Major Philippine banks have begun applying a flat 20% final withholding tax (FWT) on interest income from deposit products. The Capital Markets Efficiency Promotion Act (CMEPA), or Republic Act No. 12214, which took effect on 1 July 2025, implements such changes in tax in the Philippines. Metrobank, UnionBank, and Security Bank have confirmed that this new uniform rate now applies to interest earnings from both peso and foreign currency accounts, regardless of term or currency. This replaces the country’s previous tiered and preferential tax system. Prior to 1 July 2025, peso time deposits held for five years or more were…

The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) has cancelled the registration license of Prince Rockwell Money Changer Corporation, Kings Hopewell Group Corp., and World Reliance Trading Corp. These companies were registered to operate as Money Changers/Foreign Exchange Dealers and Remittance Agents with Money Changing/Foreign Exchange Dealing operations. The cancellation, initially approved in Resolution Nos. 22.A, 22.D, and 22.G dated 4 January 2024, were due to “serious and persistent violations”. The violations include breaches of Section 601-N and Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI). These are in relation to Part 9…

GoTyme Bank has announced that it has acquired over 6.5 million users and holds more than PHP 30 billion in customer deposits in under three years. This growth positions it as one of the fastest-growing digital banks in the Philippines. Nate Clarke, GoTyme Bank’s Chief Executive, stated that in the last three months alone, GoTyme users spent over PHP 10.5 billion using their cards, which have been utilised in more than 100 countries. Clarke noted, “GoTyme customers are not just using the card here, they are taking us with them as they explore the world”. The bank now ranks among…

Despite spending over $200 billion globally on compliance, financial crime continues to surge. AI, deepfakes, and scam networks are evolving faster than traditional defenses. In this panel we discuss: How AI is changing the scam game Real-life deepfake attacks on Malaysian banks The impact of Malaysia’s National Fraud Portal Featuring insights from: Rohit Mittal, Director Market Planning, Financial Crime Compliance, LexisNexis® Risk Solutions Azhar Bin Awang Kechil Chief Retail Banking Officer, al rajhi Bank Malaysia Ken Yon, Senior Director, Risk & Compliance, Payments Network Malaysia (PayNet) Vincent Fong, Chief Editor, Fintech News Network

New guidelines from the Securities and Exchange Commission (SEC) in the Philippines now establish strict timelines for processing most applications, effective from 14 July. These guidelines incorporate a “deemed approved” policy for requests that remain unaddressed past the set period. This initiative is outlined in Memorandum Circular No. 7, Series of 2025, issued on 10 July. It aims to improve service delivery and enhance the ease of doing business. Under the new circular, processing times are as follows: Simple applications: within three working days. Complex applications (requiring evaluation or coordination): within seven working days. Highly technical applications (requiring legal/financial review or…

Coins.ph has partnered with HashKey Group’s HashKey Exchange, which operates a licensed crypto exchange in Hong Kong. This collaboration aims to create a regulated, 24/7 channel for moving funds between the Philippines and Hong Kong. The partnership intends to directly integrate Coins.ph and HashKey Exchange, allowing users to access near-instant on and off-ramps between Philippine Pesos (PHP) and Hong Kong Dollars (HKD). This is designed to reduce friction for remittances, payments, and broader digital asset flows. Wei Zhou, CEO of Coins.ph, commented on the development stating that the partnership is going to help not only crypto users but for the…

A report from Singapore-based fintech firm Roshi Pte Ltd indicates that credit card debt in the Philippines has reached a “critical” risk level. According to their findings, the typical Filipino credit card borrower owes more than four times their average monthly income. Roshi’s report on credit card borrowing patterns across Southeast Asia highlighted that Singaporeans had the highest average monthly income in the region, at approximately PHP 273,000. In the Philippines, Roshi identified a different pattern where income does not always directly correlate with credit card debt. The report found the average credit card debt in the Philippines to be…

JuanHand has been awarded the Green Flag status by the Filipino Fair Loans Advocacy Group (FILFLAG). FILFLAG, described as one of the country’s largest borrower associations, grants this distinction to online lending platforms (OLPs) that meet its standards for transparency, fairness, and responsible lending. JuanHand received recognition for its interest rates, transparent repayment terms, ethical collection practices, and compliance with regulatory guidelines. Francisco Roberto “Coco” D.C. Mauricio, President and Chief Executive Officer of WeFund Lending Corp. (JuanHand), commented on the recognition. He stated that the company feels honoured and grateful for FILFLAG’s recognition. He added that it “helps validate what…

Google Cloud has announced the appointment of Jennifer Ligones as the new Country Manager for its Philippines operations. In this role, Jennifer will oversee the local go-to-market strategy and operations for both Google Cloud and Google Workspace. Her responsibilities will also include collaborating with other Google teams to support organisations in their digital transformation using AI-powered cloud technology. Jennifer will report to Mark Micallef, Managing Director for Southeast Asia at Google Cloud, who supervises the enterprise, public sector, and corporate business segments across the region. Prior to joining Google Cloud, Jennifer founded Third Pillar in 2013, an IT consultancy and…

The Philippine Securities and Exchange Commission (SEC) issued cease and desist orders (CDOs) in July 2025 against Pacific Union LLC (PU Prime) and Fortune Wave Solution Hub OPC (Fortune Wave) for participating in illegal investment schemes. Both entities were also offering and selling unregistered securities without the necessary licenses or registrations. The SEC’s Enforcement and Investor Protection Department (EIPD) investigations revealed that PU Prime offered unregistered and leveraged trading services, promising high returns and deposit bonuses on investments ranging from USD $50 to USD $10,000. Similarly, Fortune Wave offered investment contracts on Facebook, with daily plans ranging from PHP 1,000…

At Money20/20 Asia, we sat down with Jaykie Tan, Head of Business Development APAC at Mambu, and Cecilia Tan, Regional VP at Thredd, to unpack one of fintech’s biggest questions: Are e-wallets or digital banks better positioned for profitability, innovation, and financial inclusion in Southeast Asia?

