President Ferdinand Marcos Jr. has appointed Henry Aguda as the new Secretary of the Department of Information and Communications Technology (DICT) in the Philippines, effective March 20, 2025. Aguda, a seasoned executive with a background in both the private and public sectors, takes over from Ivan John Uy. He resigned earlier in March after leading the DICT in May 2022. Aguda brings a wealth of experience to his new role. He served as President and CEO of UnionDigital Bank prior to his appointment. UnionDigital is the digital banking subsidiary of UnionBank, a major financial institution in the Philippines. He resigned from…
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GCash has integrated USD Coin (USDC) into its GCrypto platform, broadening the digital asset options available to its Filipino users. This addition permits users to buy, hold, receive, and transact with USDC, a type of cryptocurrency known as a stablecoin. Circle, the payment developer, issues USDC. This digital currency aims to maintain a stable value, pegged 1:1 to the US dollar. To achieve this stability, Circle backs USDC with reserves of cash and cash equivalents, held within regulated financial institutions. Furthermore, Circle publishes monthly attestations, providing transparency regarding these reserve holdings. Users can access USDC through the GCrypto feature within…
Senang.io, a Malaysian insurtech company expanding into embedded finance, has partnered with iRemit, the largest Filipino-owned non-bank remittance provider. The partnership introduces the DreamSecure Plan, a financial product designed for overseas Filipino workers (OFWs). The DreamSecure Plan combines endowment insurance, unit trust investment, and personal accident coverage, allowing OFWs to protect their families while building their wealth. Clients can potentially receive their initial funds back with up to a 10% return in as little as five years. The product is underwritten by leading Philippine insurance and unit trust companies, ensuring security and compliance with local regulations. It is exclusively distributed…
Higala, an Inclusive Instant Payment System in the Philippines, has extended its seed funding round to USD $2.8 million. The additional funding for Higala comes from Talino Venture Studios and 1982 Ventures, both committed to supporting fintech innovation. 1982 Ventures, a Singapore-based venture capital firm focused on Southeast Asian fintech start-ups, led the extension round. Their portfolio includes companies like NextPay, Lista, and Brick. “Higala’s approach to instant payments aligns with our vision for fintech-driven change,” said Scott Krivokopich, Managing Partner at 1982 Ventures. “Winston Damarillo and Vice Catudio have a strong track record in building payments infrastructure, and we…
Island Credit Solution, Inc. has officially entered the Philippine credit landscape as the newest credit bureau, accredited by the state-owned Credit Information Corporation (CIC). The strategic partnership will revolutionise the country’s credit risk assessment system. It will do so by making credit data more accessible, reliable, and technology-driven, utilising AI-powered analytics. Island Credit Solution will offer a suite of ready-to-use analytics tools. These tools will integrate alternative data sources such as telecom usage, e-commerce activity, and digital transactions, alongside traditional financial records. The partnership will deliver deeper credit insights. Such insights will directly benefit banks, fintech lenders, and, critically, MSMEs…
Kredit Hero, an AI SME loan marketplace, has launched KreditCheck™, an innovative AI-driven financial assessment tool. This tool is designed to provide small and medium-sized enterprises (SMEs) with a deeper understanding of their financial health. KreditCheck™ AI Tool offers business owners insights similar to those used by lenders when evaluating loan applications. By providing this transparency, Kredit Hero aims to empower SMEs to proactively improve their financial standing and increase their chances of securing funding. Accessing finance remains a significant hurdle for many SMEs. Business owners often face loan rejections without fully understanding the reasons or how to improve their…
GCash is gearing up to launch its Tap-to-Pay feature in overseas markets, aiming to provide seamless transactions for Filipino travellers. This expansion, leveraging near-field communication (NFC) technology, is slated for rollout by the middle of the year, according to Oscar Reyes Jr., President and CEO of G-Xchange, the operator of GCash. The Tap-to-Pay service, which allows users to make payments by simply tapping their Android mobile phones on payment terminals, will initially be available for Android users. Reyes emphasised the focus on Android due to its prevalence among Filipinos. However, the company is actively seeking collaboration with Apple to extend…
Philippine Senator Joel Villanueva introduced last month a new bill to establish a visa category tailored for digital nomads and remote workers from foreign countries. The proposed Digital Nomad Visa Act aims to strengthen the country’s position as a leading remote work hub and contribute to economic growth. Villanueva filed Senator Bill No. 2991, on February 24, 2025, defining digital nomads as people who travel while working remotely using digital technologies. Under the proposed bill, a new visa category would be created, granting foreign nationals a digital nomad visa and allowing them to work remotely from the Philippines for one…
Henley & Partners, a global leader in residence and citizenship by investment, has released a specialized investment migration guide for Filipinos, highlighting the most attractive destinations for wealthy individuals and startup entrepreneurs seeking additional residency or citizenship for stability, mobility, wealth preservation, or enhanced lifestyle benefits. Investment migration, which encompasses both residence and citizenship by investment, allows individuals to secure alternative residency or citizenship through financial contributions to a host country’s economy. Residence by investment refers to countries that grant residence permits to individuals who make significant capital contributions to their economy, while citizenship by investment provides investors and their…
The Philippines is determined to ensure that it does not face another compliance setback in the Financial Action Task Force (FATF) grey list evaluation, slated for 2027. Bangko Sentral ng Pilipinas (BSP) Governor, Eli Remolona Jr. emphasised that just because the Philippines are off the grey list does not mean that they are going to stop their efforts “We have to make sure we do not get back into the grey list,” he said. The country’s recent delisting, approved by the FATF in February, concludes a long effort that began after the 2016 Bangladesh Bank heist, which highlighted vulnerabilities in…
