Consumer finance app BillEase aims to increase its net income by 50% this year as it seeks to further expand its customer base, according to an official statement. BillEase recorded a net income of about P250 million in 2023, as reported by Chief Financial Officer Garret Go during an event recently. In 2023, BillEase’s revenues doubled year on year, a performance driven primarily by repeat customers’ continued use of the app. “About 90% of our business is from repeat customers. These are customers we’ve onboarded even before 2023, and the longer they stay with us, the better our customers may…

The Bangko Sentral ng Pilipinas (BSP) emphasised digital transformation as essential for enhancing rural bank operations during the Rural Bank Strengthening Program (RBSP) Technology and Innovation Forum held at the BSP Head Office in Manila on 31 May 2024. In a recorded message, BSP Governor Eli M. Remolona, Jr. highlighted that the forum aimed “to understand the opportunities and challenges as rural banks embrace technology and innovation.” “Rural banks can be a linchpin for inclusive growth hence, preserving their role and building up their strengths are crucial for sustainable development,” said Governor Remolona. He also announced the Monetary Board’s approval…

Salmon Group Ltd. has announced its target to expand its loan portfolio to US$2 billion over the next three to five years, with plans to extend its reach to other Southeast Asian countries. This ambitious growth strategy aims to cater to what it identifies as the “neglected” market, including underserved and underbanked individuals. Salmon co-founder Raffy Montemayor outlined the goal of achieving a US$2 billion or P100 billion loan portfolio, and a US$200 million or P10 billion net income from Philippine operations within the set timeframe. “We’re focused on the underserved and underbanked Filipinos and eventually people in Southeast Asia,…

The Bangko Sentral ng Pilipinas (BSP) has issued a cautionary memorandum to its supervised institutions regarding the utilisation of robotic process automation (RPA) and data scraping methods in handling sensitive data. While these technologies offer advantages as internal data collection automation tools, the BSP expressed concerns about their potential impact on the integrity of the financial system. “The use of robotic process automation IRPA)’ and other similar tools as an alternative data-sharing method raises some issues within the financial services industry. While these technologies have merits as an internal data collection automation tool, the use of RPA and other…

Maya announced on Wednesday, 19 June, that its digital bank customers are developing stronger savings habits, with average savings account balances more than doubling within just 12 months. By the 23rd month of saving, balances in these accounts tripled. Maya attributes this improvement to its savings innovations, which encourage customers to save more, including incentivising regular digital transactions with higher interest rates of up to 14% p.a. and products that enable small initial deposits and incremental savings growth. “We have eliminated minimum balance requirements and designed our products to be accessible, allowing users to start saving with any amount they…

Brankas and Global Finteq have announced a strategic partnership to launch one of the first Lending-as-a-Service (LaaS) platforms in the Philippines. This new platform enables established banks, rural banks, and non-traditional financial institutions to offer lending at scale, allowing loan products to exist beyond traditional channels such as physical bank branches or websites. As LaaS platforms, platforms that manage customer funds can now become comprehensive hubs for new loan applications and in-app loan servicing, encouraging users to transact more frequently and increase deposits. This could lead to growth in revenue for both lenders and lending partners. The platform combines Brankas’…

South African digital challenger TymeBank, an affiliate of the Tyme Group that also operates GoTyme in the Philippines, plans to raise a significant amount of capital ahead of launching an initial public offering (IPO), according to a recent report. TymeBank CEO and co-founder, Coenraad Jonker, mentioned in a recent interview that the challenger bank is engaged in “our series D capital raise at unicorn valuation,” which is expected to conclude in the fourth quarter of 2024. TymeBank’s rapid growth has seen it classified as one of the world’s fastest-growing digital banks, achieving an annualised revenue run rate of approximately US$160.7…

The International Finance Corporation (IFC) has acquired a stake in fintech company First Circle, investing approximately P410 million (US$7 million) to support lending to small and medium enterprises (SMEs) in the Philippines. A June 15 disclosure revealed that the IFC board approved this equity investment on June 13 in Singapore-registered Carabao Capital Global Pte Ltd., which operates in the Philippines as First Circle. The private sector arm of the World Bank Group noted that this investment is intended to help First Circle raise funds to expand its operations and loan book in a country where SME credit penetration is among…

GCash, the Philippines’ leading finance app and largest cashless ecosystem, has entered into a collaboration with Meridian, an instant payments technology company based in New York City. The partnership with Meridian enables the direct in-app transfer of funds from over 12,000 US banks to GCash accounts, allowing users to seamlessly transfer money from the United States to the Philippines. GCash states that once the cash-in is completed, the service converts US dollar amounts into Philippine pesos using competitive foreign exchange rates. Each cash-in transaction incurs a one dollar fee. GCash participated in the Philippines’ Independence Day celebrations in New York…

The Securities and Exchange Commission (SEC) has announced the appointment of its new commissioner, Rogelio Quevedo. His appointment comes following the passing of his predecessor, Hubert Dominic Guevara, this past March 2024. SEC chairperson Emilio Aquino extended a warm welcome to his agency’s new commissioner Rogelio, highlighting his extensive experience in corporate law and government service. “We give our warmest welcome to Atty. Quevedo, whose decades of experience in corporate law and the government service will help the commission navigate new and emerging trends in the business sector.” Chairperson Emilio stated. Commissioner Rogelio had previously led the Office of the…

