The Securities and Exchange Commission (SEC) is pushing to exempt more corporations from the mandatory submission of audited financial statements (AFS), a move aimed at reducing compliance costs for micro, small, and medium enterprises (MSMEs). In a policy paper submitted to the Department of Finance (DOF) on 28 October, the SEC recommended raising the threshold for mandatory audits. Currently, corporations with total assets or liabilities of at least PHP 600,000 must submit an AFS. The new proposal would raise this threshold to PHP 3 million. If approved, corporations with total assets or liabilities not exceeding PHP 3 million would instead…

The Bank of the Philippine Islands (BPI) expects to be ready to support Apple Pay and Google Pay by next year, as the global digital wallet providers prepare for their anticipated launch in the Philippines. BPI President and CEO Jose Teodoro Limcaoco, who also heads the Bankers Association of the Philippines, confirmed that local banks have been in talks with both companies. “We talk to everyone. It would be crazy for a bank not to participate,” Jose said. He noted that while BPI is not ready yet, “We can be ready by next year”. According to Limcaoco, the Bangko Sentral…

Retired boxing icon Manny Pacquiao is stepping into the formal Philippine financial technology space with the launch of Manny Pay. The Bangko Sentral ng Pilipinas (BSP) has officially licensed this new payment application, granting it regulatory approval to operate within the country. The introduction of a regulated financial product represents a major pivot from his past investments in the unregulated Web3 and cryptocurrency markets. Previously, his digital asset ventures included the Pac Token, a partnership involving the Shiba Inu ecosystem, and a non-fungible token (NFT) project tied to LodiCoin, which drew a public warning from the Securities and Exchange Commission…

The Philippines Securities and Exchange Commission (SEC) is proposing a new, stricter limit on interest rates and fees for lending and financing companies. On 30 October, the SEC issued a draft memorandum circular for public comment, which aims to recalibrate the ceilings on loan charges. The proposed rules are set to apply to unsecured, general-purpose loans. Specifically, they will cover loans of PHP 20,000 or less with a term of six months or less. This represents an expansion of the previous 2022 caps. The 2022 rules only covered loans up to PHP 10,000 with terms of just four months. The…

The Philippines Securities and Exchange Commission (SEC) has imposed a PHP 1 million fine against Surity Cash Lending Investors Corporation for engaging in unfair debt collection practices. In a decision dated 16 September, the Commission En Banc found Surity Cash liable for three violations of SEC Memorandum Circular (MC) No. 18, Series of 2019, which prohibits financing and lending companies from using abusive or unfair methods to collect debts. According to the SEC, Surity Cash committed two counts of violating Section 1 of the circular, which specifically forbids the use of threats of violence, obscenities, insults, or profane language in…

On 28 October 2025, the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) affirmed its decision to cancel the Certificate of Registration of ABA GLOBAL PHILIPPINES, INC., a company operating under the trade name COEX STAR. The decision was finalised in Resolution No. 928, dated 18 September 2025. The BSP is revoking the company’s licence to operate as a Remittance and Transfer Company. This licence also included a Type “B” Remittance Agent with Virtual Currency Exchange service. The BSP now formally refers to this service type as a Virtual Asset Service Provider (VASP). VASPs are entities that the…

Rizal Commercial Banking Corporation (RCBC) and PearlPay have established a partnership to accelerate the adoption of QR Ph digital payments. The collaboration targets local government units, schools, clinics, and micro and small enterprises. Under the agreement, PearlPay operators can now accept interoperable QR Ph payments, the national standard for QR transactions launched by the Bangko Sentral ng Pilipinas. This initiative aims to help community-based businesses, such as small schools and local shops, join the formal digital economy. Users of RCBC’s digital platforms, Pulz and DiskarTech, as well as customers of other banks and e-wallets participating in QR Ph, can now…

UnionBank has partnered with the business education provider INSEAD to launch the ASCEND Program. This strategic learning initiative aims to enhance the capabilities of the bank’s Relationship Managers (RMs) across its wealth management, private banking, and retail banking divisions. UnionBank President and CEO Ana Aboitiz Delgado and Prof. Sameer Hasija, Dean of INSEAD Asia Campus, formalised the multi-year collaboration. “Today marks the beginning of a meaningful partnership—one that reflects our deep commitment to investing in our people and shaping the future of banking,” said Ana Aboitiz Delgado. She added that the bank believes excellence in client service begins with excellence…

AI is changing banking faster than ever, from how banks detect fraud to how customers interact with apps. In this roundtable moderated by Fintech News Network’s Vincent Fong, top leaders from Malaysia’s digital and incumbent banks discuss how they’re applying AI across every layer of operations and what’s next as agentic AI enters finance. Featuring: William Streitberg, Chief Information and Technology Officer, Hong Leong Bank Kaushik Chowdhury, CEO, GXBank Nic Ngoo, CTO, Ryt Bank Chee Mun Foong, Chief Product Officer, Ryt Bank Glen Cha, CTO, AEON Bank Diana Boo, CMO, Boost Gerard Ang, Country Head, Financing & Securities Services, Standard…

The parent company of e-wallet GCash, Globe Fintech Innovations Inc. (Mynt), has received approval from the Securities and Exchange Commission (SEC) for a stock split. This structural move is widely seen as a preparatory step for a potential Initial Public Offering (IPO). In a regulatory filing on Tuesday, Ayala-led Globe Telecom Inc. confirmed the approval. The number of Mynt’s common shares has been increased to 71.66 billion from 2.15 billion. Correspondingly, the par value per share was cut to PHP 0.03 from PHP 1, while the company’s authorised capital stock remains unchanged at PHP 2.15 billion. Stock splits are a…

