Fintech company Skyro has achieved a significant milestone in the Philippines, announcing it has disbursed over 1 million loans with a total value of approximately PHP 11 billion since its launch in 2022. The firm attributes this rapid growth and expansion to the strength of its partnerships with local merchants, financial institutions, and various platforms. Skyro has cultivated an extensive network across the country. Its current collaborations include more than 1,500 offline merchants, over 100 online merchants, at least 5,000 point-of-sale (POS) locations, and 13 major brand partners, featuring prominent retailers like Abenson, Robinsons Appliances, Emcor, Puregold, and Western Appliances.…

The Bangko Sentral ng Pilipinas (BSP) is seeking to appoint a manager to oversee the operations of entities handling the country’s critical payment systems. This move aims to minimise disruptions to financial markets and protect the interests of regulated firms and the public alike. The central bank is currently collecting comments from stakeholders on a draft circular that outlines the framework for designating this manager for operators of designated payment systems (ODPS). The Philippines presently has three payment systems classified as “systemically important”: the Philippine Peso Real-Time Gross Settlement Payment System (Peso RTGS), the Philippine Domestic Dollar Transfer System (PDDTS),…

The Securities and Exchange Commission (SEC) in the Philippines has received a third application for its regulatory crypto sandbox. The sandbox is a programme designed to allow companies to test innovative financial products and services in a controlled environment. This new applicant is proposing a service aimed at enhancing the country’s information technology and capital market capabilities. SEC Philippines Commissioner McJill Bryant Fernandez recently informed reporters that the commission has already given the green light to two previous crypto sandbox applications since the initiative launched in April of last year. “We’re just waiting for the respective platforms to be completed…

Philippine electronic wallet provider GCash has partnered with Cebuana Lhuillier Bank to introduce a new savings account, the eC-Savings account, available through the GCash app’s GSave feature. Announced on 7th May 2025, this collaboration aims to support efforts towards broader financial inclusion in the Philippines, particularly for communities that have been less served by traditional banking. The eC-Savings account offers an annual interest rate of 3.5% on all deposit amounts, along with a PHP 100 (USD $1.90) cashback incentive for initial deposits. Users can deposit as little as PHP 1 (USD $0.01) directly from their GCash wallets, as there is…

Digital bank Maya has introduced a new credit programme, ‘Paleng-Kita through Maya Advance’, specifically designed for market vendors and public transport drivers. This initiative aims to provide collateral-free loans by leveraging their QR payment activity, supporting broader financial inclusion across the Philippines. The programme builds upon the existing Paleng-QR Ph initiative by the Bangko Sentral ng Pilipinas and Department of the Interior and Local Government. The programme seeks to onboard small vendors and drivers onto the QR Ph payment system. Under Maya’s new offering, merchants utilising the Maya app and accepting payments via QR Ph can now qualify for these…

Tonik, a neobank in the Philippines, is utilising Finastra’s Essence core banking solution to support its expansion and digital banking initiatives. The collaboration aims to drive financial inclusion in Southeast Asia by providing accessible and secure banking services. Since launching in 2021, Tonik has reported significant growth, including disbursing over one million cumulative loans and expanding its loan portfolio. The bank also indicates a reduction in operational service costs. The partnership with Finastra has involved dedicated engagement across various capabilities, which Tonik states has contributed to delivering a modern digital banking experience. Tonik is also incorporating AI capabilities, supported by…

ATRAM Group and Union Bank of the Philippines have formally established their strategic partnership following the Bangko Sentral ng Pilipinas’ approval in April. The partnership was solidified during a signing ceremony attended by key executives. The collaboration between Union Bank and ATRAM, initially announced in November 2024, involves UnionBank acquiring a 27.5% ownership stake in ATR Asset Management, Inc. (AAMI). Concurrently, AAMI will acquire 100% of UnionBank’s trust subsidiary, UnionBank Investment Management and Trust Corporation (UBIMTC). These transactions are expected to lead to the merger of AAMI’s trust subsidiary, ATRAM Trust Corp (ATC), and UBIMTC, which will result in the…

The Bangko Sentral ng Pilipinas (BSP) is championing efforts to lower digital transaction fees across the country. The regulator is pushing for financial institutions to establish a “market-based” and “fair” pricing mechanism for the fees they levy on electronic fund transfers. The ultimate aim of this is to reduce, if not eliminate, costs for Filipinos. In pursuit of this objective, the BSP is currently soliciting comments from stakeholders on a draft circular. This document will guide financial firms as they adopt a new pricing structure for fund transfer fees. The structure will apply irrespective of the transaction size. Under the…

BDO Network Bank, Inc., a subsidiary of BDO Unibank, has officially transitioned from a rural bank to a thrift bank, having secured all necessary regulatory approvals. This significant conversion became effective on May 5, 2025, as announced by its parent company on Tuesday. The move represents a strategic step for BDO Network Bank. The bank aims to significantly widen its reach and deepen its impact across the Philippines. The bank particularly focuses on areas currently underserved by traditional financial institutions. BDO highlighted this objective in a statement released on its website dated April 28. Formerly known as One Network Bank,…

The Philippine Information Agency revealed that the Bangko Sentral ng Pilipinas (BSP) has received reports that an entity named “UNA Financing Corporation” is fraudulently using the BSP’s name and logo. The entity is also said to be using the names of BSP employees and officers. The scheme involves collecting fees and personal information, purportedly to secure the BSP’s clearance for loan releases sought by individuals. The BSP clarifies that it has no connections to, and has no dealings with, UNA Financing Corporation. The BSP further emphasises that in performing its official functions, neither the BSP nor its personnel will solicit…

