Author: Fintech News Philippines

The Philippines is stepping up its fight against financial crime through a new partnership between the Association of Bank Compliance Officers (ABCOMP) and regtech firm Tookitaki. The collaboration brings together Tookitaki’s Anti-Financial Crime (AFC) Ecosystem and ABCOMP’s Board of Trustees, comprising Chief Compliance Officers from leading Philippine banks. This partnership creates a unique platform for exchanging knowledge, including real, on-the-ground intelligence on financial crime patterns, scenarios, and trends. Tookitaki will contribute regional insights and developments from across ASEAN, complementing ABCOMP’s local expertise to enhance a comprehensive approach to tackling financial crime in the Philippines. The agreement reflects a shared commitment…

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The Philippine government will launch GBonds on the GCash platform this December, making government securities more accessible to the public. The initiative aims to simplify investments in government bonds, allowing Filipinos to secure their financial future. Finance Secretary Ralph Recto announced the launch during the Bureau of the Treasury’s 127th Anniversary and GSED Awarding Ceremony, emphasizing its role in promoting financial inclusion. He called on GCash, the Philippine Digital Asset Exchange (PDAX), and regulators to expedite the launch process. “For we envision a future where investing in government bonds is no longer a luxury but a new normal for Filipinos—with…

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A group of leading Philippine financial institutions have partnered with Web 3.0 fintech firm JUST Finance to launch PHPX, the first bank-collateralised Philippine Peso stablecoin. These institutions include UnionBank of the Philippines (UBX), RCBC, Cantilan Bank, and Rural Bank of Guinobatan alongside other commercial and rural banks. Developed by JUST Finance, a joint venture between FSCO and Ayannah, PHPX offers a secure and transparent digital representation of the peso, backed by reserves held by regulated banks and asset managers. PHPX aims to enhance financial efficiency by reducing the cost and processing time of remittances and foreign exchange swaps. Distributed exclusively through…

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Rizal Commercial Banking Corporation (RCBC) received the ‘Sustainable Innovator Award’ at the Singapore Fintech Festival’s (SFF) Fintech Excellence Awards 2024. It was the only Philippines bank recognised this year, selected from over 200 entries across various categories. RCBC was recognised for its digital platforms—Pulz, DiskarTech, and ATM Go—which provide banking services to underserved communities, including those in remote and rural areas as well as Overseas Filipino Worker (OFW) communities. The platforms were noted for their inclusive design and simplified onboarding process. The Fintech Excellence Awards assessed entries on criteria such as impact, interoperability, creativity, practicality, and sustainability. RCBC stood out…

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The Bangko Sentral ng Pilipinas (BSP) is addressing recent reports of unauthorised deductions from GCash user accounts. G-Xchange, Inc. (GXI), operator of the GCash e-wallet, has been directed to resolve the issue promptly and refund affected users. GXI’s initial report to the BSP attributes the incident to a system error that resulted in unauthorised transfers to accounts at East West Bank and Asia United Bank (AUB), bypassing security measures like one-time passwords (OTPs). The company shared that it is actively working to reverse these transactions and has reportedly completed the reversal process for affected users. GXI also assured the BSP…

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JUST Finance, in partnership with UBX and a consortium of Philippine banks, has launched a new multi-currency stablecoin exchange. This platform, built on a public but permissioned blockchain, allows users to seamlessly exchange various currencies using stablecoins like USDC, a dollar-backed digital currency issued by Circle. The exchange aims to simplify cross-border payments and foreign exchange transactions, making them faster and more affordable for businesses and individuals, particularly freelancers, SMEs, and overseas Filipino workers. By leveraging blockchain technology, the platform ensures secure and transparent transactions with reduced costs. JUST Finance is encouraging participation from a wide range of regulated banks…

