Western Union, on October 1, launched a new mobile application in the Philippines that allows users to send funds abroad and, for the first time in any of its global markets, also request money from overseas. The new app enables consumers in the Philippines to send money to Western Union’s global network, which includes bank accounts, digital wallets, and retail locations for cash payout. To fund these transfers, users can pay online within the app using the national QR code payment method, ‘QR Ph’. A key new function is the ability to request funds. A user in the Philippines can…

The Department of Budget and Management (DBM) has officially adopted blockchain technology in the government budgeting process to enhance transparency and accountability in public financial management. In partnership with BayaniChain and ExakIT Services, the DBM has launched a public portal, blockchain.dbm.gov.ph, that records key budget documents on a blockchain. The new platform makes records of Special Allotment Release Orders (SAROs) and Notices of Cash Allocation (NCAs) tamper-proof and allows the public to inspect how the DBM authorises and releases funds. The Department of Budget & Management Undersecretary Goddes Hope “Sasa” Libiran described blockchain as more than just a buzzword. “It’s…

FinTech Alliance.PH, a trade organisation for financial technology companies and startups in the Philippines, has officially welcomed 17 new members. The induction and oath-taking ceremony took place during the recent Manila Tech Summit held in Taguig and was led by Department of Trade and Industry (DTI) Secretary Cristina Aldeguer-Roque. The new cohort includes a diverse range of companies from the banking, payments, and technology sectors. Among the new members are several notable financial institutions, including GoTyme Bank Corporation, Philippine National Bank, and Salmon Bank (Rural Bank) Inc.. Payment and technology firms such as iPay88, Visa Worldwide Pte. Limited, NTT Data,…

State-owned Development Bank of the Philippines (DBP) opened a Branch Lite Unit in Pozorrubio, Pangasinan, on September 26 to bring banking services closer to residents in underserved areas. The new mini-branch is located in the town’s Community Building and is the first of its kind in the province, which already has regular DBP branches in Dagupan and Urdaneta City. The new branch offers essential services including deposits, withdrawals, loan applications, and financial advisory. It aims to serve residents, farmers, micro, small, and medium enterprises (MSMEs), and beneficiaries of local government programmes in Pozorrubio and neighbouring towns. DBP First Vice President…

Security Bank Corp. has appointed Singaporean banker Victor Lee Meng Teck as its new President and Chief Executive Officer (CEO). The appointment will take effect in early January 2026. Lee, the former CEO of CIMB Singapore, will replace the incumbent president and CEO, Sanjiv Vohra. Vohra has led the bank for more than six years. The bank announced in a stock exchange disclosure on Tuesday that Vohra will transition to a new role as a senior advisor to the board. This will take place after he steps down from his current position next year. Security Bank Chair Cirilo Noel acknowledged…

The Philippine National Bank (PNB) has announced significant structural changes, including the planned closure of its Bahrain Representative Office and the dissolution of two internal units. The moves are part of a broader strategy by the Lucio Tan Group’s banking arm to streamline operations as it repositions for the future. In a regulatory filing, PNB confirmed that its board of directors had approved dissolving its consumer finance and enterprise services sectors. The bank’s strategy and sustainability group has also been absorbed into the office of the Chief Financial Officer as PNB focuses on its other markets. The planned closure of…

A new micro-lending programme called SSS LoanLite from the Social Security System (SSS) and Union Bank of the Philippines will offer members affordable, short-term credit. Targeting those vulnerable to predatory lending, the programme provides loans from PHP 5,000 to PHP 20,000 with repayment terms of 15 to 90 days. The loans carry a cost of 8% per year plus a service fee, and the SSS aims to grow the total loan book to PHP 40 billion within two years. SSS President and CEO Robert Joseph de Claro said the initiative will help each Filipino member of SSS not to fall…

Starting October 1, 2025, all direct cash-in transactions to the mobile wallet GCash will be routed through the InstaPay payment gateway. The change complies with a Bangko Sentral ng Pilipinas (BSP) directive requiring all online banks and e-wallets to adopt InstaPay to ensure faster, safer, and more transparent fund transfers across the country. In an advisory, GCash confirmed that it will not charge any additional direct cash-in fees under this new model. However, it cautioned users that partner banks may adjust their own service fees in relation to the shift. GCash also advised its customers to check with their banks…

The Japan Exchange Group has named Philippines-based digital bank Tonik to its “TSE Asia Startup Hub” for 2025, preparing the way for a potential initial public offering (IPO) in Japan. Tonik is the first Philippine company the TSE has selected for the programme, which the exchange designed to attract growth companies by supporting their business development and fundraising Tonik’s Founder and CEO, Greg Krasnov, stated that the company is on a three-year road map towards achieving that listing. He explained that the company preferred Tokyo to other markets like the US. Greg cited it as “by far the most liquid…

Sunline, Huawei, and the Philippines’ City Savings Bank have signed a Memorandum of Understanding (MOU) to accelerate the bank’s digital transformation. The agreement was signed at the Huawei Connect 2025 event, which was themed “Elevating Industry Intelligence”. Through the partnership, the three parties aim to build a next-generation digital banking service system for CitySavings. The collaboration will leverage the strengths of each company. Huawei will provide its cloud infrastructure and ICT capabilities. Sunline will contribute its expertise in core banking systems and digital financial solutions. Lastly, CitySavings will bring its market presence in inclusive finance. Ruby Zhou, Deputy President of…

