Samsung has partnered with UnionBank to launch Samsung Finance+ in the Philippines. This new financing program aims to provide customers with a more accessible way to purchase Galaxy devices. The application-based program offers flexible payment options with 0% interest. To add it also has no processing fees, and the potential for 0% down payment, subject to approval. Customers can apply for financing through the Samsung Finance+ app, available at Samsung Experience Stores and over 1,000 partner retailers nationwide. The digital application process takes approximately 20-30 minutes and requires only one valid government-issued ID. Once approved, customers can select their desired…

GoTyme Bank, a digital bank in the Philippines, has announced impressive growth, surpassing its initial projections, Business World Online reports. Nathaniel Clarke, the bank’s President and CEO, stated that GoTyme Bank currently has 5.1 million customers and projects this number to increase to 5.3 million by year-end. GoTyme Bank has also managed to accumulate P24 billion in deposits, exceeding its anticipated growth rate, Clarke added.   This rapid growth is due to several factors with the main to highlight is the bank’s mobile app which offers user-friendly experience. This is a key advantage in a market where traditional banks have…

Rizal Commercial Banking Corp. (RCBC) is undergoing a significant leadership reshuffle as part of its strategy to accelerate digital transformation and pursue new growth opportunities, PhilStar reports. These changes, effective 1st January 2025 pending regulatory approvals, include the appointment of Reginaldo Anthony Cariaso as the bank’s new Deputy CEO. Cariaso, who previously served as RCBC’s Executive Vice President and Group Head of Operations, brings a wealth of experience from his previous roles at the Bank of the Philippine Islands (BPI), Nomura International, and JP Morgan. This appointment however, triggers a cascade of internal moves. Juan Gabriel Tomas IV, currently Chief…

The Bangko Sentral ng Pilipinas (BSP) has announced the expansion of its regulatory platform, ASTERisC*, to include all banks and virtual asset service providers (VASPs) in the Philippines. Initially launched in January 2023, ASTERisC* is a cloud-based system designed to streamline cybersecurity supervision, reporting, and compliance assessments. The platform facilitates real-time reporting and enables the BSP to conduct real-time data analysis, enhancing its oversight capabilities and addressing cybersecurity threats more effectively. Institutions will use ASTERisC* to submit key reports, including IT profiles, incident notifications, reports on crimes and losses, and cybersecurity self-assessments. The BSP will provide login credentials, coordinate account…

SB Capital Investment Corp., the investment banking subsidiary of Security Bank Corp., official rebrands its name to Security Bank Capital Investment Corp as reported by PhilStar. The rebrand, effective since 12th November 2024, follows the approval from the Securities and Exchange Commission (SEC). The name change aligns with Security Bank’s “BetterBanking” brand strategy and aims to strengthen the investment bank’s corporate identity. “Security Bank Capital will continue to provide the same level of service and a full range of investment banking solutions to our clients,” said Virgilio Chua, President and CEO of Security Bank Capital. “We are excited about this…

The Bangko Sentral ng Pilipinas (BSP), together with participating financial institutions (FIs), have completed the testing phase of Project Agila. Project Agila will enable interbank fund transfers 24/7, even during off-business hours ranging includes evenings, weekends, and even holidays. These transactions can safely be supported by open-source distributed ledger technology through the Oracle Cloud Infrastructure. This project is a proof-of-concept for the BSP’s wholesale Central Bank Digital Currency (CBDC). The evaluation with FIs included functional, performance, security, exploratory, end-to-end, and programmability testing. “Wholesale CBDCs have the potential to enhance liquidity management, reduce settlement risks, and support financial stability,” said BSP…

In the last two years, some large banks have been hit with very public, lengthy – over 10 hours – disruption of their digital banking services. And that’s just the incidents we are aware of. Cases like these highlight the fears bankers may have in moving away from legacy systems in the name of innovation. Such unreliability erodes customer trust, impacts revenue, and perhaps most importantly, raises the ire of regulators. This fear factor also makes it harder for traditional banks to embrace going digital to fight neobanks and other digital-first financial institutions. Thus, many bankers and C-suites take a…

Small Business Corporation (SB Corp), a Philippine government-owned financial institution focused on supporting MSMEs, has partnered with Oradian, a cloud-based core banking software provider, to modernise its operations. The partnership aims to strengthen SB Corp’s ability to scale its services and improve financial inclusion for underserved sectors. The collaboration will enable SB Corp to use Oradian’s platform, which is built on AWS and designed for flexibility, security, and operational efficiency. By adopting this technology, SB Corp aims to streamline its processes, scale its services more effectively, and deliver tailored solutions to its MSME clients. Antonio Separovic, Oradian’s Co-founder and CEO,…

The Bangko Sentral ng Pilipinas (BSP) has confirmed ongoing discussions with Apple and Google regarding the potential introduction of their digital wallet services, Apple Pay and Google Pay, in the Philippines. However, before launching operations, both companies must comply with regulatory requirements by registering as Operators of Payment Systems (OPS), as reported by the Manila Bulletin. According to BSP Deputy Governor Mamerto Tangonan, the central bank’s guidelines classify entities involved in payment operations, such as clearing, settlement, or maintaining system infrastructure, as OPS. This categorisation places Apple Pay and Google Pay under the scope of the National Payments Systems Act…

The Bangko Sentral ng Pilipinas (BSP) may issue more than the initially planned four additional digital banking licenses when its moratorium on new issuances ends in January 2025, according to the BusinessWorld. This decision depends on whether applicants can meet the enhanced requirements set by the Philippines central bank. Currently, six digital banks operate in the Philippines: Tonik Digital Bank, GoTyme Bank, Maya Bank, Overseas Filipino Bank, UNObank, and UnionDigital Bank. This decision may see more than 10 digital banks operating in the Philippines. BSP Deputy Governor Chuchi Fonacier indicated that this was a possibility if the Monetary Board approves…

The Bangko Sentral ng Pilipinas (BSP) underscored the potential of the Philippines as a hub for Islamic finance at the launch of an Asian Development Bank (ADB) report. The BSP has been actively promoting Islamic finance, granting licenses to a rural bank in June 2023 and a commercial bank in July 2024, respectively. These licenses were for Islamic banking units (IBUs). The ADB report highlighted several factors contributing to the Philippines’ potential in Islamic finance. This includes the country’s economic growth, the government’s focus on financial inclusion, the untapped market in 29% of unbanked Philippine cities and towns, and the…

Japan’s MUFG is selling its 25% stake in Home Credit Philippines (HCPH) to Security Bank, an affiliate in the Philippines. The deal, valued at approximately JPY26.5 billion (approximately US$177 million), will see Security Bank acquire this stake. Meanwhile, MUFG’s Thailand subsidiary, Krungsri, retains its existing 75% ownership in HCPH. Despite the sale, MUFG will maintain indirect control over HCPH through its ownership in both Security Bank (20%) and Krungsri (76.88%). The transaction awaits regulatory approval and is expected to close in the first quarter of 2025. HCPH is a consumer finance provider in the Philippines, offering a variety of financial…

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…