The Bangko Sentral ng Pilipinas (BSP) is reported to have begun the search and selection process for two deputy governors positions to head its Monetary and Economics Sector (MES) and Financial Supervision Sector (FSS). The vacancies arise as Francisco Dakila Jr. and Chuchi Fonacier prepare for their retirements later this year. The MES deputy governor will handle key aspects of monetary policy, including formulation, implementation, and evaluation. This role also covers economic research, international monetary affairs, and the supervision of loans and credit. Meanwhile, the FSS deputy governor will oversee the regulation and supervision of banks and other financial institutions.…
Author: Fintech News Philippines
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The Bangko Sentral ng Pilipinas (BSP) is reported to have introduced updated rules for Operators of Payment Systems (OPS) to apply electronically for Merchant Acquisition Licences (MAL). These rules aim to enhance financial inclusion and strengthen regulations in the Philippines’ digital payments sector. Operators providing clearing or settlement services are classified as OPS under the National Payment Systems Act. Merchant acquisition refers to processing payment transactions for merchants and transferring funds to them. BSP Memorandum No. M-2025-002 specifies a three-step process for MAL applications: eligibility assessment, evaluation, and license issuance. Smaller OPS handling less than PHP 100 million monthly transactions…
As the Lunar New Year approaches, Intuit QuickBooks is thrilled to announce the launch of the Grow Your Firm Program in February 2025. This initiative is designed to empower accounting professionals to transform their accounting or bookkeeping businesses and achieve new heights of success. Embrace the Spirit of Prosperity The Lunar New Year is a time of new beginnings and opportunities. At Intuit QuickBooks, our mission is to create prosperity around the world, and the Grow Your Firm Program is a key part of this mission. By participating in this program, accounting professionals can unlock the potential for growth and…
Maya Bank reported robust growth performance in the Philippines last year, reaching PHP 39 billion ($664 million) in deposits and disbursing PHP 68 billion (USD $1.15 billion) in loans over the year. Since its inception in 2022, Maya Bank has facilitated PHP 92 billion (USD $1.56 billion) in loans, reflecting the increasing adoption of its financial services. Maya Bank’s COO, Manu Panda previously shared with us how they grew to 3 million users, highlighting their success in expanding their depositor base. The digital platform aims to simplify financial management for its 5.4 million customers by integrating payments and banking into…
The Union Bank of the Philippines has announced that their digital subsidiary, UnionDigital Bank (UD), partners with JuanHand, a fintech lending app, to expand credit access for underserved communities in the Philippines. The collaboration merges UD’s digital banking infrastructure with JuanHand’s lending expertise, focusing on individuals with limited or no credit history. UD wants to empower Filipinos by offering financial solutions that are quick, accessible, and reliable. The President and CEO of UnionDigital Bank, Danilo Mojica II noted that teaming up with their partners, JuanHand, reinforces their mission of delivering inclusive financial services. Together, they are working to make meaningful…
A number of Filipino banks, including UnionBank, Rizal Commercial Banking Corporation (RCBC), Cantilan Bank, and Rural Bank of Guinobatan, plan to launch PHPX, a peso-backed stablecoin, on the Hedera distributed ledger technology (DLT) network later this year, as per Ledger Insights. Developed with Singapore-based Just Finance, PHPX aims to enhance cross-border payments and establish a foundation for multi-currency stablecoin exchanges. UnionBank’s fintech arm, UBX, has utilised blockchain since 2018, operating a token-based clearing system for rural banks. However, PHPX represents a shift towards public exchangeable stablecoins, supporting broader financial applications beyond closed-loop networks. Improving remittances is a key priority. With…
GCash has broadened its presence in Japan through a strategic partnership with Alipay+ and PayPay, a prominent Japanese mobile payment service, InquirerPlus reports. The partnership with Alipay + and PayPay enables GCash users travelling or living in Japan to make cashless transactions at over 3 million merchants across the country, encompassing a wide range of businesses from large department stores to smaller establishments like local restaurants and shops. Previously, GCash users in Japan could primarily use the app at select merchants in major cities. Now, the expanded partnership provides access to a more diverse range of businesses, including izakayas, wagashi…
The Bangko Sentral ng Pilipinas (BSP) is exploring a subscription-based fee model for digital payments, the Philippines News Agency reported. BSP Governor Eli Remolona Jr. explained that each new participant in a payment system adds value to the network by increasing its overall reach and utility, a concept known as a network externality. While adding participants incurs a small cost, it ultimately benefits the system as a whole. To maximise this network effect, the BSP is considering a shift away from per-transaction fees in favor of subscription fees. This approach, Remolona believes, could lead to greater financial inclusion. The central…
GCash, a Philippine fintech giant backed by Globe Telecom, is reportedly gearing up for a substantial initial public offering (IPO) that could raise up to USD $1.5 billion, DealStreetAsia reports. Sources indicate that GCash has engaged major banks like Citi, Jefferies, and UBS to work on the domestic listing, which could take place as early as the second half of 2025 or in 2026. While GCash and its parent company Globe Telecom have not officially confirmed the IPO, they have stated their intention to be “push-button ready” when the time is right. This move comes at a time when the…
Intuit QuickBooks, a cloud-based accounting software platform, is hosting a free three-part webinar series titled “The Future of Accounting & AI”. The webinar series offers accountants, bookkeepers, and finance professionals a chance to explore the transformative potential of AI in their practices. The sessions aim to provide practical insights and strategies from global experts, industry leaders, and peers to help participants adopt cutting-edge technologies, streamline workflows, and enhance client value. The first session, Navigate the Now. Anticipate the Next., will feature Inbal Rodnay, an AI adoption expert in Australia and New Zealand. Rodnay will discuss trends, challenges, and opportunities shaping…
