The National ID system or the Philippine Identification System ID (PhilSys ID) has launched virtually on October 9, 2020. FintechAlliance.ph is a financial inclusion partner of PhilSys ID. The organisation is a coalition of strategic players in the digital finance space operating in the Philippines. PhilSys ID was created under the Republic Act 1105 known as Philippine Identification System Act signed into law by President Rodrigo Roa Duterte on August 6, 2018. The Philippine Statistics Authority was designated as the main implementing agency. The programme aims to prioritise the registration of about five million low-income householders by the end of…
Author: Fintech News Philippines
Venio, “nano-credit” lending app, has expanded its services nationwide across the Philippines on the back of metro launches across Mega Manila, Cebu and Davao. Venio has also continued its local convenience store and merchant acquisitions into six new municipalities within the capital Metro Manila, bringing the app to full nationwide availability and increasing local neighbourhood store access. Following a purported initial roll out with over 30,000 downloads, Venio is now ramping up its availability across the Philippines with new international markets planned. Venio app users will now be able to redeem credit facilities at stores and merchants across the country,…
BPI Family Savings Bank is optimistic that its first variable amortisation loan programme called Step Up PayPlan will pick up pace, noting that lending activities have improved after the lockdown period. In a virtual launch on Wednesday, BPI Family Bank President Ma. Cristina Go said lending activities were affected by the government’s implementation of the enhanced community quarantine (ECQ) in Luzon from middle of March until end of April, which was extended until end of May for the National Capital Region (NCR). She, however, said that “right after the ECQ, we saw a rise in lending activities as much as…
A number of major banks have decided to extend the waiver for fund transfer fees for PESONet and InstaPay transactions until the end of this year instead of September 30, 2020 as scheduled previously. PESONet and InstaPay are the two real-time electronic payments systems under the central bank’s National Retail Payment System (NRPS). Utilisation of these systems surged particularly after the government implemented lockdown measures since middle of March, unwittingly boosting Bangko Sentral ng Pilipinas’ (BSP) goal to increase the number of digital payments to make up half of the total transactions made by the year 2022. Banks that will…
On 30 September & 1 October, Seamless Philippines’ 2020 edition will take place online, bringing together the region’s commerce and finance ecosystem to discuss the latest trends in payments, e-commerce, retail, fintech and more. On the morning of 30 September, Mohamed Keraine, Managing Director – Head of Retail Development Asia of ING Bank will kickstart the keynote session to share how he and his team have grown ING Bank’s Philippines business successfully. Lito Villanueva, EVP and Chief Innovation and Inclusion Officer, RCBC will take to the stage next, to talk about RCBC’s virtualisation journey and the final morning keynote session…
Ayannah and CARD-MRI Group announced a partnership to launch digital payments, lending, banking and insurance products to serve CARD-MRI’s membership base. CARD-MRI’s lending and insurance operations will be digitised and integrated into Ayannah’s digital omni-channel transaction network. CARD-MRI is a microfinance institution and is said to have close to seven million members served by over 16,000 associates operating out of over 200 branches spread across the entire archipelago. It purportedly has a loan portfolio of over P30 billion ($600 million) and total assets of over P50 billion ($1 billion). CARD-MRI also provides insurance protection to over 24 million Filipinos and…
PayMongo, a Filipino-owned online payment platform, recently secured $12 million in a Series A financing round led by Stripe. The funding round comprised of other existing investors — Y Combinator, Global Founders Capital and a new investor, Bedrock Capital. The fresh investment brings PayMongo’s total funding to almost $15 million, just a little over a year since the company launched in June 2019 with a seed round of US$2.7 million, a substantial figure for a Philippines-based fintech startup. “The Series A funding builds on an exceptional first year for PayMongo. We’re thrilled to have amazing investors to support our mission…
CIS Bayad Center, a multi-channel payment platform in the Philippines, reported a significant growth in digital transactions within its biller and partner network since the month of May 2020. As of August 2020, online payments recorded a year on year growth rate of 130% compared to the same period last year. Digital transactions account for about 34% of the 10 million transactions monthly, coming from a 17% contribution before the lockdown period. The company said that this is in line with its expectations that digital transactions in the country will continue to grow in the context of the “new normal”…
With lockdowns easing up, Filipinos based abroad are back at sending money home. According to data from ING, overseas Filipinos are defining expectations, sending a total of US$2.78 billion worth of remittances back to the Philippines in July, representing a 7.8% rise compared with the previous month. According to ING, the surprise jump could be attributed to the lifting of strict lockdowns in host countries, allowing overseas Filipinos to return to work and remit funds after being trapped in their homes for an extended period of time. The Philippines is one of the world’s largest suppliers of overseas labor, who…
Rizal Commercial Banking Corporation’s (RCBC) DiskarTech has tied up with taps Home Credit to allow its users to have their cash loans disbursed straight into the former’s digital savings accounts. This interest-bearing basic deposit account earns a competitive 3.25% profit per annum with no minimum deposit or maintaining balance required. Repayment of amortisation will also be available through DiskarTech’s bills payment feature. “With similar services geared towards providing assistance to the unbanked and underserved Filipinos, RCBC’s partnership with Home Credit hopes to multiply the financial access of our customers for greater inclusion and development,” said Lito Villanueva, Executive Vice President…