Netbank, a Filipino bank specialising in embedded banking, has received investment funding from several fintech investors in Southeast Asia. The funding is said to help Netbank expand its banking infrastructure and further strengthen partnerships with local fintech companies. The investment round included contributions from BEENEXT, January Capital, Oak Drive Ventures, Kaya Founders, and Boleh Capital. Singapore-based BEENEXT led the funding, with Managing Partner, Dirk van Quaquebeke noting Netbank’s potential in the market. “We are deeply impressed by the high capital efficiency and innovation index of the team at Netbank,” he said. He believes that Netbank’s approach as a wholesale led…
The Bangko Sentral ng Pilipinas (BSP) is developing new regulations to address the risks associated with artificial intelligence (AI) in the Philippine financial sector. These regulations aim to ensure the ethical and accurate use of AI by banks and non-bank financial institutions. BSP Senior Director Melchor Plabasan explained that the upcoming regulations will focus on managing biases, ensuring accuracy in AI-driven decision-making tools, and promoting ethical AI practices. “AI regulation that you can expect from the BSP is generally more clarificatory and at the same time, covering risk—the 20% of the risk that are not yet covered particularly on management…
There are only a few things in the world that are more costly than downtime. Research indicates that large organisations can lose up to USD $9,000 per minute during system outages, with high-risk industries like finance and healthcare facing potential losses of over USD $5 million per hour if the problem persists. Beyond financial repercussions, prolonged downtimes have the effect of eroding customer trust and loyalty, leading to churn and revenue loss. Worse comes to worst, dissatisfied users tend to often share their frustrations publicly, which can result in reputational damage. Not to forget the indirect costs of implementing damage…
Bank of the Philippine Islands (BPI) has reduced its InstaPay interbank fund transfer (IBFT) fee to PHP 10, aiming to make digital transactions more affordable. The transfer fee by BPI was previously set at PHP 25 and is now valid for the reduced amount starting from 7 March 2025 to 31 May 2025. The move aims to encourage wider adoption of digital banking by increasing fund transfer accessibility. In order to enhance customer convenience, BPI has integrated InstaPay with popular e-wallet platforms such as GCash and Maya. This has enabled instant fund transfers across various banking and financial platforms, that…
Visa and the Philippine Postal Corporation (PHLPost) have formed a partnership to broaden financial services and access, particularly for Filipinos in remote areas. This collaboration aims to modernise PHLPost’s essential services, including remittances, money orders for overseas Filipino workers (OFWs), and the distribution of crucial social welfare and disaster relief funds. Visa will contribute its global payment network and digital expertise, streamlining transactions, bolstering security, and enhancing accessibility. A key focus of this initiative, as emphasised by Visa’s Country Manager for the Philippines and Guam, Jeff Navarro, is to ease the financial burdens faced by OFWs, who play a vital…
The foreign exchange (forex) market is a complex landscape filled with risks and rewards. As the largest, most liquid financial market in the world, over $5 trillion is traded daily on currency pairs like EUR/USD and GBP/USD. For forex traders, whether trading through a CFD broker like HFM or directly in the market, grasping the concept of currency correlation is critical to success. Mastering the use of positive and negative correlations is a key factor separating novice and expert traders. This article will explore the basics of currency correlations and how to apply them in trading. What is Currency Correlation?…
Salmon is partnering with the Philippine Statistics Authority (PSA) to integrate the National ID eVerify system into its platform. This initiative aims to make financial services more accessible to Filipinos by simplifying identity verification. Traditionally, identity verification in the Philippines has involved physical documents and lengthy processes, often hindering access to financial services, especially for those in remote areas. To address this, Salmon is enabling businesses to verify customer identities digitally through the integration of the National ID eVerify system. This makes the process faster, more secure, and more convenient. The collaboration offers several benefits, including streamlined account opening and…
Tonik has announced a significant milestone: disbursing 1 million loans since its launch. This achievement underscores Tonik’s commitment to consumer lending, a key driver in the country’s expanding digital banking sector. Such a focused strategy has fueled growth, with Tonik’s loan portfolio increasing sevenfold while simultaneously streamlining operational costs. The resulting efficiency enabled the bank to achieve contribution margin breakeven in the fourth quarter of 2024, and it anticipates reaching cash flow breakeven in the near future. Tonik’s digital-only approach allows for a diverse range of loan products, including payroll loans, shop instalment financing, and AI-powered digital cash loans. To further…
The Philippines Securities and Exchange Commission (SEC) is struggling to combat investment scams that utilise deepfake technology. SEC Chairperson Emilio B. Aquino highlighted the difficulty, stating, “Everything is fake. It’s very difficult to discern if it is true or not.” He emphasised that the scammers’ primary goal is to steal money. Emilio Aquino stated that the most tangible lead for investigators is tracing the bank accounts or digital wallets used to receive funds, as all other elements, such as fabricated faces and promises, are fake. The SEC is also collaborating with online platforms to track these fraudulent transactions. “We have…
UnionBank of the Philippines is pursuing significant debt market issuance initiatives to reinforce its digital banking operations. The bank intends to raise up to USD $800 million from the offshore debt market, a move designed to bolster the financial strength of the digital expansion of UnionBank. This planned issuance falls under UnionBank’s existing USD 2 billion, euro medium-term note programme (EMTN), which offers the flexibility to tailor debt issuances to specific funding requirements. In parallel, UnionBank is expanding its domestic financial capabilities. The bank’s board of directors has approved an increase in its peso-denominated bond programme, doubling it to USD…