APAC saw a sharp rise in human-led attacks in 2024, with attack rates growing over 60% year-on-year and increasing 37% overall, according to the LexisNexis Risk Solutions Cybercrime Report 2025. After years of rising global fraud, the report reveals that fraud is now plateauing in most regions. APAC, however, tells a different story. In 2024, while global daily fraud attack rates rose by just 1%, APAC experienced a dramatic 61% surge in human-led attacks, driving a 37% overall increase in attack rates. This coincided with a 16% rise in digital transaction volumes, highlighting a growing gap between rapid digital growth…

Union Bank of the Philippines (UnionBank) has overhauled its customer onboarding and credit decisioning process using the FICO Platform. The transformation followed the bank’s USD $700 million acquisition of Citibank’s consumer business in the Philippines in 2022, a move that involved integrating IT systems and transferring approximately 1 million customers. After deploying its new FICO Platform system in only nine months, UnionBank cut customer onboarding times to just 5-15 minutes. The bank now processes more than 80% of credit card and personal loan applications automatically and, at its peak, was booking 50,000 new accounts monthly. The platform also allows the…

The Securities and Exchange Commission (SEC) has revoked the corporate registration and secondary licence of Convenience Cash Lending Corp. for engaging in unfair debt collection practices. The company operated under the business names Zada Cash and Bloom Cash. In an order dated July 17, the SEC’s Financing and Lending Companies Department (FinLend) cancelled the company’s certificate of incorporation. The department also revoked its certificate of authority to operate as a lending company. The company was found to have violated SEC Memorandum Circular No. 18, Series of 2019, four times. This regulation prohibits companies from engaging in unfair collection practices. The…

Financial technology app GCash, through its official lending arm Fuse Financing Inc., is providing a 15-day grace period for its GLoan and GGives borrowers in areas affected by recent typhoons and the “Habagat” monsoon. GCash will automatically extend loan repayments with due dates between July 19 and July 31, 2025, by 15 days. For example, a payment due on July 21 will have its deadline moved to August 5. During this extension period, borrowers will not incur any penalties, additional interest, or late fees, allowing them to focus on recovery without added financial pressure. GCash confirmed that eligible borrowers will…

International payment service provider Payop has announced a partnership with Dragonpay, a Philippine-based payment platform, to enhance the online payment experience for businesses operating in the Philippines. The collaboration aims to provide Payop’s international merchant clients with access to a wider range of local payment methods. The partnership between Dragonpay and Payop addresses the mixed nature of the Philippine payments landscape. While cash remains a frequently used payment method, a significant and growing number of consumers are adopting digital options. Anastasiia Semenkova, CEO at Payop, stated that international businesses have often focused on card payments, overlooking consumers who use other…

The Philippines Securities and Exchange Commission (SEC) has suspended Jia Financing’s certificate of authority to operate as a financing company for 60 days due to the unauthorised operation of a website and failure to disclose new loan products and services. In an order dated 10 July, the SEC’s Financing and Lending Companies Division (FinLend) directed Jia Financing to take down its website, jia.ph, citing a breach of SEC Memorandum Circular No. 10, Series of 2021 (MC 10), which introduced a moratorium on new online lending platforms effective 5 November 2021. MC 10 defines online lending platforms (OLPs) as mobile applications,…

In Metro Manila or a quiet barangay in Iloilo, crypto trading takes a more practical form than what you’d see on Wall Street. Small-scale traders such as office workers, freelancers, or students often operate with limited capital but strong attention to detail. Some trade during breaks, others at night after work, using budget-friendly apps and free tools. They may not move large volumes, but their discipline and timing often outperform global traders who rely purely on price momentum. This measured, informed approach highlights how local strategy, when applied consistently, can deliver better results than chasing big, fast moves. While international…

Grab users in the Philippines can now add funds to their GrabPay wallets using cryptocurrencies, following a new partnership between Grab PH, payments provider Triple-A, and local digital asset exchange PDAX. This service allows users to top up their wallets with Bitcoin (BTC), Ether (ETH), and the US dollar-backed stablecoins USDC and USDT. The move follows an initial launch of the service in Singapore in 2024 through a partnership between Grab and Triple-A. CJ Lacsican, an executive at Grab Financial Group in the Philippines, said the integration reflects the company’s commitment to improving financial inclusion. “By offering more accessible, digital-first…