Dutch financial giant and all-digital bank in the Philippines, ING Bank, said that the rise of the “savings mentality” during the quarantine period can be sustained even after the COVID-19 pandemic in the Philippines. In a report by ING’s research department, as job losses mount and economic prospects dim because of the coronavirus pandemic, more households are likely to cut back further on discretionary funds and build savings instead. “The pandemic has altered the way Filipinos think about and undertake their financial transactions. Right now, more Filipinos are motivated to save more and spend less in preparing for their future,”…
Global risk and information solutions provider TransUnion is extending its data and technology expertise to help financial institutions accelerate digital transformation and be able to provide consumers with an easy digital application and onboarding experience. With the demand for digital access increasing dramatically due to COVID-19-related restrictions, there is a need for financial services that can address not only consumer pain points but also the increase in fraud that comes with the rise in digital transactions. Already available in other TransUnion markets, TransUnion Seamless Onboarding has been recently launched in the Philippines to help both financial institutions and consumers experience an end-to-end…
The Department of Agriculture – Agricultural Credit Policy Council (DA-ACPC) has partnered with the Rizal Commercial Banking Corporation’s (RCBC) DiskarTech to make agri-fishery credit programmes more convenient and accessible for small farmers and fisherfolk (SFF) in the new normal. The collaboration will allow users to open digital deposit accounts without requiring an initial amount or maintaining balance, and features cardless ATM withdrawals, fund transfers and bills payment. DA-ACPC’s Executive Director Jocelyn Alma R. Badiola, RCBC’s President and CEO Eugene S. Acevedo and EVP & Chief Innovations and Inclusion Officer Angelito M. Villanueva recently signed a memorandum of understanding (MOU) for…
Cebu Pacific Airlines airline has selected CellPoint Digit to implement a Payment Platform across all its digital channels. The platform called Velocity, will enable Cebu Pacific to ease the payment experience of its repeat customers by deploying stored cards in all its digital channels with a single sign-on. According to CellPoint, stored cards will generate a double-digit uplift on the conversion rate and a payment acceptance rate far exceeding airline industry average. Customer satisfaction and the conversion will also be boosted by pay-by-link messages that re-engage customers who leave at check-out, and by a Multi-Currency Pricing feature that offers international…
Pac Technologies, co-founded by boxing world champion Senator Manny Pacquiao, aims to launch PacPay, a digital payment platform this year. The company will be collaborating with Remsea, a fintech remittance firm licensed by the Monetary Authority of Singapore for the initiative. The platform is meant for global influencers, brands and fans, providing users with what is said to be faster and safer cross-border prepaid solutions to make payments conveniently. Via PacPay’s rewards programme, users can connect with their favourite influencers or brands, participate in exclusive private events and enjoy what it claims to be ‘money-cannot-buy’ privileges and experiences. “My fans…
Rizal Commercial Banking Corporation (RCBC) has partnered with PLDT, a major telco player from the Philippines, to improve the welfare of the country’s educators by offering them an alternative income source during the COVID-19 pandemic. RCBC, through its DiskarTech app, will be offering this alternative digital livelihood option as a part of PLDT – Smart Foundation’s (PSF) Gabay Guro programme. The DiskarTech app will enable teachers to earn additional income by offering instant digital financial services in their neighborhoods by performing financial transactions on behalf of customers. The partnership is mutually beneficial as PSF will in turn promote the use of…
The Bangko Sentral ng Pilipinas (BSP) is planning to issue later this month a new circular on the establishment of digital banks, BSP deputy governor for banking supervision and examination Chuchi Fonacier told the Inquirer on September 2. For his part, José María Clemente “Joey” Salceda, the representative of Albay’s 2nd District in the Philippine House of Representatives, has been working on the legislation of House Bill No. 5913 or the Virtual Banking Act, which he said he hoped will pass before the end of the year, Salceda told the news outlet. In his bill, Salceda is suggesting changes to…
The Bangko Sentral ng Pilipinas (BSP) and Otoritas Jasa Keuangan (OJK) has signed a Memorandum of Understanding (MOU) on 1 September 2020. The MOU was formed to facilitate consultation, cooperation and the exchange of information between the two institutions. It aims to provide a framework for dialogue and cooperation between OJK and BSP to discuss initiatives and promote the development of sound financial regulatory mechanisms in both jurisdictions. The document was signed by Dr. Benjamin E. Diokno, Governor of Bangko Sentral ng Pilipinas and Dr. Wimboh Santoso, Chairman of Otoritas Jasa Keuangan. Following the MOU signing, OJK and BSP held…
The Philippines’ fintech ecosystem is brimming with innovation with a vibrant mix of entrepreneurs attempting to fill in the gap within the financial system. Despite the strides that the country has made in this space, the Philippines’ narrative has often been overlooked by international media when examining financial innovations within South East Asia. The Fintech News Network prides itself in delivering timely and highly relevant stories about local champions, since 2014. Through sites like Fintech News Singapore, Fintech News Hong Kong and Fintech News Malaysia, we have helped local entrepreneurs to get their voices heard and important stories told. We…
During the recent virtual general membership meeting of the Fintech Alliance.ph, Alibaba Cloud was inducted as its newest member. Alibaba Cloud is the data intelligence backbone of Alibaba Group with more than 3 million customers worldwide. Alibaba Cloud, founded in 2009, is one of the global leaders in cloud computing and artificial intelligence, providing services to thousands of enterprises, developers, and governments organizations in more than 200 countries and regions. Cloud provides reliable and secure cloud computing and data processing capabilities as a part of its online solution. “We welcome Alibaba Cloud to the roster of digital players shaping a…