Local fintech firm Leapgen Lending has announced a partnership with FinScore, a Philippines-based alternative credit scoring provider. This collaboration aims to offer more accessible microloan options for individuals facing challenges in accessing traditional banking services. FinScore specialises in alternative credit scoring using telecom data, enabling digital lender Leapgen to tailor its financial products to individual customer profiles. Applicable to multiple loan products, FinScore generates telco credit scores derived from over 400 data variables such as top-up patterns, location, and mobile data usage, which encompasses the entire telecommunications market. This approach considers various data points, including mobile top-up patterns, user location,…

The Bangko Sentral ng Pilipinas (BSP) has approved the merger between Bank of the Philippine Islands (BPI) and Robinsons Bank Corporation (RBC). BPI will emerge as the surviving entity following this merger. This decision follows a series of approvals from various stakeholders and regulatory bodies. The stakeholders gave their nod in January 2023, and following that, the Philippine Competition Commission greenlit the merger in March 2023. According to the regulatory filing, this merger is poised to enhance BPI’s market position by leveraging synergies between the two entities. RBC, with its wide range of products and services and a network of…

Philippines’ cryptocurrency exchange Coins.ph announced that it has increased its daily cash-in limits for its users. Level 2 accounts, which require ID and selfie verification, now have a daily cash-in limit of PHP 500,000. Coins.ph said that Level 1 users can easily upgrade their verification status to Level 2 by providing a valid ID and completing a facial recognition scan to benefit from these new cash-in limits. Meanwhile, for Level 3 accounts, which necessitate proof of address and proof of income, the daily limit has been raised to PHP 10 million. Additionally, users with more extensive Know Your Customer (KYC)…

The Bangko Sentral ng Pilipinas (BSP) has given the green light to a set of temporary measures aimed at encouraging banks to extend loans or finance green and sustainable projects. These measures also cover transition financing for decarbonisation. Specifically, they involve providing banks with additional lending capacity and reducing the reserve requirement rate on sustainable bonds issued by banks. These measures are part of the BSP’s 11-point Sustainable Central Banking Strategy, which seeks to promote sustainable finance and contribute to the country’s climate goals and sustainable development objectives. Under these approved measures, banks can now extend loans for eligible green…

The Philippine Digital Asset Exchange (PDAX) is anticipating a surge in cryptocurrency trading volumes within the Philippines, following the imminent departure of Binance, a leading global cryptocurrency exchange. PDAX CEO Nichel Gaba envisions the expected departure of Binance, which has been flagged by the Securities and Exchange Commission (SEC) as an unauthorised exchange in the Philippines, as a pivotal moment for local virtual asset service providers (VASPs) to expand their market presence. Nichel predicts that the exodus of traders from Binance could elevate the country’s cryptocurrency trading volume to an estimated US$6 billion by 2024. Data from the Bangko Sentral…

The Bangko Sentral ng Pilipinas (BSP) is extending the moratorium imposed on the issuance of licences to new non-bank electronic money issuers (EMIs) by another year. BSP Deputy Governor Mamerto Tangonan said the moratorium on the entry of new EMI-non-bank financial institutions (EMI-NBFI) has been extended to 15 December 2024 from 15 December 2023. However, Deputy Governor Tangonan said an exception may be granted for application with proposals involving new business models and unserved, targeted niches. New technologies can also request for exception under the test-and-learn or Regulatory Sandbox framework. “These exceptions are intended to modify the current landscape in…

The accelerated energy transition amidst pressing climate concerns has compelled industry players to contribute actionable solutions in driving positive change and sustainable development. Rising up to the challenge, Petronas, a global energy corporation, has significantly expanded its scope beyond traditional oil and gas operations, delving into the realms of technology, sustainability and innovative digitalisation through its initiative, Petronas FutureTech. This programme, integral to the company’s business growth and industry advancement, demonstrates Petronas’ commitment to staying at the forefront of the rapidly evolving energy sector while also furthering a more environmentally responsible agenda, marking a pivotal shift towards embracing the future…

BillEase, a consumer finance and ‘buy now, pay later’ app, has partnered with Ant International’s Alipay+ to launch an auto-debit feature, aiming to simplify online transactions. This new facility, named Alipay+ Auto Debit, allows users to pre-authorise Alipay+ affiliated merchants to automatically deduct funds for purchases made, directly from their credit line. This integration within the BillEase application is designed to streamline the payment process, eliminating the need for manual logins and payment completion for each purchase. Additionally, it enables customers to set up installment payments, enhancing their online shopping experience. The companies say the introduction of Alipay+ Auto Debit…

The Bangko Sentral ng Pilipinas (BSP) has recognised challenges faced by digital banks in lending and payment collection. BSP Governor Eli M. Remolona, Jr. highlighted the struggles these online banks face in effectively managing loans, despite their success in amassing deposits. Governor Remolona emphasised during the Philippine economic briefing in Iloilo City, that digital banking remains an experimental endeavour within the regulatory sandbox, a testing ground designed to nurture innovation whilst minimising risks. “Digital banking is one of those in the sandbox. We’ve issued six licenses. These guys are actually very successful in collecting deposits just online. (But) they’re still…

Iloilo City has become the latest among 15 local governments in the Philippines to embrace the Paleng-QR Ph Plus programme, an initiative backed by the central bank to promote the use of digital payments in public markets and local transportation. Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr. highlighted the significance of this development, stating that Iloilo City’s adoption of the programme is a crucial step in further digitalising financial transactions in the Philippines. He emphasised the transformative impact of the Paleng-QR Ph programme, noting its potential to empower not just local communities but the entire nation by expanding…