Skyro and Robinsons Appliances are formally working together to create new avenues to provide customers with an expanded range of products and services across Robinsons Appliances stores nationwide. The collaboration reflects a mutual objective held by both companies. Both of the companies are trying to enhance the accessibility of essential products for the Filipino population. Lowen Medina, Skyro’s Head of POS Business, commented that the alliance with Robinsons Appliances. He said that the partnership enables Skyro to broaden its presence and offer consumers more accessible financing solutions for essential home and lifestyle requirements. “This expansion aligns with our goal of…

Paynamics, a provider of secure digital payment solutions, has joined FinTech Alliance.Ph. This membership aligns with Paynamics’ stated goal to support digital transformation and contribute to the growth of the country’s fintech sector. Paynamics provides payment technologies used by various businesses, including e-commerce merchants and financial institutions. These solutions aim to facilitate transactions and payment processing. Mylene Chua-Magleo, CEO and Co-Founder of Paynamics, commented on the development. The Paynamics CEO said that joining FinTech Alliance.PH marks an important chapter for their organisation. Mylene said that her company looks forward to collaborating with other members. Her goals include advancing innovation and…

Philippine President Ferdinand Marcos has officially approved a new digital nomad visa program, allowing foreigners to temporary live in the country while maintaining their remote work. The initiative, formalized under Executive Order (EO) No. 86 signed on April 24, 2025, aims to enhance tourism and boost economic growth by attracting foreign independent professionals with stable overseas incomes. EO No. 86 seeks to establish a legal framework to facilitate the entry of eligible digital nomads into the Philippines, and authorizes the Department of Foreign Affairs (DFA), through the Philippine embassies and consulates, to issue visas to these foreign nationals. Eligibility and…

Maya has rolled out the Maya Black Credit Card, designed for mobile-first consumers. The card is powered by Maya’s data and AI-driven credit models and is available through the Maya app. The Maya Black card aims to expand access to credit for more individuals, including those without traditional credit histories. It does this by leveraging transactional data and other alternative data sources for credit scoring. Applicants without a credit history also have the option of a secured card pathway integrated into the app. Within the Maya app, users can digitally manage the entire process, from application to issuance and support.…

Data from TransUnion’s global intelligence network indicates that the suspected digital fraud rate in the Philippines stood at 13.4% in 2024. This figure is considerably higher than the global rate of 5.4%, exceeding it by 148%. The Philippines has consistently registered a suspected digital fraud rate higher than the global average for five consecutive years. The rate in the Philippines also saw a 5% increase from 2023 to 2024. It shows a stark contrast to the 8% decrease observed worldwide. A significant proportion of Filipinos reported being targeted by fraud. A survey conducted across 18 countries and regions between November…

Philippine digital bank GoTyme has successfully secured USD $10.4 million in fresh capital infusion from its parent companies, JG Summit Holdings and Tyme Investments. GoTyme’s parent companies are earmarking this significant funding injection to accelerate the bank’s lending operations. It will also help propel its broader expansion plans within the Philippine digital banking landscape. Regulatory filings in Singapore confirmed the capital infusion. USD $4.6 million came from JG Summit Holdings, with an additional USD $5.8 million provided by Tyme Investments, a subsidiary of Singapore-based Tyme Group. GoTyme CEO Albert Tinio confirmed the capital raise. He also stated that a planned…

LenderLink, a fintech company with bases in Singapore and Manila, has announced the successful closure of a seed funding round, raising USD $1.25 million. Investors, including Iterative and Kaya Founders, alongside other investors such as Founders Launchpad and Manila Business Angels, participated in the investment round. Established in 2024, LenderLink is also said to be developing a credit bureau in the Philippines through the seed funding. The company’s objective is to help lenders lower their non-performing loans (NPLs). LenderLink aims to update consumer lending practices through its API-first platform. This platform allows lenders to report and access consumer credit risk…

Effective 24 April 2025, SeaBank Philippines, Inc. (A Rural Bank) has officially become part of the banking group under MariBank Singapore Private Limited (“MariBank”). This development follows MariBank’s acquisition of SeaBank Philippines. MariBank is a digital bank based in Singapore. The bank is fully owned by Sea Limited and operates under a licence from the Monetary Authority of Singapore (MAS). Both SeaBank Philippines and MariBank belong to the broader Sea Limited Group. MariBank functions as a Singapore-headquartered banking group, responsible for overseeing regional strategy, fostering innovation, and ensuring strong governance across its entities. The integration and acquisition of SeaBank Philippines…

Globe Chief Financial Officer Juan Carlo C. Puno announced that the initial public offering (IPO) of Philippine fintech company GCash will proceed despite current market volatility. Juan announced during Globe’s annual stockholders’ meeting that the uncertainties will not deter the company from moving forward with its plans for the IPO. These uncertainties include those stemming from new US tariffs under President Donald Trump. “The goal is to get GCash to a point where we are push-button ready. So, when the market opens up, if we find the window where the valuations and interests we’re getting are appropriate and acceptable, we…

The Bangko Sentral ng Pilipinas (BSP) introduced “BSP Mobile” on April 14, 2025, a new mobile phone application designed to improve access to BSP and other financial information and services for Filipinos and investors. During the launch ceremony at the BSP head office in Manila, BSP Deputy Governor Bernadette Romulo-Puyat highlighted the app’s role in strengthening the BSP’s connection with the public. “The BSP Mobile App is our way of staying connected with the public. It allows users to check key rates and public announcements, locate coin deposit machines or BSP offices, file complaints through our chatbot BOB, and stay…