From innovative fintech startups to institutions, the race to create a more efficient cross border payments in Asia is intensifying. Special thanks to the following thought leaders for sharing their views: Anupam Pahuja, Executive Vice President of APAC and MEA, Nium Farhan Ahmad, Group CEO, Payments Network Malaysia Mitherpal Sidhu, Chief Operating Officer, BigPay Cecilia Tan, Regional VP Sales (APAC) in Business Development, Thredd

Digital bank and e-wallet platform Maya is unlikely to undertake an initial public offering (IPO) in the next two years, according to the top executive of PLDT Inc. PLDT chairman and president Manuel V. Pangilinan stated that the idea of an IPO in the next two years is “misplaced optimism” for Maya. He emphasised, “They’re not in a position to IPO in the near future, period. I mean, they have to demonstrate that they can be profitable starting 2025 and to be consistently profitable for at least another year.” Pangilinan further commented on the substantial amount of work required, asserting,…

UBX has formed a strategic partnership with MediCard Philippines Inc., a prominent health maintenance organisation (HMO), to enhance health access and convenience for members. This collaboration will see MediCard utilising the UBX comprehensive payment gateway BUx and the transact-now-pay-later solution Splix, aiming to streamline premium payment collections and offer more flexible payment options for healthcare coverage. The partnership is designed to improve the customer experience for MediCard members, offering a new level of convenience in acquiring health coverage products. UBX president John Januszczak stated, “By leveraging each of our strengths—UBX’s innovative open finance solutions and MediCard’s wide network of healthcare…

BayaniPay, a global payments process automation company, has secured fresh capital of US$3 million to expand the scope and territory of its global payments capability, aiming for substantial growth this year. Lead investors Wavemaker Partners, PTGB, and Talino Venture Studios, who previously seed-funded a total of US$6.6 million, have provided the additional capital, enabling BayaniPay to enhance its bills pay service to accommodate payments from any country worldwide. BayaniPay CEO Winston Damarillo expressed gratitude for the continued trust of the investors. “This expansion marks a major milestone in our commitment to provide convenient, secure, and low-cost global payment services to…

Foreign Exchange (FX) is the global practice of trading one currency with another, with trillions of dollars changing hands daily, making it the world’s largest and most liquid market. FX rates are by nature volatile, shaped by market forces of supply and demand, monetary conditions, capital controls and global regulation. Over the last twenty years, APAC has been home to some of the world’s fastest-growing economies, such as China, India, and the ASEAN countries, all involving complex cross-border trading and currency conversion. Businesses in APAC face unique challenges in cross-border transactions due to varying monetary and regulatory conditions. Namely, the…

The value of transactions in the Land Bank of the Philippines’ (Landbank) mobile app surged over 40% to P89 billion in the first quarter of 2024 as consumers continued to take advantage of digital banking services. Data showed that Landbank’s mobile banking app reached P89.3 billion in total transaction value from January to March, up by 42% from P63 billion in the same period last year. This increase was specifically driven by fund transfers and bills payment transactions. It also translated to 20.9 million transactions, nearly double the 10.7 million usage recorded in the comparative period. The volume of transactions…

In this era of technological innovation, companies are increasingly entrusting critical services to external partners. From handling operations to managing human resources and steering application development, the outsourcing landscape is undergoing a significant change. In the financial sector alone, the global outsourcing market is projected to reach a value of US$68.8 billion by 2030. This growth is not just a result of increasing demand and shifting market dynamics, but a direct consequence of the transformative impact of advanced financial technology (fintech) on the sector. The rise of fintech has driven financial institutions (FIs) to re-evaluate and reform their operational models.…

Elevate, a fintech startup backed by Y Combinator and based in London and Dubai, has raised US$5 million in funding to expand its operations in the Philippines. Since 2021, Elevate has secured investments from Y Combinator, Goodwater, Global Founders Capital, and VSQ. The company’s product launch in the Philippines aims to address the financial challenges faced by Filipino freelancers. Elevate’s platform simplifies the process for freelancers in the Philippines to receive payments in US dollars. It supports free and fast deposits from US and international employers and popular platforms such as Upwork, Fiverr, PayPal, Deel, and Toptal. For those transferring…

Security Bank Corporation, a universal bank in the Philippines, has partnered with the e-commerce platform Lazada Philippines to offer its retail banking products to online shoppers. This collaboration was marked by the launch of Security Bank’s virtual LazMall Flagship Store. Through the Security Bank LazMall Flagship Store, Lazada users can browse and apply for the Bank’s Auto Loan, Home Loan, Credit Cards, and Deposit products directly via the platform. Customers will be able to receive instructions from Security Bank through email and SMS to proceed with their applications and can also access exclusive benefits for using the online store. Rahul Rasal,…

Land Bank of the Philippines (LANDBANK) has introduced the GoBayani savings account, a new digital deposit account for overseas Filipinos. The GoBayani account offers Filipinos abroad access to LANDBANK’s digital banking services, allowing them to manage transactions online, such as transferring funds to their families. The account also supports e-commerce transactions and remittances via Visa Direct through Visa partners. GoBayani users can pay bills and other dues online, with future capabilities including payments to the Pag-Ibig Fund, Social Security System (SSS), and PhilHealth. Overseas Filipinos can open a GoBayani savings account without an initial deposit or maintaining balance through the…