The Philippines is determined to ensure that it does not face another compliance setback in the Financial Action Task Force (FATF) grey list evaluation, slated for 2027. Bangko Sentral ng Pilipinas (BSP) Governor, Eli Remolona Jr. emphasised that just because the Philippines are off the grey list does not mean that they are going to stop their efforts “We have to make sure we do not get back into the grey list,” he said. The country’s recent delisting, approved by the FATF in February, concludes a long effort that began after the 2016 Bangladesh Bank heist, which highlighted vulnerabilities in…

Netbank, a Filipino bank specialising in embedded banking, has received investment funding from several fintech investors in Southeast Asia. The funding is said to help Netbank expand its banking infrastructure and further strengthen partnerships with local fintech companies. The investment round included contributions from BEENEXT, January Capital, Oak Drive Ventures, Kaya Founders, and Boleh Capital. Singapore-based BEENEXT led the funding, with Managing Partner, Dirk van Quaquebeke noting Netbank’s potential in the market. “We are deeply impressed by the high capital efficiency and innovation index of the team at Netbank,” he said. He believes that Netbank’s approach as a wholesale led…

The Bangko Sentral ng Pilipinas (BSP) is developing new regulations to address the risks associated with artificial intelligence (AI) in the Philippine financial sector. These regulations aim to ensure the ethical and accurate use of AI by banks and non-bank financial institutions. BSP Senior Director Melchor Plabasan explained that the upcoming regulations will focus on managing biases, ensuring accuracy in AI-driven decision-making tools, and promoting ethical AI practices. “AI regulation that you can expect from the BSP is generally more clarificatory and at the same time, covering risk—the 20% of the risk that are not yet covered particularly on management…

There are only a few things in the world that are more costly than downtime. Research indicates that large organisations can lose up to USD $9,000 per minute during system outages, with high-risk industries like finance and healthcare facing potential losses of over USD $5 million per hour if the problem persists. Beyond financial repercussions, prolonged downtimes have the effect of eroding customer trust and loyalty, leading to churn and revenue loss. Worse comes to worst, dissatisfied users tend to often share their frustrations publicly, which can result in reputational damage. Not to forget the indirect costs of implementing damage…

After two decades of building AI systems—from defense projects to billion-dollar banks—Foong Chee Mun has seen it all. In this episode, the Ryt Bank Chief Product Officer joins us to cut through the AI hype and reflect on what this technology really means for society, creativity, and the future of financial services. This is not a conversation about the flashiest tools or latest models. It’s a grounded take on how AI, like any other tool, can be used for better—or worse. Highlights: What career advice can you give your kids when AI takes over all the jobs? How Much of…

Bank of the Philippine Islands (BPI) has reduced its InstaPay interbank fund transfer (IBFT) fee to PHP 10, aiming to make digital transactions more affordable. The transfer fee by BPI was previously set at PHP 25 and is now valid for the reduced amount starting from 7 March 2025 to 31 May 2025. The move aims to encourage wider adoption of digital banking by increasing fund transfer accessibility. In order to enhance customer convenience, BPI has integrated InstaPay with popular e-wallet platforms such as GCash and Maya. This has enabled instant fund transfers across various banking and financial platforms, that…

Visa and the Philippine Postal Corporation (PHLPost) have formed a partnership to broaden financial services and access, particularly for Filipinos in remote areas. This collaboration aims to modernise PHLPost’s essential services, including remittances, money orders for overseas Filipino workers (OFWs), and the distribution of crucial social welfare and disaster relief funds. Visa will contribute its global payment network and digital expertise, streamlining transactions, bolstering security, and enhancing accessibility. A key focus of this initiative, as emphasised by Visa’s Country Manager for the Philippines and Guam, Jeff Navarro, is to ease the financial burdens faced by OFWs, who play a vital…

Join us for an insightful webinar on “The Rise of Cognitive Banking: How AI is Redefining Financial Services”, hosted by Fintech News Singapore. This webinar will explore how AI-powered cognitive banking goes beyond basic personalisation by anticipating and adapting to customers’ financial behaviors to enhance their financial wellness. The result? Stronger customer loyalty and increased adoption of financial products. The webinar will also feature key insights from the global survey “Understanding Consumer Demand in the AI-Banking Era.” We’ll reveal how, amid the growing demand for AI-driven, contextualised insights, more than half of customers in APAC would likely switch banks to…

Salmon is partnering with the Philippine Statistics Authority (PSA) to integrate the National ID eVerify system into its platform. This initiative aims to make financial services more accessible to Filipinos by simplifying identity verification. Traditionally, identity verification in the Philippines has involved physical documents and lengthy processes, often hindering access to financial services, especially for those in remote areas. To address this, Salmon is enabling businesses to verify customer identities digitally through the integration of the National ID eVerify system. This makes the process faster, more secure, and more convenient. The collaboration offers several benefits, including streamlined account opening and…

Tonik has announced a significant milestone: disbursing 1 million loans since its launch. This achievement underscores Tonik’s commitment to consumer lending, a key driver in the country’s expanding digital banking sector. Such a focused strategy has fueled growth, with Tonik’s loan portfolio increasing sevenfold while simultaneously streamlining operational costs. The resulting efficiency enabled the bank to achieve contribution margin breakeven in the fourth quarter of 2024, and it anticipates reaching cash flow breakeven in the near future. Tonik’s digital-only approach allows for a diverse range of loan products, including payroll loans, shop instalment financing, and AI-powered digital cash loans. To further…