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A glitch in the popular e-wallet GCash caused alarm on Saturday (9 November) after unauthorised transfers were reported by users. The issue, which involved the misuse of the “Send to Many” feature, bypassed standard security protocols, including one-time passwords (OTPs), according to Manila Standard. Social media was flooded with complaints, with users reporting losses of up to PHP 38,000. Many claimed they had not clicked on suspicious links or received OTPs during the incidents, raising concerns about the system’s vulnerability. By Sunday, GCash announced it had resolved the issue and restored affected accounts. The company assured users that their accounts…

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Trading has become an increasingly popular investment approach, aided greatly by the rise of online brokers and trading platforms. One major asset market that has seen huge growth in trading activity is the foreign exchange or forex market. What is forex? Forex trading is the speculation of price rises and falls within currency pairs. This article explores the key benefits that trading in general offers and the unique advantages of trading forex specifically. The Benefits of Trading Diversify Trading offers several advantages that make it an attractive option for many investors. Trading allows you to diversify your portfolio across different…

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The Philippines made a strong showing at the Singapore Fintech Festival (SFF) 2024, held from 6 to 8 November, under the “Bagong Pilipinas” pavilion. The initiative involves key government agencies such as the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission, Department of Finance, Department of Trade and Industry, Department of Information and Communications Technology (DICT), and Land Bank of the Philippines. Other private sector participants include Maya Bank, Philippine Airlines, PLDT Enterprise, Atram Investments, JuanHand, Bureau, Tala, Adjust, Finscore, CIBI, and Netcore. The festival, one of the world’s largest fintech events, hosted more than 66,000 participants from 150…

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Wise, a global online money transfer service, has been granted direct access to InstaPay, the Philippines’ real-time payment system. This access allows Wise to settle directly with the Bangko Sentral ng Pilipinas’ (BSP) real-time gross payment system, PhilPaSS Plus. PhilPaSS Plus is the only Peso Real-Time Gross Settlement (RTGS) system in the Philippines, operated by the BSP under the National Payment Systems Act. This integration marks Wise’s sixth connection to a domestic payment system globally, enabling instant transfers to Philippine pesos (PHP) and providing more options for Filipino customers. Wise customers can now send up to PHP 50,000 instantly from…

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Creador, a Malaysia-based private equity firm, is gearing up to invest approximately 20 billion pesos (around US$344 million) in the Philippines over the next five years, according to DealStreetAsia. Omar Mahmoud, Creador’s Country Head for the Philippines, highlighted the firm’s strategy to identify and back promising companies, with targeted investments ranging from US$34 million to US$68 million. The private equity firm, which has already established a presence in the country. Notable investments include US$71.2 million in Asialink Finance Corporation, a financial service provider catering to small and medium-sized enterprises, and US$11 million in UNOAsia, the Singapore-based company behind UNO Digital…

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The Bangko Sentral ng Pilipinas (BSP) has granted Filipino digital bank GoTyme approval to operate as a Virtual Asset Service Provider (VASP). This license enables GoTyme to explore and potentially offer digital asset services, following UnionBank, which received similar approval in November last year. Currently, both GoTyme and UnionBank remain inactive as VASPs, per BSP records, indicating that these banks may still be working on necessary infrastructure and compliance frameworks for digital asset services. GoTyme has yet to release a formal statement about this matter.

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Globe Telecom has appointed Carl Raymond R. Cruz as its new Deputy CEO, effective 1 January 2025. Cruz has also been nominated for a seat on Globe’s Board of Directors, with the election set to take place at the 2025 Annual Stockholders’ Meeting. Additionally, he is set to be considered for the role of President and CEO at the Board’s Organisational Meeting following the stockholders’ meeting. In his role as Deputy CEO, Cruz will report to Globe’s current President and CEO, Ernest L. Cu, who will continue in his position until the annual stockholders’ meeting. Afterward, Cu will remain involved…

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Payments giant Visa has introduced its second transit project in the Philippines, allowing passengers in Bacolod City to pay for modern jeepney rides using their Visa cards. This initiative follows Visa’s earlier project in Cebu and aims to enhance payment convenience for both commuters and tourists. In collaboration with Good Transport Solutions Inc. (GTSI) and GHL Systems Philippines, Visa launched the project during Bacolod’s MassKara Festival. Forty-five modern jeepneys are now equipped with Visa payment terminals, enabling seamless, cashless transactions. The jeepneys also display promotions for the EastWest Pay app, which allows passengers to link their EastWest Visa credit cards…