The Securities and Exchange Commission (SEC) expects an increase in Filipinos’ retirement savings under the Personal Equity and Retirement Account (PERA) programme, following the enactment of Republic Act No. 12214, or the Capital Markets Efficiency Promotion Act (CMEPA). A key provision of the new law grants a 50% additional tax deduction to private employers who contribute an amount equal to or greater than their employees’ PERA contributions. Established by a 2008 law, PERA is a voluntary retirement savings programme that supplements existing benefits from the Social Security System and other pension plans. “The CMEPA strengthens the role of PERA by…

Atty. Juan De Zuñiga Jr. has been appointed by Salmon as its new independent director to the board of its subsidiary, the Rural Bank of Sta. Rosa (Laguna) Inc. De Zuñiga is a former Deputy Governor and General Counsel of the Bangko Sentral ng Pilipinas (BSP) and also served as a Monetary Board Member. With over 40 years of legal and regulatory experience in Philippine banking, De Zuñiga also represented the private sector at the Philippine Deposit Insurance Corp. (PDIC). According to Salmon, the appointment of De Zuñiga to its board reflects its focus on strengthening governance and its goal…

CIMB Bank Philippines now offers CIMB Biz, a new service for owners of micro, small, and medium enterprises (MSMEs) and online entrepreneurs. The digital-focused lender said it created the service to help these businesses access banking services and support their growth. With CIMB Biz, customers can receive a deposit interest rate of 4% per annum on their savings account, with no cap applied. They can also perform up to 10 free Instapay transfers daily with a cap of PHP 150,000, and free PESONet transfers capped at PHP 500,000 per day. Additionally, entrepreneurs are able to earn an extra 0.5% interest…

The Philippines Securities and Exchange Commission (SEC) is cautioning the public, particularly job seekers, against the proliferation of “Job Offer Scams”. The commission reports these scams aim to defraud individuals through a method described as a “tasking and recharging scheme”. The SEC’s Enforcement and Investor Protection Department (EIPD) has noted a significant number of reports concerning this fraudulent activity. The scheme typically begins with perpetrators contacting potential victims via messaging apps like Viber, Messenger, and Telegram. They offer simple online tasks, such as sorting or purchasing items for a supposed e-commerce business. To participate, the scammers first require victims to…

The Department of Finance (DOF) is encouraging Filipinos to diversify their investment portfolios, citing the new Capital Markets Efficiency Promotion Act (CMEPA) as a means to reduce transaction costs and make investing more accessible. The law aims to lower barriers to entry for investors in the capital markets, aligning with the DOF’s push for financial literacy and inclusion. Finance Secretary Ralph G. Recto stated, “There is no truth that CMEPA discourages people from saving and investing. Actually, CMEPA is not just a revenue bill, but an act to boost our capital markets and allow for greater participation, especially among ordinary…

Rizal Commercial Banking Corporation (RCBC) has received the “Best Bank for Digital” award from Euromoney for 2025. This marks the sixth consecutive year RCBC has won this award, making it the first bank in Asia to achieve this distinction. Euromoney recognised RCBC for its digital bank innovations, customer approach, and efforts in financial inclusion. Reginaldo Anthony B. Cariaso, RCBC President and CEO, stated, “This accomplishment is a testament to RCBC’s commitment to be a digitally driven and customer-obsessed bank. We will continue to provide cutting edge banking solutions, keeping CX at the heart of our strategy”. RCBC’s digital initiatives include…

The era of tax-free long-term savings in the Philippines has concluded as a new legislative framework restructures the financial landscape. Spearheaded by the Capital Markets Efficiency Promotion Act (CMEPA), or Republic Act No. 12214, the government has replaced complex, maturity-based tax policies with a singular 20% final withholding tax on all deposit interest. Historically, the country utilised a fragmented system where peso time deposits maintained for over five years enjoyed tax exemptions, while shorter terms faced sliding scales between 5% and 20%. The Philippine Star reported that prominent lenders, including Metrobank, Security Bank, and UnionBank, have officially transitioned to the…

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…