GHL Systems, a Malaysian payment service company in the ASEAN region, has launched its micro-lending offering in the Philippines to provide small and medium enterprises (SMEs) with funds to support their cash flow and business growth. The GHL SME Loan has been approved and registered with the Philippines’ Securities and Exchange Commission (SEC). Loan applicants need to present the authorised signatory’s valid government-issued ID and there is no upfront payment required. After its successful rollout across GHL’s existing merchant base in the Philippines, the GHL SME Loan will be offered to the broader SME community nationwide by August 2023. Since…

The Union Bank of the Philippines has picked NCR Corporation’s ATM as a Service solution to streamline its self-service banking operations. By transferring the maintenance and management of its ATM fleet, comprising over 400 ATMs, to NCR, the bank aims to enhance operational efficiencies while bolstering compliance and security measures. By leveraging NCR ATM as a Service, UnionBank said that it’s customers will enjoy enhanced availability, improved uptime and expanded capabilities at their ATMs. Dennis Omila, Executive Vice President, Chief Technology and Operations Officer at UnionBank said, “We have a proven history of embracing innovation, and NCR’s ATM as a…

Remittances play a critical role in the Filipino economy and have significant social and economic impacts on the country: they help alleviate poverty, are a driving force behind the country’s economy, and help expand the financial sector and promote financial inclusion. Globally, the Philippines stands as one of the world’s top remittance recipients, with data from the World Bank showing a US$ 38 billion remittance inflow, though this contrasts with data coming from Bangko Sentral ng Pilipinas (BSP) which shows the figure to be US$ 36 billion instead. The amount makes the Southeast Asian country the world’s fourth biggest remittance-receiving…

The Rizal Commercial Banking Corporation (RCBC) announced the launch of its all-in-one banking app – RCBC Pulz. Customers can open an RCBC Pulz account without a minimum balance requirement. Through is digital concierge service, users will be able to deposit or withdraw money using QR codes or reference numbers, deposit local checks just by taking a photo, and directly transfer funds locally or abroad. They will also be able to pay bills, convert purchases into installments, reload their telco SIM and gaming wallets, make toll payments, buy and sell of up to six foreign currencies in real time such as US…

Filipino fintech Salmon announced that it has raised a US$ 20 million debt facility from U.S.-based emerging-markets specialist investment firm Argentem Creek Partners. This will enable Salmon to further scale its lending operations across the Philippines. Salmon will expand its loan book by leveraging its existing point-of-sale and cash loan lending. The firm also aims launch new products in the second half of 2023. Founded in July 2022 by Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon had rolled out its first credit product four months after its inception and has launched a new product every three months since then.…

FinScore, a Philippines-based alternative credit scoring provider, has introduced its latest offering CrediView – an add-on to its telco credit score. Simulating a credit report, CrediView shows banks and lenders a borrower’s recent loan inquiries from over 40 financial institutions in the Philippines. Describing CrediView as an offering that is similar to a “credit bureau inquiry service”, FinScore’s Country Manager and COO Christo Georgiev said the product is a huge contributor to the credit decisioning process. He elaborated, “CrediView gives financial institutions aggregated information regarding past loan inquiries. The reports have been enriched with the insights and experiences we gleaned…

Founding chairman of Fintech Alliance.PH Lito Villanueva was named the ‘Digital Leader of the Year’ at the PhilSec Awards 2023 held on 6 July 2023 at the Sofitel Philippine Plaza Manila. Villanueva is also the Executive Vice President and Chief Innovation and Inclusion Officer at the Rizal Commercial Banking Corporation (RCBC). Among his contributions include Fintech Alliance.PH’s recent initiative which is the #WagMagpalokoMagingScamAlerto consumer education campaign. The industry-led nationwide campaign enabled a multi-stakeholder approach to promote education and awareness amongst Filipinos on how to protect themselves against scams and digital threats, and to bolster cyber resilience and consumer protection. “This…

As the digital economy continues to surge and expand, consumer expectations for fast, secure access to products and services seem never-ending. Furthermore, when it comes to financial services, there is an entire generation of consumers cropping up who have barely stepped foot inside a brick-and-mortar bank. In fact, in its Online Banking Market Outlook, Allied Market Research expects the online banking market to grow from US$11.43 billion in 2019 to US$31.81 billion by 2027, representing a compound annual growth rate (CAGR) of 13.6%. To stay competitive in this explosive market, banks must not only meet the ever-growing demand for a…

The Globe Group was represented by its Group President and CEO Ernest Cu at the Caixin Global Asia New Vision Forum (ANVF) held last June 12 to 13 in Singapore. Gathering over 300 business and thought leaders, policymakers, and industry practitioners, ANVF 2023 is a business leadership conference spotlighting Asia in the post-Covid landscape, with a focus on global, green, tech, and home visions. Showcasing an array of its portfolio companies, the Globe Group presented compelling evidence of the robustness of its digital services especially in the financial sector. Other key decision-makers from the Globe Group including GCash’s President and…

Filipino-led US-based fintech Plentina Inc. announced that it will be piloting a new robo-advisory service ‘Plentina Wealth’ designed for underserved diasporas to build wealth. Its new U.S. subsidiary Plentina Financial Inc., a U.S. SEC-registered investment adviser, will initially look into the investing challenges faced by the Filipino minority community in the U.S. According to Plentina, the U.S. lacks diversity in investment advisers, where 8 out of 10 investment advisers are white and 8 out of 10 investment advisors are male. Additionally, many global trading platforms turn a blind eye to poor investment decisions and low portfolio diversity, often driven by…