The Philippines Securities and Exchange Commission (SEC) is struggling to combat investment scams that utilise deepfake technology. SEC Chairperson Emilio B. Aquino highlighted the difficulty, stating, “Everything is fake. It’s very difficult to discern if it is true or not.” He emphasised that the scammers’ primary goal is to steal money. Emilio Aquino stated that the most tangible lead for investigators is tracing the bank accounts or digital wallets used to receive funds, as all other elements, such as fabricated faces and promises, are fake. The SEC is also collaborating with online platforms to track these fraudulent transactions. “We have…

UnionBank of the Philippines is pursuing significant debt market issuance initiatives to reinforce its digital banking operations. The bank intends to raise up to USD $800 million from the offshore debt market, a move designed to bolster the financial strength of the digital expansion of UnionBank. This planned issuance falls under UnionBank’s existing USD 2 billion, euro medium-term note programme (EMTN), which offers the flexibility to tailor debt issuances to specific funding requirements. In parallel, UnionBank is expanding its domestic financial capabilities. The bank’s board of directors has approved an increase in its peso-denominated bond programme, doubling it to USD…

PLDT, a telecommunications company in the Philippines, is considering increasing its stake in Maya Innovations, its fintech subsidiary. This development follows reports that private equity firm KKR, a minority shareholder, might divest its shares in Maya. PLDT wants KKR’s share, who currently holds approximately 30% of Maya (inclusive of Maya Innovations) which competes with GCash in the Philippine market. PLDT’s chairman and CEO, Manuel Pangilinan, expressed interest in acquiring more shares if KKR decides to sell. PLDT’s net income for 2024 grew by 21%, reaching PHP 32.3 billion (USD $558 million), partly due to Maya Innovations Holdings becoming profitable in…

Maya reported significant growth in 2024, with over 125,000 credit cards issued in six months. The company has also achieved group-wide profitability at the same time. This success highlights the company’s rapid expansion in the Philippines’ financial sector. Shailesh Baidwan, Maya Group President and Maya Bank Co-Founder, emphasised Maya’s commitment to providing accessible and innovative financial services to Filipinos. The company’s profitability stems from its integrated approach, combining payments, digital banking, and lending services. The Landers Cashback Everywhere Credit Card, launched in August 2024, has been a key driver of this growth. Its digital application process and instant activation have…

RCBC and the Commission on Filipinos Overseas (CFO) have partnered to promote digital finance literacy and expand digital banking services for Filipinos worldwide. The agreement was signed by RCBC Executive Vice President and Chief Innovations and Inclusion Officer Lito Villanueva and Undersecretary Atty. Ma. Arlene Borja, CFO Executive Director. The partnership aims to increase Filipinos’ digital and financial aptitude, especially those working overseas. RCBC will support the CFO in organising financial literacy seminars, creating informative materials, and promoting digital products and services. The bank will leverage its digital solutions like Pulz, DiskarTech, ATM Go, and Pasado Digital Loans to achieve…

The Bangko Sentral ng Pilipinas (BSP) projects that digital banks in the Philippines will remain unprofitable, much so, be in loss, in the near term. Despite rapid deposit growth, these institutions are struggling to expand their credit product offerings, hindering their ability to achieve profitability. BSP Deputy Governor Chuchi G. Fonacier stated that fintech startups, including digital banks, often face losses in their initial years due to significant pre-operating and establishment expenses. She explained that startups in the Philippines, like most digital banks, will be at a loss and not achieve positive net results for five to seven years. Preliminary…

Philippines mobile payment service provider GCash has partnered with Viamericas, a US-based money transmitter. The partnership is to enable real-time remittance for overseas Filipino workers (OFW) in the United States and Canada. This agreement addresses the high volume of remittances from North America, with the US being the top source of such funds. Customers can send the money directly to the respective GCash accounts in the Philippines. The collaboration aims to provide Philippines OFW with faster and more secure financial remittance services. Paul Albano, General Manager for GCash International, emphasised that the partnership empowers OFWs by simplifying the remittance process. “This…

CTBC Bank Philippines and Hitachi Asia have collaborated to update corporate banking services with a new Corporate NETBanking Web Portal. The project builds on their prior work on the bank’s consumer web interface and mobile applications, now serving corporate clients, from MSMEs to large corporations. The platform aims to streamline financial operations, enhance security and improve efficiency. Luis S. Elizaga, President and CEO of CTBC Bank Philippines, said, “This new platform is a strategic enabler for businesses to manage their finances.” Growth in digital financial services is evident in the Philippines. The 2023 Report on the Status of Digital Payments…

Rizal Commercial Banking Corporation (RCBC) has partnered with Soft Space, a Fintech-as-a-Service (FaaS) provider, to introduce RCBC Tap-to-Phone. This SoftPOS solution helps micro, small, and medium enterprises (MSMEs) accept digital payments SoftPOS technology enables NFC-enabled smartphones to function as payment terminals, allowing merchants to process Mastercard and Visa transactions—whether credit, debit, or prepaid—using Android devices. The system generates a QR code as an electronic receipt for each transaction. Other than that, users can enjoy fast settlement, with funds credited to their account as early as the next banking day. RCBC also highlights that you can now stay organised with the…

The Philippines has officially exited the Financial Action Task Force (FATF) grey list. This marks a major milestone in the country’s efforts to combat financial crimes and improve global financial integrity. This achievement follows significant reforms spearheaded by the Securities and Exchange Commission (SEC), Bangko Sentral ng Pilipinas (BSP), and other key agencies, reinforcing the nation’s commitment to anti-money laundering (AML) and counter-terrorism financing (CTF) standards. The FATF placed the Philippines on its grey list in 2021. This subjected the country to increased scrutiny in global financial transactions, leading to higher costs and barriers for businesses, investors, and financial institutions.…