Fintech News Philippines

State-Owned OFBank Clinches Philippines’ First Digital Banking License

Overseas Filipino Bank (OFBank), a wholly owned subsidiary of the Land Bank of the Philippines (LANDBANK), has digital only bank

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BSP Highlights Role of Digital Banks as Key Financial Inclusion Enabler

The Bangko Sentral ng Pilipinas (BSP) considers the digital banking framework as a key building block in promoting financial inclusion.

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CIMB Philippines to Power GCash’s Digital Micro-Lending Facility, GCredit

Mobile money wallet GCash is transitioning from a micro-lending innovation to being a full digital lending facility through the GCredit

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UnionBank to Enable Digital Payments for the Supreme Court

The Supreme Court of the Philippines (SC)  signed a Memorandum of Agreement with Union Bank of the Philippines (UnionBank) for

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Neobank Tonik Officially Kicks off in the Philippines

Southeast Asian digital-only bank Tonik has launched as the first neobank in the Philippines. Tonik is supervised by the Bangko

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Philippines and UK Inked MoU for Fintech and Green Finance Cooperation

Several Philippines agencies have signed a Memorandum of Understanding (MOU) with the British Embassy of Manila for the country’s participation

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Fintech Alliance.ph Urges the Public to Be on High Alert Due to Rising Cybercrimes

Members of Fintech Alliance.ph issued a joint statement strongly urging the public, industry stakeholders, and the government to join hands

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JazzyPay and UnionBank Rolls Out Cashless Payment Solutions for SMEs

Online payment gateway JazzyPay has teamed up with Union Bank of the Philippines to provide cashless payment solutions for SMEs

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FICO Survey Reveals Filipinos’ Rising Preference for Digital Banking Channels

A recent survey by global analytics software firm FICO has revealed that 56 percent of Filipino consumers prefer to use

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Experian Teams up With FinScore for Alternative Data Scoring in the Philippines

Experian, a consumer financial data service provider, has partnered with FinScore, an alternative credit scoring provider, to help financial institutions

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How to Build a Digital Bank That’ll Actually Serve the Underserved

With many regulators in the Southeast Asian region making their moves towards digital banks, it’s not hard to see why

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A Glance at the Philippines’ Open Banking Strategy

Open banking is at the core of enabling innovation within the financial sector, while the private sector often rolls out

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Philippines Securities Commission Unveils Online Payment Portal

The Philippines’ Securities and Exchange Commission (SEC) has launched its online payment system for companies to pay their registration fees. The

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BSP Ramps up Efforts for Digital Payments Ecosystem; Appoints New Deputy Governor

The Bangko Sentral ng Pilipinas (BSP) has established the Payments and Currency Management Sector (PCMS) which is tasked to manage

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Xendit Partners BillEase to Offer BNPL for Filipino Merchants

Indonesian payment gateway Xendit and FDFC, the fintech company behind the Buy Now, Pay Later (BNPL) app BillEase, announced the

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Education Financing Startup ErudiFi Raises US$5 Million in Series A Funding Round

ErudiFi, a tech-enabled company providing access to affordable education financing in Southeast Asia, announced the close of a US$5 million

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Tyme Secures US$110 Million Funding, Eyes Virtual Banking License in the Philippines

Tyme, a multi-country digital banking group headquartered in Singapore, announced its US$110 million Series B capital raise, bringing foreign investment

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Cashalo Claims Users’ Accounts Not Compromised Despite Data Breach

Online lending platform Cashalo announced that it had discovered a potential data breach but reassured its users that no customer

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RCBC’s DiskarTech App Disburses Social Security Loan Proceeds and Benefits

Members of the Social Security System (SSS) nationwide can now get their SSS benefits and loans proceeds through Rizal Commercial

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BDO Unibank Enables QR Code Withdrawals From Select ATMs

BDO Unibank announced that its customers can now make cardless, QR code-based withdrawals from select ATMs. Customers will have to

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Philippines Digibank Tonik Taps FinScore’s Alternative Credit Scoring Solution

Philippines digital bank Tonik has selected FinScore, a local alternative credit scoring company to process loan applications for its Filipino

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AirAsia Philippines Offers Digital Payment Options by GCash and PayMaya

AirAsia is providing its customers with contactless payment options by partnering with GCash and PayMaya. The digital payment option has

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Philippines Central Bank Updates Guidelines Crypto Exchanges

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has approved the guidelines on virtual asset service providers (VASP)

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Finastra, HCL to Provide Cloud-Based Digital Treasury Management for Filipino Banks

Finastra, a financial services software and cloud solutions provider, announced a partnership with HCL Technologies, an Indian multinational technology company,

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Fintech Alliance.PH Urges Enactment of Corporate Tax Incentives Bill

The Fintech Alliance.PH together with 43 other private business groups in the Philippines have expressed support for the Corporate Recovery

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CIMB Philippines Doubles Customer Base to Over 3 Million

CIMB Bank Philippines had doubled its deposit customer base to exceed 3 million total banking customers with an 800% increase

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DiskarTech Ranked as the Most Downloaded Finance App in 2020

DiskarTech, Rizal Commercial Banking Corporation’s (RCBC) virtual bank, has emerged as the Philippines’ number one finance app released in 2020

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FinScore Inks Partnership With UnionBank for Data-Driven Credit Scoring

UnionBank has signed a partnership agreement with FinScore, an alternative credit scoring company that is powered by telco data and

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GCash Inches Closer to Unicorn Status With $175 Million Capital Raise

Globe Fintech Innovations, Inc. (Mynt), the fintech arm of Globe Telecom and operator of e-wallet GCash, raised over $175 million

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GCash E-Wallet Hits PHP 1 Trillion in Transactions in 2020

Philippine mobile money wallet GCash has hit PHP 1 trillion in transactions for the year 2020, recording a 254% year-over-year

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