Salmon has announced the appointment of Franchette Chingcuanco-Cardona as its Chief Marketing Officer (CMO) for the Philippines. Franchette Chingcuanco-Cardona brings her experience and a proven track record in various areas of marketing, particularly in the fintech and financial services domain. Her career journey includes roles at organisations such as GCash, UnionBank of the Philippines, and Wing Bank, a Cambodian financial services provider. Before joining Salmon as CMO, Franchette held the position of First Vice President and Marketing Group Head at BDO Network Bank (BDONB), a subsidiary of the Philippines’ largest bank. In this role, she was responsible for overseeing comprehensive…

The Asian Development Bank (ADB) has announced a commitment of US$10 billion in climate finance to support the Philippines between 2024 and 2029. The announcement was made by ADB President Masatsugu Asakawa during a high-level dialogue on financing coalitions at COP28 in Dubai, with the aim of assisting the Philippines in fulfilling its climate action obligations under the Paris Agreement. In his statement, Masatsugu emphasised the pivotal role of Asia and the Pacific in addressing climate change, with the Philippines being particularly susceptible to its effects. He stated, “I am pleased to announce that ADB will program US$10 billion in…

Payment processing platform PayMongo has recently entered into a strategic partnership with Robinsons Bank (RBank), to advance digital payment solutions targeted for small and medium enterprises (SMEs). According to a statement this collaboration is poised to address the digital commerce challenges faced by SMEs, offering efficient online transaction solutions through the integration of PayMongo’s technological capabilities and RBank’s financial expertise. Jojo Malolos, CEO of PayMongo, remarked on the significance of the RBank partnership, highlighting the company’s commitment to aiding SMEs in their digital evolution. He stated, “Our goal is to empower SMEs in their digital transition. Partnering with RBank as…

Standard Chartered Bank has appointed Mike Samson as the new Chief Executive Officer (CEO) for its operations in the Philippines. This decision marks him as the second Filipino to hold this position within the bank. Currently overseeing the Client Coverage for the Philippines and the ASEAN region at Standard Chartered, Mike is set to begin his new role alongside his current one this month, subject to the approval of the Bangko Sentral ng Pilipinas (BSP). Mike’s career spans 28 years, according to a Standard Chartered statement quoted in the Manila Bulletin, during which he has gained experience in various sectors…

The Philippines’ wealthtech sector, which somehow still remains at a nascent stage of development, is poised to witness strong growth in the mid- and long-term, driven by booming demand for digital financial services, growing wealth and economic development, and rising adoption of new technologies, a new report by Urs Bolt, a wealth management professional and wealthtech advisor, says. The report, titled Navigating Prosperity: Unveiling the Future of Wealthtech in the Philippines, explores the current state and future prospects of wealth management in the Philippines, outlining the rise of digital platforms and the importance of user experience design, and providing an…

In a notable advancement for the Philippine cryptocurrency sector, crypto exchange PDAX has collaborated with the Bureau of the Treasury of the Philippines (BTR), Landbank of the Philippines, and the Development Bank of the Philippines (DBP) to launch the country’s inaugural tokenised treasury bonds (TTBs). The landmark development was announced during the Bureau of the Treasury’s 126th anniversary celebration. The BTR allocated PHP 15 billion (equivalent to US$270 million) in these maiden tokenised treasury bonds, which were primarily targeted at institutional investors. These bonds boasted a coupon rate of 6.5% per annum, with bids received totaling PHP 31.426 billion, a…

Kenneth Stern, the former General Manager of Binance in the Philippines, has officially parted ways with the company. This development follows an advisory by the Philippines’ Securities and Exchange Commission (SEC), which warned that Binance is not authorised to offer securities in the country and is not registered as a corporation there. Stern’s departure initially came to light through an update on his LinkedIn profile, but Binance indicated to Tech in Asia that his role there might have ended in July 2023. The news of the Stern departure comes amidst a challenging period for Binance in the Philippines. In response…

UnionBank of the Philippines is significantly enhancing its investment in its digital banking division, UnionDigital Bank Inc., with a capital boost of P1.8 billion (US$32.5 million). This move, ratified by the bank’s board on November 24, aims to bolster UnionDigital’s ongoing operations and fuel its growth trajectory. The decision to augment the financial foundation of UnionDigital likely reflects the commitment of UnionBank to improving its digital banking services. This is not the first instance of UnionBank amplifying its digital arm’s capital base; in June 2022, the bank had previously channelled an additional P2 billion, followed by a further P900 million…

The Securities and Exchange Commission (SEC) of the Philippines has recently issued an advisory concerning the online cryptocurrency exchange Binance. The SEC has stated that Binance is not authorised to sell or offer securities to the public within the Philippines. The advisory comes after the SEC discovered that Binance has been engaging in promotional activities on various social media platforms, encouraging Filipinos to use its services for investment and trading. The cryptocurrency exchange is facing a series of legal and regulatory challenges in various jurisdictions, as well as significant outflows of funds from its platform, ever since Binance pleaded guilty…

In the Philippines, fintech, e-commerce and logistics are prominent sectors in the entrepreneurial landscape. These industries, referred at as the “iron triangle”, have been instrumental in innovation and are now fueling growth in emerging areas such as entertainment, healthtech and gaming, a new report by Philippines-based venture cpaital (VC) firm Gobi-Core Philippine Fund says. The report, titled the Philippine Startup Ecosystem Report: Founders Edition 2023 and co-presented by Alibaba Global Initiatives, provides a look at the country’s growing entrepreneurial landscape and startup scene, highlighting the “iron triangle” sectors at the core of this ecosystem. These sectors, according to the report,…