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ADVANCE.AI’s Credit Bureau Philippines has secured US$ 4 million in seed funding from Archipelago Capital Partners. The funding will be used to launch its credit bureau operations in the Philippines, serving fintechs, digital banks, and thrift banks. The bureau aims to improve financial inclusion by providing high-quality credit information and data. ADVANCE.CBP was selected as a Special Accessing Entity (SAE) by the Credit Information Corporation (CIC) through an open tender process. Headquartered in Singapore, ADVANCE.AI is a provider of digital identity verification, compliance, and risk management solutions. It partners with over 500 enterprise clients across banking, financial services, fintech, payments,…

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Mitsubishi Corporation plans to acquire a 50% stake in AC Ventures Holding Corp (ACV), a subsidiary of Ayala Corporation. ACV holds a roughly 13% stake in Mynt, the parent company of GCash, a superapp in the Philippines with over 94 million registered users. Ayala has agreed to sell this stake to Mitsubishi for a minimum of PHP 18.4 billion (approximately US321.13 million). The transaction is subject to the finalisation of documents, regulatory approvals, and other closing conditions. The investment will increase Mitsubishi’s involvement in the Philippines’ digital financial sector. This move follows Mitsubishi UFJ Financial Group (MUFG)’s investment in Mynt…

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In today’s fast-paced technological landscape, sticking with legacy systems can leave financial institutions lagging behind. With the rapid evolution of payment methods and regulations, banks must stay ahead of the curve or risk being left out of the game. The necessity for modernisation is driven by several key factors, including the migration to ISO 20022, the rise of Open Banking and the introduction of Central Bank Digital Currencies (CBDCs). Additionally, financial institutions must adapt and differentiate in a crowded market by designing and delivering a superior customer experience. Keeping pace with changing market dynamics and accelerating time to market for…

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GCash is projected to soon surpass the valuation of its parent company, Globe Telecom, according to a report by ABS-CBN News. With GCash currently valued at approximately US$5 billion, it is rapidly closing the gap with Globe, which holds a valuation of around US$6 billion. GCash’s valuation surged in August following fresh investments from Ayala Corporation and Mitsubishi UFJ Financial Group. Operated by Mynt, GCash is a joint venture between Ayala, Globe, and Ant Group of Alibaba. At the celebration marking GCash’s 20th anniversary, Globe President and CEO Ernest Cu highlighted the significant progress of the platform since its inception…

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The Bank of the Philippine Islands (BPI) announced the sale of its 15% stake in digital bank GoTyme for PHP 902.47 million. The decision to sell was made to address potential conflicts of interest arising from similar product offerings between BPI and GoTyme Bank. The transaction, which received approval from the Bangko Sentral ng Pilipinas (BSP) on 3 October 2024, involved BPI divesting its 752,056,290 common shares in GoTyme Financial and Giga Investment Holdings at Php 1.20 per share. Of these, 744,099,587 shares were sold to GoTyme Financial, while 7,956,703 shares went to Giga Investment Holdings. BPI originally acquired these…

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Fintech Alliance.PH announced that it will be joining the Singapore Fintech Festival 2024 to showcase its digital finance innovations. The event, one of the largest fintech gatherings globally, will be held from 6 to 8 November 2024, at the Singapore EXPO. Last year, Singapore Fintech Festival gathered 66,000 participants from 150 countries, and an even larger audience is expected this year. Under the banner “Bagong Pilipinas: The Philippines Country Pavilion”—with “Bagong Pilipinas” meaning “New Philippines”—the exhibit will emphasize the country’s forward-looking approach to fintech and economic development. The collaboration with the Marcos administration and Bangko Sentral ng Pilipinas (BSP) will…

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