Filipinos abroad can now execute international money transfers back home to their families more easily than ever. This is all made possible, thanks to a new partnership between GCash and Ria Money Transfer. This collaboration allows Filipinos in the U.S., Australia, Singapore, and Europe to send money directly to their loved ones’ GCash accounts, even without a GCash Overseas account. This means faster, more convenient transfers with real-time delivery, lower fees, and competitive exchange rates. By joining forces with Ria, which has a vast network of over half a million locations in 190 countries, GCash is actively expanding its global…
The Bangko Sentral ng Pilipinas (BSP) announced that it has lifted the moratorium on new digital banking licenses in the Philippines back on 1st January 2025. The decision aims to open opportunities for new players to enter the digital banking sector. Introduced in 2021, the moratorium allowed the BSP to refine regulations for digital banks. The BSP targets to attract more participants; however, it will maintain safeguards to ensure financial stability and consumer protection. The move is likely to boost competition and innovation, providing consumers with better financial services. There are currently a limited number of digital banks in the…
QuickFest, the virtual conference tailored for accounting professionals, bookkeepers, and consultants, will return on 14-15 January 2025. Organised by Intuit, the two-day event brings together global participants to explore advancements in accounting practices and technologies. After drawing over 15,000 attendees from more than 200 countries in 2024, QuickFest 2025 aims to provide actionable strategies for navigating the rapidly evolving accounting landscape. The programme will feature expert-led sessions on topics such as artificial intelligence, social media marketing, practice automation, and tools for managing mid-sized, multi-entity clients. Key sessions include: AI in Practice: Integrating artificial intelligence to streamline workflows and enhance client…
The Securities and Exchange Commission (SEC) of the Philippines has introduced an exposure draft for its proposed “SEC Rules on Crypto-Assets Service Providers (CASP Rules)”, inviting public feedback. This move seeks to establish a regulatory framework for the burgeoning crypto-asset market in the country. Cryptocurrency Growth in the Philippines The Philippines has emerged as a global leader in cryptocurrency adoption, driven by its tech-savvy population with an average age of 25.3 years. As the global user base for crypto-assets surpasses 562 million, the need for robust regulation to address risks such as fraud and market manipulation becomes crucial. The proposed…
GoTyme Bank aims to reach a growth of 9 million customers by 2025, the bank told the Daily Tribune. This growth will be fuelled by a range of new product launches and services aimed at enhancing the customer experience and broadening financial inclusion in the Philippines. Central to this strategy is the introduction of a “Buy Now, Pay Later” scheme, offering consumers greater flexibility and access to credit. This initiative aligns with the Bangko Sentral ng Pilipinas’ (BSP) focus on financial inclusion. GoTyme Bank mentioned that when BSP talks about financial inclusion, it’s not just about opening accounts but also…
The Bangko Sentral ng Pilipinas (BSP) is warning the public about a sophisticated scam known as “text hijacking.” Fraudsters are using advanced tools, including International Mobile Subscriber Identity (IMSI) catchers, to intercept mobile phone signals and insert themselves into legitimate text message conversations. By mimicking trusted sources such as banks or e-money providers, scammers send convincing messages designed to trick recipients into clicking malicious links, potentially compromising their financial accounts. IMSI catchers work by broadcasting stronger signals than nearby cellular towers, prompting mobile phones in the area to connect to them instead of legitimate networks. Once connected, fraudsters can send…
The Bangko Sentral ng Pilipinas (BSP) is urging all supervised financial institutions (BSIs) to participate in the annual digital payment pricing survey, the Manila Bulletin reports. Called the Survey on Pricing of Digital Payments (SPDP), this initiative aims to foster transparency and accuracy in the pricing of electronic payment services across the Philippines. BSP recently concluded its initial SPDP, gathering data from 2023. However, the next survey cycle begins on 1st January 2025, and will cover the 2024 calendar year. Therefore, all BSIs should submit their responses by the end of May 2025. To streamline the process, the BSP has revised the…
While European, American and Chinese markets have largely found their digital banking champions in Revolut, Chime, and WeBank, competition in Southeast Asia’s digital banking remains fierce as regulators continue to roll out digital banking licenses to both neobanks and traditional countinghouses. The pandemic proved to be a boon for e-wallet growth, and since then some of the region’s largest super apps and e-wallets have taken the leap into becoming licensed digital banks, including GXBank, Bank Jago, and SeaBank, with more to follow across the region. However, while e-wallets thrived in the contactless era, the post-pandemic shift back to tactile and…
The Bangko Sentral ng Pilipinas (BSP) has introduced new penalties and sanctions for participants in the Peso Real-Time Gross Settlement (RTGS) Payment System under Section 621 of the updated rules. The BSP said the penalties will depend on the severity of violations, ranging from fines to the suspension or termination of a participant’s access to the RTGS system. Repeat offenders will face stricter penalties. Monetary fines will apply to various violations, including poor liquidity management, delays in settlement, and non-compliance with reporting standards. For instance, universal and Islamic banks will face fines of up to PHP 75,000 for managing liquidity…
Tyme Group, a digital bank group operating across Africa and Southeast Asia, has raised US$250 million in its Series D funding round, valuing it at US$1.5 billion. The round was led by Nubank, one of the world’s largest neobanks with 110 million customers across Brazil, Mexico, and Colombia. Nubank invested US$150 million, while M&G’s Catalyst contributed US$50 million and Tyme’s existing shareholders invested the remaining US$50 million. The latest investment will support Tyme’s expansion into new markets, including Vietnam and Indonesia, building on its presence in South Africa and the Philippines. TymeBank, launched in South Africa in 2019, has rapidly…