Exchange-traded funds (ETFs) can be powerful tools for building a high-growth investment portfolio. With thousands of ETFs available covering various assets classes, sectors, and strategies, investors have many options to choose from. Utilizing certain high-growth ETF strategies can help maximize overall portfolio returns over time. Focus on Innovative Sectors Targeting ETFs in fast-growing and innovative sectors is a way to tap into areas of the market that are seeing rapid expansion. Some top high-growth sectors to consider include information technology, healthcare, communication services, and consumer discretionary. ETFs tracking sub-sectors like cloud computing, cybersecurity, biotechnology, e-commerce, and digital payments offer exposure…
Author: Fintech News Philippines
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The Bangko Sentral ng Pilipinas (BSP) announced that it will be eliminating fees on certain electronic fund transfers, specifically for personal transactions up to a specified limit and for payments to micro-merchants. This move is in line with the Financial Products and Services Consumer Protection Act, the National Payment Systems Act, and the New Central Bank Act, aiming to promote greater financial inclusion and accessibility. The BSP defines “personal transactions” as fund transfers between individuals for personal, family, or household purposes, typically not exceeding ten transactions per week. However, once this threshold is exceeded, fees may apply. “Micro-merchants” are defined…
The finance industry continues to be a prime target for cybercriminals, with Kaspersky warning that the sector faces greater harm from online fraud than any other as scammers employ increasingly sophisticated method to access customers’ personal data, take over accounts, open new ones, and even apply for credit, leading to significant financial losses. Fraudsters often exploit compromised accounts to make purchases on credit, create money mules, and even launder money, a Kaspersky research reveals. Despite these risks, 82% of users report that they do not switch online banking providers due to the convenience of banking apps, while 95% remain confident…
The Philippine Statistics Authority (PSA) has teamed up with Filipino digital bank GoTyme to enable Filipinos who have successfully registered for their National ID to open bank accounts for free.” This initiative targets those registering through mobile activities like PhilSys on Wheels, PhilSys on Boat, and house-to-house registration. The partnership, formalised through a Memorandum of Agreement at the PSA Headquarters, is aimed at promoting financial inclusion by offering unbanked Filipinos easy access to banking services upon completing their National ID registration. This initiative builds on PSA’s previous collaboration with Land Bank of the Philippines in 2021, where 5.8 million Filipinos…
Japanese financial services company group SBI Holdings has announced its investment in UBX Philippines, an open finance platform, acquiring a 16.67% stake in the firm. Spun off from UnionBank of the Philippines in 2018, UBX specialises in services such as BaaS (Banking-as-a-Service) and e-wallet development. The company has supported over 250,000 businesses through its lending and payment platforms, which form part of its open finance offerings. UBX plans to use this investment to expand its operations and develop new financial and digital solutions to meet the rising demand for digital services in the Philippines. Led by Yoshitaka Kitao at SBI…
Philippines-based fintech Maya Innovations reported a notable reduction in its overall losses for 2023, reflecting a focus on improving operational efficiency. The company, previously known as Voyager Innovations, registered a loss of 6.1 billion pesos (US$109 million), a 25% decrease compared to the 8.1 billion pesos (US$145 million) loss it faced in 2022, as per regulatory filings accessed by DealStreetAsia. This improvement was driven by a revenue surge of 31% over the previous year, with total revenue reaching 9.4 billion pesos (US$168 million) in 2023, up from 7.2 billion pesos (US$129 million) in 2022. The growth came as Maya Innovations…
BancNet, a Philippine-based domestic payment system, has selected Fime to assist in the onboarding, testing, and certification process for its instant payments service, InstaPay. Under the partnership, Fime will provide its cloud-based Test Factory platform to help InstaPay-participating financial institutions test their instant payment solutions based on the ISO 20022 specification, a global standard for financial messaging. The platform aims to streamline the testing process, reducing the time needed for financial institutions to onboard and launch their instant payments services. The collaboration is expected to speed up the rollout of InstaPay services and ensure a smooth testing and certification process…
Payment processing platform PayMongo has partnered with open finance technology provider Brankas to expand its payment options for businesses in the Philippines. The collaboration allows PayMongo merchants to accept direct online banking payments from three major Philippine banks—BDO, Metrobank, and Landbank—offering more convenience for businesses and their customers. Through this partnership, PayMongo merchants, including e-commerce platforms, food delivery services, and ride-hailing apps, can integrate Brankas Direct API for seamless pay-by-bank transactions. This addition enhances the payment process, providing faster transactions and a smoother user experience. Existing PayMongo merchants can easily enable these new options by contacting customer support. The feature is…
Union Bank of the Philippines has announced plans to inject an additional PHP 1.6 billion into its digital banking arm, UnionDigital Bank, to support “ongoing business operations and allow it to deliver sustainable growth”. In a filing with the Philippine Stock Exchange, the Aboitiz-led bank revealed that its board of directors approved the capital infusion during a meeting held on 23 September, subject to regulatory approvals. UnionBank has injected capital into UnionDigital Bank multiple times, with notable infusions including PHP 2 billion in 2022, PHP 900 million in 2023 among others. It is among the six digital banks licensed by…
Grab Philippines has announced leadership changes, with Ronald Roda taking over as the new Country Head. Grace Vera Cruz, who has been at the helm for the past four years, will transition to a regional role as Head of Regional Corporate Strategy. Roda previously served as the Chief Operating Officer of Grab Philippines and has extensive experience leading the GrabCar business. Under his leadership, Grab expanded its services from 8 to over 200 cities in the Philippines, significantly increasing its reach. He also played a crucial role in navigating the challenges of the pandemic and ensuring the company’s continued growth.…
