Raja Teh Maimunah, the CEO of Malaysia’s first digital islamic bank, ‪AEON Bank‬ is among one of the country’s most iconic leaders in the banking space. With a career spanning over 3 decades, Raja Teh says AEON Bank may be her final stint in banking. In this interview she talks to us about her leadership journey, and the legacy she wants to leave behind This episode of Banking After Hours is brought to you by AWS and is part of a series highlighting Malaysia’s top women leaders in banking. This interview is also available on Spotify: Listen here Apple Podcast:…

Real-time payments are projected to expand banking access to nearly 21 million unbanked Filipinos and boost the country’s GDP by US$323 million by 2028, according to a report by ACI Worldwide and The Centre for Economics and Business Research (Cebr). This economic uplift could create approximately 29,238 jobs across the Philippines. The report highlights a strong link between real-time payments and financial inclusion, emphasising how access to affordable financial services can drive economic growth and help reduce poverty. Globally, these systems are expected to contribute US$285.8 billion to GDP and enable over 167 million people to open bank accounts by…

The fintech landscape in the Philippines is experiencing rapid growth, with digital payments soaring and over 300 companies innovating across verticals, according to the Philippines Fintech Report 2024. Produced by Fintech News Philippines in partnership with Fintech Alliance PH and sponsored by Alibaba Cloud and Zoloz, the report paints a picture of a thriving fintech sector, underscored by robust government support, increasing digital adoption and a strong commitment to financial inclusion. The report provides a comprehensive overview of the Philippine fintech ecosystem, highlighting the significant developments and innovations from the past year and the key trends shaping 2024. Philippines exceeds…

The Bangko Sentral ng Pilipinas (BSP) is seeking to tight reporting requirements for Virtual Asset Service Providers (VASPs) to address data gaps, reduce information asymmetries, and improve oversight of these entities. The amendments, outlined in a draft circular, would require VASPs to submit detailed reports on financial statements, transaction volumes, wallet balances, accountholder demographics, and liquidity coverage. Submissions must be made electronically via the BSP’s Reporting Portal for VASPs, with deadlines ranging from 10 business days to 20 calendar days, depending on the type of report. The transition to the new portal will become mandatory on 1 January 2025, although…

The Philippine Competition Commission (PCC) is taking a closer look at the proposed acquisition of ECPay by Globe Fintech Innovations (Mynt), the company behind the GCash e-wallet. Mynt’s plan to acquire 100% of ECPay, a major player in electronic payment solutions, raised concerns during an initial review by the PCC. The regulator is particularly interested in the potential impact on competition within key markets like payment services, aggregator services, and merchant solutions, especially for sari-sari stores, small retailers, and online payment platforms. To address these concerns, the PCC has initiated a more detailed investigation as part of a Phase II…

The Bangko Sentral ng Pilipinas (BSP) is set to issue up to four new digital bank licenses in a bid to expand the digital banking landscape in the Philippines. This move follows the lifting of a moratorium that had been in place since 2021. As highlighted by BSP senior director Melchor Plabasan in The Manila Times, the central bank aims to foster greater competition and financial inclusion through the introduction of new players in the digital banking sector. The BSP has outlined specific criteria for new applicants, emphasising the need for innovative services and a strong value proposition. Existing banks are…

The Rural Bank of Sta. Rosa (Laguna) has reported a significant increase in net income for the first nine months of 2024. Its net income reached PHP 166.7 million (approximately US$ 2.8 million), compared to an estimated PHP 94.5 million (US$ 1.7 million) during the same period last year. This surge follows a January acquisition by fintech firm Salmon, which secured a 59.7% controlling stake and injected capital to invest in technology and talent. The bank attributes its success to this investment and a growing loan portfolio, which now stands at PHP 798.8 million, up from PHP 67.5 million the…

A staggering 67% of global banks are experiencing client abandonment during the KYC onboarding process, marking a significant jump from 48% in 2023, according to new research by regtech firm Fenergo. Fenergo’s 2024 Know Your Customer (KYC) and onboarding trends survey, which gathered insights from over 450 C-suite executives in global banks across the UK, US and Singapore, highlights the urgent need for financial institutions to improve their KYC procedures. The survey points to a clear trend of disintermediation, with potential clients abandoning applications due to cumbersome KYC processes and opting for banks with more efficient onboarding experiences. While it’s…

Over 50 speakers have already been confirmed to take the stage at Money20/20 Asia 2025 in Bangkok, Thailand. The conference returns for its second edition from 22 to 24 April 2025 at the Queen Sirikit National Convention Center. More than 3,000 people from 85+ countries attended in 2024, and next year’s show promises to be even bigger and better. Thirty-six leading names, including OpenPayd, Terrapay, Thunes, Chubb, Trulioo, and Nium, have already signed up as sponsors. Money20/20 Asia’s show focus, Empowering Humanity Through Collaboration: Pioneering Secure, Frictionless, and Sustainable Fintech Innovation in Asia, explores the future of finance and sustainable,…

Cryptocurrency exchange Coins.ph announced that it is listing new memecoins before they appear on other major platforms. This strategy has enabled some Coins.ph users to benefit from price increases that can occur after a token is listed. For example, the $PNUT token increased in value by 5x after being listed on Coins.ph. Other memecoins like $MOODENG and $TURBO have reportedly also seen gains. The exchange recently listed the Elon Musk inspired Department of Government Efficiency (D.O.G.E) memecoin with the ticker $DOGEGOV. With Bitcoin reaching a new all-time high, demand for cryptocurrency trading is increasing. In response, Coins.ph is listing 2…

Jose Emmanuel “Toto” Hilado has been appointed as the new Chairman of the Board of UBX Philippines. He brings with him over 30 years of experience in the banking industry, with previous leadership roles at UnionBank of the Philippines, including Chief Financial Officer and Treasurer. His expertise in finance and innovation is expected to guide UBX’s strategic direction and growth in the fintech sector. UBX recently announced the launch of a new multi-currency stablecoin exchange with JUST Finance. This allows users to seamlessly exchange various currencies using stablecoins like USDC, a dollar-backed digital currency issued by Circle.