Rizal Commercial Banking Corp. (RCBC) has established itself as a key player in the Philippine banking space, with its consumer finance app, DiskarTech recently achieving over five million downloads. The DiskarTech app benefits from around 50 artificial intelligence models developed in-house by RCBC for credit checks and fraud detection. RCBC President and CEO, Eugene S. Acevedo, highlighted the bank’s commitment to digital innovation in a recent interview with Nikkei, stating, “I think we are the leading bank in artificial intelligence. That is why much of our decisions are made or are based on AI and data science. We don’t guess.…

Insular Life and Oona Insurance group have announced a change in their business arrangement, with Insular Life selling its 40% stake in the Oona Insular Insurance Corporation to Oona Insurance, making it a fully owned subsidiary of the latter. Despite this shift, both Oona Philippines and Insular Life will maintain their cooperative relationship, continuing to cross-sell insurance products in the Philippines. This adjustment in ownership comes as Oona Philippines seeks to consolidate its presence in the general insurance sector of the country, building on its operations initiated last year. Meanwhile, Insular Life is set to focus more intently on its…

At the 2023 United Nations Climate Change Conference (COP28) in Dubai, Finance Secretary Benjamin E. Diokno underscored the need for innovative financing mechanisms to address the growing costs associated with climate action, highlighting the significance of blended finance in escalating climate action in developing countries like the Philippines. Secretary Diokno’s discussion centred on aligning finance and investments with national climate plans, systematically allocating financial resources, and engaging the private sector in funding climate-smart infrastructure. These approaches were deemed as crucial for achieving the targets of the Paris Agreement, which aims to limit the global temperature rise. The Philippines, adhering to…

Discussions about risk decisioning platforms often center around onboarding and loan origination. However, investing at the start of the journey is just one aspect of the puzzle. Growth relies not only on attracting new customers but also on maximising the value of existing ones. While sophisticated, automated onboarding/origination solutions are crucial, it’s equally vital to focus on the tools used for the entire decision-making process. Having a strategy-friend, end-to-end solution for decisions throughout the customer journey is invaluable. Eliminating siloed systems and easily sharing intelligence enables more accurate and faster decisions, reducing risks, and maximising growth. This enables organisations to…

The Rizal Commercial Banking Corporation’s (RCBC) recently launched banking app ‘RCBC Pulz’ has enabled Filipinos from around the world to establish bank accounts using any international mobile number. This initiative is specifically designed for the more than twelve million Overseas Filipino Workers (OFWs), providing them with access to a variety of digital banking services. The RCBC Pulz application, available for download from the Google Playstore and the Apple App Store, streamlines the account setup process, with a valid Philippine passport and personal information for registration. Security is a priority, with RCBC validating users via a one-time-password sent to their international…

In the Philippines, the emergence of digital challenger banks has been a promising development, particularly given the country’s significant unbanked population. Fitch Ratings observes that while these digital banks have seen rapid growth since their introduction, their overall market share remains small. They are not expected to substantially alter the competitive dynamics of the Philippine banking sector in the medium term, nor significantly impact the ratings of established banks. As of the end of June 2023, the collective market share of challenger banks in terms of system deposits in the Philippines was under 0.4%. This figure, alongside the relatively low…

FinScore, a Philippines-based alternative credit scoring provider, has developed a new tool named CrediView, which aims to enhance the credit assessment process beyond traditional methods. CrediView grants banks and lenders access to a borrower’s recent loan inquiries across more than 40 financial institutions in the Philippines. This capability offers financial institutions enhanced insights into an individual’s borrowing history, facilitating a more precise assessment of their creditworthiness. Similar to a “credit bureau inquiry service”, CrediView is an add-on to FinScore’s telco scoring model which provides insights based on 400+ variables, including top-up patterns, voice and mobile data usage, duration of calls,…

The Philippines is witnessing a rise of its fintech industry, a growth that’s been driven by a growing digital-savvy population, the cohesive efforts of both governmental and private entities, and booming usage of digital financial services — to get a sense of its future it’s helping to look at some of the top emerging fintechs from the region and it’s overall landscape. A new report produced by Fintech News Philippines in collaboration with Fintech Alliance.ph and supported by Alibaba Cloud delves into this growth, highlighting regulatory efforts by the central bank and policymakers to foster a digital financial ecosystem, the…

Since undergoing digital transformation in 2021, mobile banking platform OwnBank has been reintroduced in the Philippines market with several financial services within its app, including one of the highest savings interest rate in the market so far, of up to 8% annually. Originally founded in 1956 as Own Bank, The Rural Bank of Cavite City, Inc., OwnBank is offering the attractive interest rates to new users for opening a seven-day Time Deposit account. After the seven days, users will have the option to transfer their funds to two  of its other savings products, either OwnBank Time Deposit or Own It.…

Digital solutions platform Globe Group is set to replicate the success of its fintech arm, GCash, which is the country’s main finance super app and the only double unicorn. Ernest Cu, President and CEO of the Globe Group, said the company’s pivot into a full-fledged techco aims to provide disruptive solutions to problems that Filipinos confront day-to-day. In a recent interview on the sidelines of the 2023 Singapore Fintech Festival (SFF), Ernest outlined the company’s transformation into a full-fledged tech company with a mission to provide innovative solutions to everyday problems faced by Filipinos. Discussing the rise of GCash, Ernest…