The fintech sector in the Philippines is experiencing rapid growth, driven by rising usage of digital financial services, a supportive regulatory landscape and efforts from the government to improve financial inclusion. In this fast-paced digital era, staying informed and connected is indispensable. For fintech professionals and industry stakeholders looking to stay up-to-date with the sector, we’ve curated a list of the top 12 upcoming fintech events in the Philippines to attend during the second half of the year. These events span across a range of subjects including blockchain, digital payments, insurtech, and regtech, among others. They promise to bring together…

UnionDigital Bank (UD), the digital banking subsidiary of Union Bank of the Philippines, has secured PHP 900 million (US$ 16.2 million) from its parent bank. The capital infusion is still subject to Bangko Sentral ng Pilipinas’ (BSP) regulatory approval. The digital bank said that the latest additional infusion will help drive the digital bank’s expansion, particularly in digital loans which will soon be launched in the UD app. This will enable UD to expand its digital loan offerings via its app and APIs, providing customers with faster access to credit and a seamless loan application process. UD reported that it…

Fintech Alliance.PH, a collaboration amongst strategic players in the digital finance space operating in the Philippines, welcomes the appointment of Eli Remolona as the new Governor of the Bangko Sentral ng Pilipinas (BSP). The alliance said in a statement that Governor Remolona “brings an impressive wealth of global experience to his new role which holds great promise for accelerating the country’s journey towards a thriving digital economy”. Remolona has extensive international policy experience in central banking. He worked for 14 years at the Federal Reserve Bank of New York and for 19 years at the Bank for International Settlements (BIS).…

Monetary Board member Eli Remolona has been appointed as the new Governor of the Bangko Sentral ng Pilipinas (BSP). He succeeds Felipe Medalla who has held the position for a one-year term. Prior to joining BSP, Remolona served as an Independent Director of the Bank of the Philippine Islands and the Chair of the Risk Management Committee. He was also a Professor of Finance and the Director of Central Banking at the Asia School of Business in Kuala Lumpur, a collaboration with the MIT Sloan School of Management. ​​ As the BIS regional head for Asia and the Pacific for…

Recognising the need to foster fintech innovation to achieve financial inclusion goals, regulators in the Philippines are laying the groundwork for digital financial services and digital-first business models, introducing new digital banking licenses, creating a real-time payments system, and establishing a standardized QR code payment network. This conducive environment is fueling innovation in financial sector with digital startups proliferating, traditional banks investing in their digital offerings, and foreign banks and fintech service providers expanding their presence in the country. A new report by McKinsey and Company delves into the digital banking opportunity in the Philippines, exploring the key factors driving…

PETRONAS has announced the selection of 20 startups from across Asia Pacific to participate in the third edition of PETRONAS FutureTech, an intensive technology accelerator programme. The PETRONAS FutureTech 3.0, co-organised with StartupX, a Singapore-based innovation, venture and startup enabler, marks a significant milestone as it welcomes startups and partners from the region for the first time. The 20 startups were selected from a competitive pool of applicants representing Malaysia, Singapore, Indonesia, India and Australia. Arni Laily Anwarrudin, Head of PETRONAS Ventures said, “At PETRONAS, we are dedicated to support the growth of startup founders and fostering collaboration and innovation…

The Philippines and India have signed a memorandum of understanding (MOU) to enhance fintech cooperation between both countries. The MOU was signed by Philippines’ Finance Secretary Benjamin E. Diokno and Ambassador of India to the Philippines Shambhu Santha Kumaran at the Department of Finance (DOF) office in Manila. The MOU directs the constitution of a Joint Working Group (JWG) to facilitate inter-governmental discussions on the exchange of best practices to improve policies and regulatory connection. It also aims to promote cooperation in the development of fintech solutions for business or financial sectors as well as develop international standards by encouraging…

FinScore, a Philippines’ alternative credit scoring provider, has achieved a significant milestone by delivering 15 million total credit scores. This highlights the growing adoption of FinScore’s services among banks and lending companies, as they strive to expand credit access for underbanked individuals in the Philippines. Traditionally, financial institutions can only cater to individuals who have pre-existing banking relationships, leaving the underbanked population with limited or no access to credit. Christo Georgiev, the Country Manager and COO of FinScore, emphasised the company’s mission to enhance financial services in the country and support the empowerment of its citizens. “In developing countries like…

Pilon, a Singapore-headquartered fintech firm that offers cloud-based supply chain financing system, has secured a top-up round from Filipino venture firm Kaya Founders. The sum was not disclosed. The fintech had previously raised US$5.2 million in both debt and equity during a seed funding round led by Wavemaker Partners with participation from Octava and Polaris Kin. The additional funding will be used to accelerate Pilon’s growth plans and strengthen its presence in the Philippines market. Eddie Lee, Co-founder and CEO of Pilon stated, “This investment is an important milestone for Pilon because it not only strengthens our financial position but…

The costs and complexity of legacy banking technology have firmly established the need for financial institutions to modernise their systems. Banks must move away from legacy infrastructure that constrains innovation and prevents them from providing the real-time, personalised banking experiences that customers have come to expect. Banks can unlock greater flexibility, enhanced resilience, and lower operational costs by moving core technology into the cloud. In the past, banks may have adopted a big bang migration approach to move to a new core platform. This would entail a single migration phase in which all product data was extracted, transformed and loaded…