Small and medium enterprises (SMEs) are vital in driving economic growth, particularly in developing countries, as they significantly contribute to the GDP and play a key role in job creation. According to the Asian Development Bank, SMEs make up 98% of all businesses and provide jobs for 66% of the labour force in Asia, but they represent only 38% of the region’s GDP. In fact, the World Bank estimates that 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority. While most governments have been introducing policies to support…

Philippines’ cryptocurrency exchange Coins.ph revealed that its TradeDesk service has surpassed a trading volume of US$1 billion in 2023. TradeDesk, launched in November 2022, caters to high net worth individuals and institutional clients, offering a personalised over-the-counter trading experience in cryptocurrencies and foreign currencies. Its client base ranges from digital asset companies to import-export businesses, remittance providers, and e-commerce merchants. The service provides institutional liquidity and reducing transaction costs, along with same-day settlement for cross-border transactions. The service offers a wide range of digital assets, including USDT, USDC, BTC, and ETH, and also deals in major foreign currencies such as…

Filipino digital bank GoTyme and payment gateway PayMongo have recently announced a partnership aimed at enhancing financial access for small and medium-sized enterprises (SMEs). This collaboration is set to allow thousands of SMEs in the PayMongo merchant network to obtain loans of up to PHP 500,000 through GoTyme Bank’s services. Nate Clarke, CEO of GoTyme Bank, stressed the importance of this partnership in the bank’s mission to expand its product offerings and build meaningful relationships that improve financial inclusion for SMEs. The initiative, named PayMongo Capital powered by GoTyme Bank, is a key part of both companies’ growth strategies. The…

The Union Bank of the Philippines had recently introduced two new wealth management programmes, UnionBank Elite and UnionBank Access. These initiatives are part of UnionBank’s efforts to enhance its wealth management services for clients, utilising the capabilities acquired from its Citi Wealth business. UnionBank Elite, aims to provide a superior wealth management experience, offers clients access to a range of local and international investment options. This premier segment promises personalised guidance from experienced wealth management professionals, exclusive investment opportunities, and various other benefits and events. New Elite customers can receive up to PHP 1 million in cash credits for account…

Fintech companies in the Philippines and the ASEAN region are gearing up this week for the Digital Pilipinas Festival from November 20 to 24. This event, known for its valuable networking opportunities and fostering innovative collaborations, serves as a dynamic platform for tech startups, established institutions, and technology enthusiasts to come together and explore the latest trends, cutting-edge technologies, and transformative ideas in finance and technology. It also presents an opportune moment for Sumsub, a comprehensive full-cycle verification platform, to interact with industry players and prospective clients ranging from compliance and anti-fraud experts to Chief Security Officers (CSOs) and Chief…

Philippines’ cryptocurrency exchange Coins.ph has partnered with Paxos Trust Company, a New York-based blockchain infrastructure platform, for more efficient cross-border remittances with PayPal USD (PYUSD). With PYUSD now available on Coins.ph, this collaboration aims to facilitate easier fund transfers for Filipinos, especially those receiving money from overseas. PYUSD, a stablecoin pegged to the US dollar on a 1:1 ratio, leverages blockchain technology to offer reliability and speed in transactions. To utilise PYUSD, senders transfer the stablecoin to the recipient’s Coins.ph wallet. Recipients can then convert PYUSD to Philippine pesos (PHP) and withdraw the funds through various channels, including bank transfers…

The Union Bank of the Philippines has launched a range of digital banking solutions specifically designed to cater to the needs of businesses. This development is a part of the bank’s digital transformation initiative that began in 2016. Among the newly introduced services is PayExpress, an electronic tool that automates supplier payments, including Check Disbursements and Creditable Withholding Tax (CWT) generation. PayExpress aligns with the Bureau of Internal Revenue’s shift towards an e-Invoicing and e-Receipt System, facilitating a more streamlined and efficient payment process for businesses. In addition, UnionBank has rolled out the Payroll Digital Account Opening (eDAO), a digital…

UnionDigital Bank, the digital banking arm of UnionBank of the Philippines, showcased its commitment to innovation and financial inclusion at the Singapore Fintech Festival (SFF) 2023. The digital bank highlighted its efforts to provide accessible and inclusive financial services to underserved communities through AI-powered solutions, aligning with the festival’s theme of “The Application of AI in Financial Services.” The digital bank’s proprietary framework, the Customer Lifetime Prosperity Index (CLPI), a metric illustrating customers’ financial health. At the event, UnionDigital Bank also highlighted its advocacy for embedded finance, collaborating across industries to enhance access to digital bank products. The digital bank…

The Philippines has marked its presence at the Singapore Fintech Festival (SFF) 2023 through the Bagong Pilipinas: The Philippines Country Pavilion, an initiative championed by Fintech Alliance.Ph. The Pavilion marks the latest foray of Filipino fintech at the world’s largest fintech festival, with SFF having previously attracted over 62,000 attendees from 134 countries. Representing the Philippines, the Bagong Pilipinas Pavilion showcases the country’s strong growth and active engagement in the fintech sector. This effort is a collaborative one, involving various top government and private entities coming together such as the Office of the President of the Philippines, Bangko Sentral ng…

Fintech Alliance.ph and the Australian Trade and Investment Commission (Austrade) have signed a memorandum of understanding (MOU) to promote trade and investment across the fintech sector in the region. The partnership aims to strengthen engagement on fintech policy and regulation to provide increased access to capital opportunities and address barriers. The MOU follows the elevated Philippines-Australia bilateral relationship and Australia’s economic pivot to Southeast Asia. Under the MOU, both organizations will work on innovative financial services, guided by country strategies and programs. They will also share insights on emerging trends and open banking experiences. Australia has a robust fintech ecosystem,…