Codex, an Ethereum layer-two network focused on stablecoin payments, has announced a partnership with the Philippine-licensed crypto exchange PDAX. The collaboration aims to use stablecoin technology to improve remittance flows into the Philippines. Under the agreement, Codex will provide stablecoin swap and settlement services to PDAX. The stated goal is to make money transfers faster and more cost-efficient for overseas Filipinos sending funds home. Codex will support stablecoin liquidity and foreign exchange through its platform, with its Codex Chain handling settlement to help streamline the cross-border remittance process. “The US-Philippines corridor is one of the largest cross-border payment routes in…

The growth of Islamic finance is one of the most transformative shifts in global banking. With assets projected to reach $3.8 trillion by 2025 and nearly two billion Muslims still underserved, the opportunity ahead is undeniable. But while demand accelerates, many Islamic banks remain held back — not by principles or potential, but by technology. Islamic finance is driven by principles At its heart, Islamic finance is guided by values — trust, fairness, transparency, and ethical responsibility. These are more than words on a mission statement; they are the foundation upon which every Shari’ah-compliant product is built. Yet in an…

The Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corporation (PDIC) have signed a revised Memorandum of Agreement (MOA) on bank examination. The agreement, signed on 17 October 2025 at the BSP Head Office, aims to strengthen cooperation and streamline supervision of the country’s banking system. This is the second amendment to the original 2005 agreement. The updated MOA seeks to enhance efficiency by reducing regulatory overlap, preventing work duplication, and improving data sharing. It also aligns the agencies’ functions with their amended charters and supports a shift toward risk-based supervision. A key part of the agreement is…

The Bangko Sentral ng Pilipinas (BSP) has updated its regulations to expand investment options for Personal Equity and Retirement Account (PERA) funds. The new rule exempts PERA Unit Investment Trust Funds (UITFs) from the 10% non-resident ownership limit that previously restricted their ability to invest in BSP securities. This move is significant for overseas Filipinos, who are a major component of PERA contributors. Previously, the BSP generally prohibited non-residents from owning its securities (debt instruments that the central bank issues). The BSP only allowed UITFs to invest in these securities if non-resident participation in the fund remained below the 10%…

Asialink Group of Companies, a Philippine non-bank financial institution (NBFI), has secured a US$75 million syndicated term loan arranged by Standard Chartered Bank. The deal marks the first social syndicated loan for an NBFI in the Philippines. It also marks Asialink’s first-ever foreign loan. Asialink will use the funds to provide fresh capital for lending to micro, small, and medium enterprises (MSMEs). “MSME lending continues to fall short of the Bangko Sentral ng Pilipinas target, showing there’s still much work to be done to make financing truly inclusive,” said Robert B. Jordan Jr., CEO of Asialink Group. He continued by…

GCash is introducing a new Initial Public Offering (IPO) subscription feature on its GStocks PH platform, following a partnership with AB Capital Securities, Inc. The new function allows individual investors to subscribe to shares when a company first lists on the Philippine Stock Exchange (PSE). GCash will launch the feature within its app from 23 to 29 October to coincide with the upcoming Maynilad IPO offer period, and will make it available for future listings. Previously, retail investors often faced a fragmented process with no assurance of share allocation. GCash aims to address this by providing a unified experience where…

The Bangko Sentral ng Pilipinas (BSP) has approved new regulations for Islamic banking to encourage more conventional banks to participate while aligning the sector with international standards. The reforms, detailed in Circular 1219, ease the requirements for establishing Islamic Banking Units (IBUs) and refine prudential rules for the industry. An IBU is a division of a conventional bank operating on Shari’ah principles, such as the prohibition of interest. BSP Governor Eli M. Remolona, Jr. said the changes aim to encourage more players to enter and help develop the Philippine Islamic finance market. He added that this initiative “supports our goals…

Fintech firm GCash is now targeting the second half of 2026 for its long-awaited initial public offering (IPO) in Manila, according to a Bloomberg report. The GCash IPO delay follows weaker sentiment in the local equities market, which has seen the Philippine Stock Exchange Index (PSEi) drop 17% over the last 12 months, the report said. The company, backed by Ant Group and Mitsubishi UFJ Financial Group Inc., had previously considered listing as soon as 2025. GCash is reportedly seeking to raise between US$1 billion and US$1.5 billion, which would make it the largest IPO in the Philippines’ history, surpassing Monde Nissin’s…

Ryder, the company behind Ryder One, which is said to give its users crypto security in 60 seconds or less, announced the close of a US$3.2 million seed funding round, led by billionaire Tim Draper, founder of Draper Associates. Other participants consist of venture capital firms Borderless, Smape, Semantic, and VeryEarly, as well as angel investors Anatoly Yakovenko, the co-founder of Solana, and Joe McCann, the CEO of Asymmetric. The funding will be used to ramp up production, elevate marketing and engineering teams, and further develop Ryder’s Ryder One product. It will also enable the company’s next big marketing push…

Agentic AI is moving beyond simple chatbots to become an intelligent layer that can reason, act and deliver value across financial services. The global Agentic AI for financial services market is projected to surpass US$80 billion by 2034, showing how quickly this technology is transforming banks, fintechs and payment providers. In this session, we will discuss: How agentic AI is transforming financial services through new capabilities, live deployments and early results Homegrown e-wallet Boost’s AI journey from AI-based lending to the Boba chatbot and now agentic AI in financial services The business impact of agentic AI on customer experience, lead…