Rizal Commercial Banking Corporation (RCBC) has announced a new collaboration with FastPay, a mobile remittance app operating exclusively in Taiwan. This partnership allows overseas Filipino workers (OFWs) in Taiwan to send money directly to their loved ones’ RCBC bank accounts or other Philippine bank accounts. Beneficiaries can also collect remittances in cash from over 17,000 RCBC pay-out partner outlets across the Philippines. Martin Tirol, head of RCBC’s Global Transaction Banking Group, noted that the collaboration with FastPay aligns with the bank’s commitment to supporting OFWs by providing more convenient remittance options. “Knowing that Taiwan is a great place of opportunities…

The Bangko Sentral ng Pilipinas (BSP) has approved applications for five regular bank branches and 23 branch-lite units in the first quarter of 2024. This number is lower than the previous year’s first quarter, which saw the approval of three regular branches and seventy-five branch-lite units. Regular branches are full-sized banks offering complete banking services, whereas branch-lite units provide a wide range of products and services but with limited banking activities, not catering to clients with aggressive risk tolerance. The central bank is now favouring streamlined branch-lite units offering limited banking services. This is due to the knock-on effect caused…

Veteran banker Walter C. Wassmer has been appointed by President Ferdinand R. Marcos, Jr. as a member of the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board, the central bank’s policy-rate-setting panel. Joining BSP Governor and Monetary Board Chairman Eli M. Remolona, Jr., Department of Finance Secretary Ralph G. Recto, and Monetary Board members Benjamin E. Diokno, Romeo L. Bernardo, and Rosalia V. De Leon, Walter Wassmer will bring his extensive private sector banking expertise to the BSP’s highest policy-making body. Walter will serve the remaining term of former Monetary Board member V. Bruce J. Tolentino until July 2026. Bruce resigned…

In the Philippines, real-time payments have experienced considerable growth in recent years. In 2023, instant payments accounted for 47.2% of all electronic payments, up from 40.3% in 2022 and 24.7% in 2020, according to a report by ACI Worldwide, an American payment systems company. By 2028, real-time payments are projected to grow to constitute 58.7% of cashless transactions, rising at a compound annual growth rate (CAGR) of 14.6% between 2023 and 2028. The “2024 Prime Time for Real-Time” report, released on April 30, provides insight into real-time payments’ progress in 51 countries. It highlights continued growth in the Philippines, with…

Tonik Financial, the parent company of the Philippines-based digital lender Tonik Digital Bank, reported reduced year-on-year losses in 2023, though customer deposits decreased during the same period, according to regulatory filings. In its annual return filed with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), Tonik Financial stated that its interest income more than tripled to US$19.8 million in the financial year ending December 31, 2023, from US$6.2 million the previous year. The company also reduced its total comprehensive loss for the year to US$29.3 million from US$37.6 million in 2022. Despite the growth in interest income, Tonik Financial experienced a roughly…

The Philippines’ central bank, Bangko Sentral ng Pilipas (BSP) issued a warning last week, urging citizens to exercise greater caution regarding crypto scams proliferating on social media. It clarified that BSP Governor Eli Remolona, Jr. does not endorse the alleged crypto project “Tesler Code” or any other crypto investment. The central bank highlighted that scammers are leveraging AI-manipulated videos on social media to spread misinformation. These deepfakes target organisations such as the central bank and its officials, as well as other public figures, to lend credibility to their scams. To safeguard against crypto scams and others, the BSP advised the…

Asia Pacific’s regulators have been experimenting with digital banking licenses in the past decade, paving the way for a new breed of banks but has it panned out and what does the future hold for it? Special thanks to the following thought leaders for sharing their views: Jessica Lam, Group Chief Strategy Officer, WeLab Simon Beitz, Managing Director and Chief Executive Officer, Alex Bank Nick Woodruff, Chief of Staff, Trust Bank Sheyantha Abeykoon, Group CEO, Boost Manu Panda, COO, Maya Bank

First Metro Investment Corp. also known as FMIC, has revealed its new president. It announced the appointment of Antonio R. Ocampo, Jr. as its new president and director, effective July 1. Antonio succeeds Jose Patricio A. Dumlao, who retired on June 30 after leading the Metrobank Group’s investment banking arm for four years. “With Anthony’s extensive experience in investment and corporate banking and deep understanding of relationship management, we are confident that he can steer the company to achieve sustained growth and develop robust relationships with our clients,” stated FMIC Chairman Mary Mylene A. Caparas. Antonio brings over three decades…

Philippines fintech industry organisation Fintech Alliance.PH has announced its support for the Bangko Sentral ng Pilipinas (BSP)’s “Race to the Future: The Open Finance PH Hackathon,” scheduled from 15 July to 7 August 2024. This event aims to advance the open finance ecosystem throughout the country, in line with the BSP’s goals to further the digitalisation of financial services and foster financial inclusion for underserved micro, small, and medium enterprises (MSMEs) in the Philippines. Supervised and organised by the central bank, the hackathon invites collaboration among BSP-Supervised Financial Institutions (BSFIs), fintechs, third-party providers (TPPs), and other digital finance innovators. Participants…

Philippines cryptocurrency exchange Coins.ph has introduced its Philippine Peso (PHP) stablecoin, PHPC, on Ronin, a major gaming blockchain by daily active users. This development follows approval from the Bangko Sentral ng Pilipinas (BSP), which allows Coins.ph to pilot a Philippine Peso-backed stablecoin under the BSP’s Regulatory Sandbox Framework. According to Coins.ph, PHPC is a stablecoin pegged to the Philippine Peso and is fully backed by cash and cash equivalents in Philippine bank accounts. This peg ensures that users can redeem their PHPC 1:1 for Philippine Peso. The aim is to enhance efficiency and reduce transaction costs, including remittances, peer-to-peer transfers, merchant…

