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…
Author: Fintech News Philippines
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…
Samsung has partnered with UnionBank to launch Samsung Finance+ in the Philippines. This new financing program aims to provide customers with a more accessible way to purchase Galaxy devices. The application-based program offers flexible payment options with 0% interest. To add it also has no processing fees, and the potential for 0% down payment, subject to approval. Customers can apply for financing through the Samsung Finance+ app, available at Samsung Experience Stores and over 1,000 partner retailers nationwide. The digital application process takes approximately 20-30 minutes and requires only one valid government-issued ID. Once approved, customers can select their desired…
GoTyme Bank, a digital bank in the Philippines, has announced impressive growth, surpassing its initial projections, Business World Online reports. Nathaniel Clarke, the bank’s President and CEO, stated that GoTyme Bank currently has 5.1 million customers and projects this number to increase to 5.3 million by year-end. GoTyme Bank has also managed to accumulate P24 billion in deposits, exceeding its anticipated growth rate, Clarke added. This rapid growth is due to several factors with the main to highlight is the bank’s mobile app which offers user-friendly experience. This is a key advantage in a market where traditional banks have…
Rizal Commercial Banking Corp. (RCBC) is undergoing a significant leadership reshuffle as part of its strategy to accelerate digital transformation and pursue new growth opportunities, PhilStar reports. These changes, effective 1st January 2025 pending regulatory approvals, include the appointment of Reginaldo Anthony Cariaso as the bank’s new Deputy CEO. Cariaso, who previously served as RCBC’s Executive Vice President and Group Head of Operations, brings a wealth of experience from his previous roles at the Bank of the Philippine Islands (BPI), Nomura International, and JP Morgan. This appointment however, triggers a cascade of internal moves. Juan Gabriel Tomas IV, currently Chief…
The Bangko Sentral ng Pilipinas (BSP) has announced the expansion of its regulatory platform, ASTERisC*, to include all banks and virtual asset service providers (VASPs) in the Philippines. Initially launched in January 2023, ASTERisC* is a cloud-based system designed to streamline cybersecurity supervision, reporting, and compliance assessments. The platform facilitates real-time reporting and enables the BSP to conduct real-time data analysis, enhancing its oversight capabilities and addressing cybersecurity threats more effectively. Institutions will use ASTERisC* to submit key reports, including IT profiles, incident notifications, reports on crimes and losses, and cybersecurity self-assessments. The BSP will provide login credentials, coordinate account…
SB Capital Investment Corp., the investment banking subsidiary of Security Bank Corp., official rebrands its name to Security Bank Capital Investment Corp as reported by PhilStar. The rebrand, effective since 12th November 2024, follows the approval from the Securities and Exchange Commission (SEC). The name change aligns with Security Bank’s “BetterBanking” brand strategy and aims to strengthen the investment bank’s corporate identity. “Security Bank Capital will continue to provide the same level of service and a full range of investment banking solutions to our clients,” said Virgilio Chua, President and CEO of Security Bank Capital. “We are excited about this…
The Bangko Sentral ng Pilipinas (BSP), together with participating financial institutions (FIs), have completed the testing phase of Project Agila. Project Agila will enable interbank fund transfers 24/7, even during off-business hours ranging includes evenings, weekends, and even holidays. These transactions can safely be supported by open-source distributed ledger technology through the Oracle Cloud Infrastructure. This project is a proof-of-concept for the BSP’s wholesale Central Bank Digital Currency (CBDC). The evaluation with FIs included functional, performance, security, exploratory, end-to-end, and programmability testing. “Wholesale CBDCs have the potential to enhance liquidity management, reduce settlement risks, and support financial stability,” said BSP…
In the last two years, some large banks have been hit with very public, lengthy – over 10 hours – disruption of their digital banking services. And that’s just the incidents we are aware of. Cases like these highlight the fears bankers may have in moving away from legacy systems in the name of innovation. Such unreliability erodes customer trust, impacts revenue, and perhaps most importantly, raises the ire of regulators. This fear factor also makes it harder for traditional banks to embrace going digital to fight neobanks and other digital-first financial institutions. Thus, many bankers and C-suites take a…
Small Business Corporation (SB Corp), a Philippine government-owned financial institution focused on supporting MSMEs, has partnered with Oradian, a cloud-based core banking software provider, to modernise its operations. The partnership aims to strengthen SB Corp’s ability to scale its services and improve financial inclusion for underserved sectors. The collaboration will enable SB Corp to use Oradian’s platform, which is built on AWS and designed for flexibility, security, and operational efficiency. By adopting this technology, SB Corp aims to streamline its processes, scale its services more effectively, and deliver tailored solutions to its MSME clients. Antonio Separovic, Oradian’s Co-founder and CEO,…
The Bangko Sentral ng Pilipinas (BSP) has confirmed ongoing discussions with Apple and Google regarding the potential introduction of their digital wallet services, Apple Pay and Google Pay, in the Philippines. However, before launching operations, both companies must comply with regulatory requirements by registering as Operators of Payment Systems (OPS), as reported by the Manila Bulletin. According to BSP Deputy Governor Mamerto Tangonan, the central bank’s guidelines classify entities involved in payment operations, such as clearing, settlement, or maintaining system infrastructure, as OPS. This categorisation places Apple Pay and Google Pay under the scope of the National Payments Systems Act…
The Bangko Sentral ng Pilipinas (BSP) may issue more than the initially planned four additional digital banking licenses when its moratorium on new issuances ends in January 2025, according to the BusinessWorld. This decision depends on whether applicants can meet the enhanced requirements set by the Philippines central bank. Currently, six digital banks operate in the Philippines: Tonik Digital Bank, GoTyme Bank, Maya Bank, Overseas Filipino Bank, UNObank, and UnionDigital Bank. This decision may see more than 10 digital banks operating in the Philippines. BSP Deputy Governor Chuchi Fonacier indicated that this was a possibility if the Monetary Board approves…