The Bangko Sentral ng Pilipinas (BSP) has announced it will stop accepting new applications for digital bank licence starting December 1, 2025. The decision follows the Monetary Board’s approval of a new moratorium on September 18. It will remain in place until further notice. In an advisory, the central bank stated that interested parties have until November 30, 2025, to submit their complete applications. The BSP will evaluate the applications on a first-come, first-served basis and requires that they meet all documentation and licensing requirements in form and substance. In its warning, the BSP stated that it will reject any…

The Social Security System (SSS) and Rizal Commercial Banking Corporation (RCBC) have partnered to launch the MySSS Card powered by RCBC DiskarTech. This new all-in-one debit card integrates SSS services with the digital banking features of RCBC’s DiskarTech application. The card allows SSS members to access and withdraw their benefits and other proceeds through the DiskarTech app. It also functions as a standard debit card for a range of financial transactions. Cardholders can make payments at merchants that accept QRPH, perform cardless withdrawals at RCBC ATMs, and use the physical Mastercard debit card at any Bancnet ATM nationwide. Additionally, the…

The Philippines SEC has launched the Green Equity Guidelines, aiming to expand the capital markets for sustainable growth. On September 23, the SEC issued Memorandum Circular (MC) No. 13, Series of 2025, to establish the new rules. The SEC designed this initiative as part of its broader Sustainable Finance Framework to complement the country’s existing PHP 1.02 trillion sustainable fixed-income market. SEC Chairperson Francis Lim stated that the new guidelines will help develop the capital market and support the country’s climate goals. “This also positions the country as an emerging destination for foreign investors seeking credible, transparent, and meaningful green investments,”…

The Securities and Exchange Commission (SEC) has announced its support for legislative proposals aimed at amending the Philippines’ existing bank secrecy laws, framing the move as a necessary measure in the fight against corruption. SEC Chairperson Francis Lim stated that easing the country’s bank secrecy laws would help uphold trust and confidence in the Philippine capital market and the broader economy. “Corruption is a major concern for local and foreign investors alike… it translates to real, unnecessary, additional costs of doing business in the country,” Lim said. Currently, several bills are pending before the House of Representatives that seek to…

Visa is working with Philippine banks to prepare for the local introduction of global digital wallets such as Google Pay, Apple Pay, and Samsung Pay. The digital payments company recently held a workshop, bringing together local banks with regional partners like Google Southeast Asia and Vietcombank. During the session, these partners shared best practices on how they successfully introduced the services in their respective markets. According to the Bangko Sentral ng Pilipinas (BSP), these global wallets are classified as technology service providers. Local banks are central to enabling these services because the digital wallets cannot hold funds directly. Therefore, users…

In APAC, online payments are dominated by digital cashless payments. 87% of payments on Southeast Asia’s e-commerce platforms are done using digital payments, as of 2024. When it comes to digital payments, banks and financial institutions face growing pressure to deliver both frictionless user experiences and robust security. Technologies like Click to Pay, Passkeys, and tokenized transactions are emerging as key enablers of trust, convenience, and compliance. In this webinar, we’ll explore: Regional trends in Asia shaping the future of digital payments and E-commerce How Click to Pay is transforming the online checkout experience across digital channels The role of…

LenderLink has announced the expansion of its network to 12 members, including digital lenders, Point-of-Sale (POS) lenders, and collection agencies. The platform’s data pool now contains over 36 million borrower records, with more than 600,000 records exchanged to date between its members. The platform functions as a technology intermediary that enables financial institutions to securely exchange consent-based credit data, with response times reported at 0.6 seconds. Members of the network include lenders such as Salmon, Skyro, Finbro, Cashalo, and Kredivo. The company noted that its network activity has grown significantly since the start of 2025. Christo Georgiev, Co-founder and CEO…

Security Bank Corporation announced on Monday that it aims to raise at least PHP 5 billion from a public offer of five-year fixed-rate peso bonds. The bank stated that it will use the funds raised to support its lending activities and to expand its funding base. The bonds will be offered to the public from September 22 to October 17, 2025. It will have a fixed interest rate of 6% per annum. The minimum investment is set at PHP 500,000, with subsequent increments of PHP 100,000. This issuance is part of the bank’s broader PHP 200 billion peso bond and…

BDO Unibank has described as “baseless” the claims from content creator Jana Berenguer of a system compromise and insider involvement in a series of alleged unauthorised transactions on her account. The case gained public attention after Jana posted videos on social media about the incident. In a statement, BDO said its investigation found no evidence of a system breach or insider activity. The bank’s findings show that on September 14, a password reset and a new device registration occurred on Jana’s account. The system validated both actions using a one-time password (OTP) sent to her registered mobile number. The bank…

The Bangko Sentral ng Pilipinas (BSP) has mandated a PHP 500,000 daily limit on over-the-counter cash withdrawals and other payouts from banks and non-bank financial institutions. The move is part of the central bank’s efforts to reduce the risks of money laundering and terrorism financing linked to large-value cash transactions. Under Circular No. 1218, which the Monetary Board approved on September 18, 2025, customers must now conduct any transactions exceeding the threshold through non-cash methods. These include payments via cheque, fund transfers, direct credit to deposit accounts, or other digital channels that create a clear audit trail. The cap applies…