In 2023, Malaysia’s first digital bank, ‪GXBank‬ was born as a result of a joint venture between Grab & Singtel’s GXS Group and Malaysian conglomerate Kuok Group. Pei Si Lai, CEO, GXBank shares with Fintech News Network’s Vincent Fong the trials and tribulations of building a bank from scratch This episode of Banking After Hours is brought to you by AWS and is part of a series highlighting Malaysia’s top women leaders in banking. This interview is also available on Spotify: Listen here Apple Podcast: Listen here

The Philippines is stepping up its fight against financial crime through a new partnership between the Association of Bank Compliance Officers (ABCOMP) and regtech firm Tookitaki. The collaboration brings together Tookitaki’s Anti-Financial Crime (AFC) Ecosystem and ABCOMP’s Board of Trustees, comprising Chief Compliance Officers from leading Philippine banks. This partnership creates a unique platform for exchanging knowledge, including real, on-the-ground intelligence on financial crime patterns, scenarios, and trends. Tookitaki will contribute regional insights and developments from across ASEAN, complementing ABCOMP’s local expertise to enhance a comprehensive approach to tackling financial crime in the Philippines. The agreement reflects a shared commitment…

The Philippine government will launch GBonds on the GCash platform this December, making government securities more accessible to the public. The initiative aims to simplify investments in government bonds, allowing Filipinos to secure their financial future. Finance Secretary Ralph Recto announced the launch during the Bureau of the Treasury’s 127th Anniversary and GSED Awarding Ceremony, emphasizing its role in promoting financial inclusion. He called on GCash, the Philippine Digital Asset Exchange (PDAX), and regulators to expedite the launch process. “For we envision a future where investing in government bonds is no longer a luxury but a new normal for Filipinos—with…

A group of leading Philippine financial institutions have partnered with Web 3.0 fintech firm JUST Finance to launch PHPX, the first bank-collateralised Philippine Peso stablecoin. These institutions include UnionBank of the Philippines (UBX), RCBC, Cantilan Bank, and Rural Bank of Guinobatan alongside other commercial and rural banks. Developed by JUST Finance, a joint venture between FSCO and Ayannah, PHPX offers a secure and transparent digital representation of the peso, backed by reserves held by regulated banks and asset managers. PHPX aims to enhance financial efficiency by reducing the cost and processing time of remittances and foreign exchange swaps. Distributed exclusively through…

Rizal Commercial Banking Corporation (RCBC) received the ‘Sustainable Innovator Award’ at the Singapore Fintech Festival’s (SFF) Fintech Excellence Awards 2024. It was the only Philippines bank recognised this year, selected from over 200 entries across various categories. RCBC was recognised for its digital platforms—Pulz, DiskarTech, and ATM Go—which provide banking services to underserved communities, including those in remote and rural areas as well as Overseas Filipino Worker (OFW) communities. The platforms were noted for their inclusive design and simplified onboarding process. The Fintech Excellence Awards assessed entries on criteria such as impact, interoperability, creativity, practicality, and sustainability. RCBC stood out…

The Bangko Sentral ng Pilipinas (BSP) is addressing recent reports of unauthorised deductions from GCash user accounts. G-Xchange, Inc. (GXI), operator of the GCash e-wallet, has been directed to resolve the issue promptly and refund affected users. GXI’s initial report to the BSP attributes the incident to a system error that resulted in unauthorised transfers to accounts at East West Bank and Asia United Bank (AUB), bypassing security measures like one-time passwords (OTPs). The company shared that it is actively working to reverse these transactions and has reportedly completed the reversal process for affected users. GXI also assured the BSP…

JUST Finance, in partnership with UBX and a consortium of Philippine banks, has launched a new multi-currency stablecoin exchange. This platform, built on a public but permissioned blockchain, allows users to seamlessly exchange various currencies using stablecoins like USDC, a dollar-backed digital currency issued by Circle. The exchange aims to simplify cross-border payments and foreign exchange transactions, making them faster and more affordable for businesses and individuals, particularly freelancers, SMEs, and overseas Filipino workers. By leveraging blockchain technology, the platform ensures secure and transparent transactions with reduced costs. JUST Finance is encouraging participation from a wide range of regulated banks…

A glitch in the popular e-wallet GCash caused alarm on Saturday (9 November) after unauthorised transfers were reported by users. The issue, which involved the misuse of the “Send to Many” feature, bypassed standard security protocols, including one-time passwords (OTPs), according to Manila Standard. Social media was flooded with complaints, with users reporting losses of up to PHP 38,000. Many claimed they had not clicked on suspicious links or received OTPs during the incidents, raising concerns about the system’s vulnerability. By Sunday, GCash announced it had resolved the issue and restored affected accounts. The company assured users that their accounts…

The Philippines made a strong showing at the Singapore Fintech Festival (SFF) 2024, held from 6 to 8 November, under the “Bagong Pilipinas” pavilion. The initiative involves key government agencies such as the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission, Department of Finance, Department of Trade and Industry, Department of Information and Communications Technology (DICT), and Land Bank of the Philippines. Other private sector participants include Maya Bank, Philippine Airlines, PLDT Enterprise, Atram Investments, JuanHand, Bureau, Tala, Adjust, Finscore, CIBI, and Netcore. The festival, one of the world’s largest fintech events, hosted more than 66,000 participants from 150…