Rizal Commercial Banking Corporation (RCBC) reported that its digital banking platform, RCBC DiskarTech, saw a 79% growth in customer deposits and a 114% rise in bills payments over the past year, as of August 2024. Instapay transactions also grew by 45%, with transaction value up by 50%. Meanwhile, cardless withdrawals increased by 42%. With a focus on financial inclusion, RCBC DiskarTech allows Filipinos to open accounts digitally with a valid ID and a Philippine phone number. RCBC DiskarTech offers a range of financial services, including high-yield savings accounts, cardless withdrawals, affordable bank transfers, microinsurance, telemedicine, bill payments, and accessible loans.…
Security Bank has rolled out a new digital platform designed to address the payment needs of micro, small, and medium enterprises (MSMEs) as well as corporate clients, according to a report by the Philippine Star. The new Security Bank Collect platform offers businesses a variety of online payment options, streamlining transactions and boosting operational efficiency. According to John David Yap, Security Bank’s Senior Vice President and Head of Business Banking, the platform simplifies the payment process while expanding the range of payment methods available to merchants. Security Bank Collect allows for real-time tracking and reconciliation of payments, addressing common challenges…
Financial institutions around the world are facing a surge in fraud and cyberattacks. A new report by LexisNexis Risk Solutions explores the state of digital fraud, revealing a 17% increase in digital fraud attacks within the financial services sector in 2023. According to the report, human-initiated attacks in financial services rose to 1.2% last year, up 8% year-over-year (YoY). Notably, North America saw a 30% rise in attack rates, in contrast to declines in Asia-Pacific (APAC) and Europe, the Middle East and Africa (EMEA), where rates dropped by 15% and 24%, respectively. In 2023, the financial services industry continued to…
Filipino e-wallet GCash has partnered with Security Bank to offer select users access to the bank’s credit cards, with plans to include home and auto loans. Users can apply for these financial products directly through the GCash app, with the option of Security Bank’s no-annual-fee credit card. Since its launch, GCash ads promoting these loan products have reached a broad audience, contributing to the strong uptake of credit card approvals. The partnership aims to make it easier for users to access financial products through the GCash Loans Marketplace. Security Bank, with over 300 branches nationwide, will offer its loan products…
Philippines’ digital bank Maya and Southeast Asian superapp Grab have joined forces to offer instant credit to local users. Eligible Grab customers can now access up to PHP 30,000 through Maya Easy Credit without the need for collateral or paperwork. To access the credit, users need to fill out a form on the Grab app, providing their mobile number and consenting to share information with Maya. Then, they need to download the Maya app, sign up, and upgrade their account to apply for Maya Easy Credit. After completing these steps, they can apply for Maya Easy Credit. Approved funds are…
Binary options trading can thrill and challenge you. It offers chances for big profits but comes with big risks too. To succeed, you need more than luck. You need a full set of tools, plans, and know-how. This guide will help you build that set. It’ll make sure you’re ready to handle the tricky parts of binary options trading with trust in your skills. What Is Binary Options Trading Binary options are a specific type of financial betting in which contractors speculate whether the performance of some entity, such as stocks, products or money, will rise or fall in period…
Filipino e-wallet GCash has introduced a series of new AI-driven features aimed at enhancing the user experience, unveiled at this year’s GCash FutureCast event. GCash has announced four key additions designed to provide more personalised and accessible financial services. Among the new features is “Gigi,” an AI-powered digital assistant that helps users navigate GCash’s services and address inquiries. Gigi can recall past conversations, trigger security measures, and even connect users directly to a live agent when needed. This enhancement aims to streamline customer support, offering quick, efficient responses while ensuring a more personalised and secure experience. “Think of Gigi as…
Alibaba Cloud is gearing up to host the upcoming Alibaba Cloud Summit Philippines on 8 October 2024. The summit brings together industry leaders, AI experts, and fintech companies to explore the potential of AI and cloud innovations in driving growth and financial inclusion in the country. The event aims to empower fintech companies to leverage the latest technologies to enhance their services, improve customer experience, and drive business growth in the rapidly growing but still nascent fintech industry in the Philippines. The industry saw a 20% increase in fintech companies in 2023 alone. Despite this growth, challenges such as limited…
The Bangko Sentral ng Pilipinas (BSP) has denied allegations of subcontracting in the National ID Card project. The regulator asserted its full compliance with procurement guidelines and its agreement with the Philippine Statistics Authority (PSA). BSP clarified that while AllCard Incorporated (ACI) provided equipment, materials, and technical support, the central bank itself conducted the printing operation. The commission on audit’s review of BSP transactions found no issues related to subcontracting. The BSP emphasized that the core issue lies with AllCard’s failure to fulfill its contractual obligations, a matter currently under arbitration. The central bank said in a statement, “The BSP…
Digital identity represents a major shift in how we interact with the digital world, paving the way for enhanced user experience and security. There has been much progress, evolving from the usage of mere passwords and usernames to more sophisticated security markers like biometrics and those that use AI technology. In the Asia Pacific region, governments are at varying stages of maturity when it comes to digital identity. Some have even set ambitious targets, with the hope of strengthening digital connectivity and making life easier on the whole, for its people. The State of Digital Identity in Southeast Asia A…