rode on the wave of market acceptance of electronic payments and prepared itself for the increasing demands and expectations.

He underscored that the consortium “made significant strides to keep pace with market requirements, handling the growing volume with steadfast security and quality”.

According to Dee, BancNet’s net income went up by 11.9 percent to P110.93 million in 2023. Its return on equity was at 9.9 percent, in keeping with BancNet’s industry utility mandate.

For his part, BancNet chairman Nestor Tan said “our primary achievement this year has been our resilience, reliability, and credibility. For us, success in payments is not about accolades but about maintaining impeccable operational hygiene.”

Tan, who is president and CEO of Sy-led BDO Unibank Inc., also told BancNet shareholders that “our progress, however, must be synchronized with our diverse membership, ensuring that technological enhancements are accessible and beneficial to all.”

As of end 2023, BancNet had 113 members with a combined network of 26,482 ATMs and 545,489 point-of-sale terminals serving over one million active debit cards.

Both Tan and Dee were given a fresh mandate to lead the company as chairman of the Board and president, respectively, for the term 2024-2025. Outgoing Union Bank of the Philippines president and CEO Edwin Bautista was also reelected treasurer for another term.

The Board also appointed other company officers, namely, Elmarie Reyes, CEO; Agnes Maranan, corporate secretary; Arnel Lim, chief audit executive; Jennie Lansang, chief information officer; Jonalyn Villasin, financial controller; Mabelyn Tagasa, head of information technology; Maricelle Austria, head of human resources and administration; Myra Privado, head of program and quality management; Roel Dennis Tan, chief risk and compliance officer; and Roseanne Tan, head of business and relationship management.

Also elected as directors by the shareholders of BancNet were Wilfredo Rodriguez (Asia United Bank); Paul Raymond Favila (Citibank); Henry Bremridge (HSBC); Hermogenes Esperon Jr. (Philtrust Bank); and Cecilio Paul San Pedro (Sterling Bank), Alexander Seminiano (Bank of the Philippine Islands); Manuel Tagaza (China Bank); Salvador Serrano (East West Bank); Leila Martin (Land Bank of the Philippines); Florido Casuela (Philippine National Bank); Reginaldo Cariaso (Rizal Commercial Banking Corp.); and John Cary Ong (Security Bank).