GCash, the leading e-wallet and digital financial services ecosystem in the Philippines, introduced new innovations at the recent GCash Futurecast, with a focus on the country’s fintech landscape and improving the consumer experience. Martha Sazon, President and CEO of GCash, remarked during the event, “Today, you can expect innovations that will ‘Change the Game’. But, the real game-changer is how we can make a meaningful impact on Filipino lives.” She emphasised their goal “to innovate not only to provide access, but to be their partner towards better Financial Health and Wellness.” Among the innovations showcased at GCash Futurecast 2024, Online…

Zafer Mustafaoglu has been appointed as the new country director for the Philippines, Malaysia, and Brunei by the World Bank. His appointment, which took effect on July 1, 2024, places him in charge of overseeing the support provided by the multilateral lender to these countries. Zafer will also be responsible for advancing policy dialogues with government officials, civil society, academia, the private sector, and other key stakeholders. Zafer takes over from Ndiame Diop, who previously served as the World Bank country director for the Philippines, Brunei, Malaysia, and Thailand. Commenting on his new role, Zafer said, “I am deeply honoured…

Union Bank of the Philippines (UnionBank) has announced that Senior Executive Vice President Ana Maria Aboitiz Delgado will take the helm of the bank next year, succeeding current President and CEO Edwin R. Bautista, who extended his term in 2022. Bautista will remain part of UnionBank’s Board of Directors to facilitate a smooth leadership transition and will hand over the leadership to Delgado on January 1, 2025. In a disclosure to the Philippine Stock Exchange (PSE), the bank highlighted Bautista’s 27-year career, during which UnionBank transitioned towards becoming a digitalised retail banking entity in the Philippines. During his tenure as President,…

BancNet Inc., an electronic banking consortium, has reinforced its cybersecurity protocols in response to the banking industry’s increasing reliance on technology to enhance operational efficiency, combat fraud, and improve customer satisfaction. Fabian S. Dee, President of BancNet, emphasised the organisation’s unwavering focus on cybersecurity, stating that the consortium’s resilience stems from the united security efforts of all its partners. “BancNet’s strength lies in the collective security of all its partners, from large financial institutions to smaller providers. We have diligently fortified our defences to safeguard against potential threats, ensuring robust protection across our network,” Fabian said. BancNet Chairman Nestor V.…

The financing arm of Metropolitan Bank & Trust Co. (Metrobank) has appointed a new president, the company announced on Monday. Angelo Z. Padua has taken over as ORIX METRO Leasing and Finance Corp.’s president, succeeding Antonio R. Ocampo, Jr., who will become president at another Metrobank Group subsidiary. In his new role, Angelo will also serve on several of ORIX METRO’s committees, including the executive committee. With more than 28 years of service at ORIX METRO, Angelo has held various leadership roles. His most recent position was executive vice-president and Marketing Sector head. He has also led ORIX METRO’s Operations…

The Fintech Alliance Philippines has announced the addition of new members, including Bank of the Philippine Islands (BPI), SGV & Co., SeaBank, SID Global, Collabera Digital, PisoPay, The Orange Company, and TIM Corp. Founded in 2017, the Fintech Alliance Philippines represents over 100 corporations, accounting for 95% of retail digital financial transaction volume in the country. The alliance shared that it was the first in Asia to adopt a Code of Ethics and Code of Conduct and published the country’s first Taxonomy of Fintech in 2019. The alliance has also launched a multi-sectoral cybersecurity awareness campaign, #WagMagpalokoMagingScamAlerto, in collaboration with…

Filipino fintech Salmon Group has launched an auto-debit feature for its credit products in the Philippines. This new feature allows customers to link their Gcash, Maya, Unionbank, or BPI accounts to the Salmon app. Customers will be notified before their due date and payments will be processed automatically, simplifying the payment process by eliminating the need to log in and switch applications. Customers will receive push or SMS notifications confirming their successful payments. With plans to expand its range of partner banks, Salmon aims to establish this feature for easy and convenient payments. “We are thrilled to introduce the auto-debit…

Credit-led neobank Zed has received its Certificate of Authority to operate as a standalone credit card issuer from the Bangko Sentral ng Pilipinas (BSP). After operating in a BSP-sanctioned pilot for the last six months, the Zed Card is now being rolled out to the public on an invite-only basis, beginning with its waitlist. Zed has seen sizable demand for its no interest, no fees Mastercard Titanium Credit Card, with nearly forty thousand sign-ups since launching its waitlist in March this year. Founded by Silicon Valley engineers Danielle Cojuangco Abraham and Steve Abraham, Zed claims to reimagine the credit card,…

Atome Financial has secured a three-year term loan facility to launch new products in the Philippines, Singapore, Malaysia, and Indonesia. EvolutionX Debt Capital is the initial lender of this new debt facility, which will be utilised to drive Atome’s growth, the fintech firm announced yesterday. “The new facility will drive expansion of the company’s profitable regional credit portfolio and support the launch of new products such as savings, lending, insurance, and Atome Card (Pay Later Anywhere) in markets including Singapore, Malaysia, the Philippines, and Indonesia,” Atome stated. It added that it is working with investors to fully utilise the accordion…

The value of electronic fund transfers through the PESONet and InstaPay platforms increased by 37 percent to P5.22 trillion in the first four months of the year, reflecting the growing use of digital channels for financial transactions in the Philippines. According to the Bangko Sentral ng Pilipinas (BSP), the combined volume of electronic fund transfers surged by nearly 70 percent to 420.4 million from January to April, compared to last year’s 247.8 million. PESONet transactions during this period grew by 32 percent to P3.12 trillion, with the volume rising by 8.5 percent to 31.9 million. Meanwhile, InstaPay transactions jumped by…