GCash has become the first Philippine fintech company to simultaneously achieve ISO certifications for information security management (ISO/IEC 27001) and privacy information management systems (ISO/IEC 27701). These certifications followed an independent audit conducted by the British Standards Institution (BSI). The certifications confirm that GCash’s information security and privacy management systems meet international standards and established best practices. This external validation is intended to foster transparency and build trust within the platform’s user base. Pebbles Sy, GCash Chief Technology and Operations Officer, remarked on the achievement. “These ISO certifications are external validations of our internal belief that we must always operate…

Revolut officially launched a new Global Tech Hub in Manila, Philippines, on 9 July 2025, aiming to enhance Revolut’s global capabilities and accelerate innovation. The establishment of the Manila hub reinforces Revolut’s commitment to the Southeast Asian region and integrates the Philippines into its global growth strategy. Revolut expects the tech hub to create hundreds of jobs in the Philippines in the near future, particularly within customer service functions. These roles will collaborate with Revolut teams across the UK, Europe, Asia-Pacific, and the Americas. The hub is designed to provide advanced service support and assist in driving innovation as Revolut…

In a public advisory, GCash stated that the cryptocurrency platform Bitget is not registered to operate in the Philippines. Furthermore, GCash confirmed it has no affiliation with the local e-wallet service. The advisory was prompted by reports of certain crypto platforms, notably Bitget, allegedly utilising the GCash brand and logo in their online materials without authorisation. GCash clarified that it has no system integration or official relationship with Bitget. The advisory, posted on We Are GCash, the official corporate Facebook page for the e-wallet, urged users to exercise caution. A key message from the advisory was: “Bitget is not registered…

Tonik Financial has announced the appointment of Mike Singh as President of Templetech Inc. (“Tendo”), its SEC-licensed consumer lending subsidiary. Tendo provides salary-deducted credit to employees of leading employers in the Philippines. Singh succeeds Founder Kacper Marcinkowski, who is stepping down to pursue a new venture. Under Kacper’s leadership, Tendo onboarded over 300 employers, including Concentrix, and extended instant credit access to over 150,000 employees. Tendo’s loan portfolio has also seen significant growth since 2022. Greg Krasnov, Founder & CEO of Tonik Financial, commented on the transition: “Kacper proved that fully digital, responsible payroll lending can scale at start-up velocity.…

The Bangko Sentral ng Pilipinas (BSP) is increasing its efforts to protect users of digital platforms from the risks associated with online gambling. The central bank has circulated a draft document among stakeholders and is currently reviewing feedback. This initiative aligns with the BSP’s financial consumer protection agenda and financial health goals. The draft circular aims to require BSP-supervised institutions, primarily banks and electronic money issuers, to implement better protective measures for their customers. “Protection may come in the form of various limits to gaming access,” the BSP stated. BSP suggests options like setting limits on who can access online…

Digital wallets and cryptocurrencies are two of the most targeted channels for fraud this year, according to SEON’s 2025 Digital Fraud Outlook, making the stakes higher than ever. This surge brings with it opportunity and the heightened risk of fraud. As more transactions move online, fraudsters are leveraging increasingly advanced tactics to exploit vulnerabilities in onboarding and transaction processes. Traditional fraud prevention methods are struggling to keep up with the sheer scale and speed of today’s changing threat landscape. Synthetic identity fraud now ranks among the top five threats keeping fraud teams up at night, particularly in mobile-first, high-growth markets…

The Securities and Exchange Commission (SEC) in the Philippines has issued cease and desist orders (CDO) against Bravo Zulo Romeo Lending Corporation (BZR Lending) and the online lending platform (OLP) Magic Peso. The SEC directed both entities to immediately halt all lending activities due to unauthorised operations and alleged unfair debt collection practices. The SEC Financing and Lending Companies Department (FinLend) promulgated the order against BZR Lending on June 24, directing the company, its owners, and representatives to cease all lending transactions. This action followed complaints from borrowers who reported abusive collection practices from Magic Peso. Investigations by FinLend confirmed…

Skyro has joined FinTech Alliance.PH, in a move intended to strengthen Skyro’s commitment to shaping the future of digital finance in the country. FinTech Alliance.PH consists of 100 corporate members who aim to foster inclusive and sustainable development through responsible fintech innovation. The organisation collaborates with regulators such as Bangko Sentral ng Pilipinas (BSP) and the Securities Exchange Commission (SEC) to establish industry standards and ethical financial practices. Lito Villanueva, Founding Chairman of FinTech Alliance Philippines and RCBC EVP and Chief Innovation and Inclusion Officer, welcomed Skyro’s membership. “Their entry into the Alliance reflects our shared commitment to advancing inclusive,…

Mastercard has collaborated with Paynamics Technologies Inc. to introduce Click to Pay in the Philippines. This aims to provide Filipino consumers and businesses with a streamlined, secure, and convenient online checkout experience. Click to Pay allows consumers to use their payment cards online without manually entering card details or remembering passwords. A single profile securely centralises all payment information, simplifying the management of payment methods. Through this collaboration, Paynamics’ merchant partners can now integrate Click to Pay into their platforms, supported by Mastercard’s security technology. Paynamics’ merchant network includes major brands across retail, e-commerce, telecommunications, real estate, education, financial services,…