Overseas Filipino workers (OFW) sent over USD $38.34 billion in remittances back to the Philippines in 2024, marking a 3% increase from the USD $37.21 billion recorded in 2023. This new high, as reported by the Bangko Sentral ng Pilipinas (BSP), underscores the vital role OFW and remittances play in the Philippine economy. A significant surge in remittances during December 2024, reaching USD $3.73 billion, played a crucial role in achieving this annual record. The figure represents a notable jump from the USD $3.62 billion sent home in December 2023. The BSP attributed this overall growth to increased contributions from…
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The Bangko Sentral ng Pilipinas (BSP) has introduced the Financial Cyber Resilience Governance Council (FCRGC) to enhance collaboration within the financial sector and bolster cyber defences. Unveiled on February 11, 2025, at the BSP headquarters in Manila, the FCRGC aims to create a more secure and resilient financial ecosystem. BSP believes that it can all be done by promoting robust cybersecurity practices and governance. Eli M. Remolona Jr, the Governor of BSP highlighted the necessity of reinforcing cyber defences due to increasing digital threats. “This Council reflects our united commitment to strengthening our cyber defences,” he stated. Monetary Board Member…
Huawei is expanding its partnership with GCash to bring QR code payment functionality to a wider range of its wearable devices. Initially promised for the Huawei Watch GT 5 series and other selected wearables released in late 2024, the GCash Watch Pay feature will now be available on more devices. Huawei announced the expansion at the global launch of the Huawei Mate XT tri-folding phone in Malaysia. The company also revealed that GCash Watch Pay will not only be available on its smartwatches but also on its fitness trackers. While a complete list of supported Huawei wearables is yet to…
TOPPAN IDGATE, a major player in digital identity solutions, has rebranded as TOPPAN Security. This change aligns with the broader TOPPAN Security group’s efforts to unify its identity and streamline operations. The company, a subsidiary of TOPPAN Next, serves as the international development arm of the TOPPAN Group’s security division, focusing on identity verification and authentication solutions for the identity and payment industries. Founded in 1900, TOPPAN is a Japanese company recognised for its expertise in security and digital solutions. TOPPAN Security provides encryption, biometric authentication, and identity verification technologies, working with governments and businesses to enhance digital security while…
Rakuten Viber plans to introduce its Viber Pay digital wallet in the Philippines in the latter half of 2025, with over a million users already on the waiting list. Viber CEO Ofir Eyal explained that the goal is to create a seamless experience by integrating payments directly within the messaging app, eliminating the need to switch between platforms. “What happens today with digital wallets, you usually interact over a messaging app… Then, we move to a digital wallet, make a transaction, take a screenshot, and then we go back to the messaging app and send the screenshot. That’s all friction,…
Enstack, a mobile platform supporting over 200,000 online entrepreneurs, has partnered with GCash’s GGives and BillEase to introduce Buy Now, Pay Later (BNPL) services. This new feature allows merchants to offer instalment payments, attracting more customers and increasing sales. With the integration of GGives and BillEase, Enstack merchants can now provide flexible payment plans of up to 24 months for purchases starting at PHP 1,000. Macy Castillo, Enstack’s CEO and Co-Founder, highlighted the significance of instalment payments. “Giving merchants access to instalment payments is a game-changer for their business. By enabling merchants to offer trusted Pay Later solutions, we’re helping…
RCBC through its ATM Go is revolutionising financial access in the remote communities of Mindanao, where banking services have long been out of reach. Residents often travel great distances, spending significant amounts just to complete basic transactions. Poor infrastructure, unreliable internet, and limited financial literacy programmes have further hindered economic participation in these areas. Despite these barriers, micro, small, and medium enterprises (MSMEs) are driving financial inclusion, creating opportunities for economic growth. MSMEs play a crucial role in rural communities, serving as trusted sources for goods, services, and now, financial access. One entrepreneur making a difference is Liz Ellaine Solmayor…
Singaporean fintech MatchMove has partnered with LuLu Financial Services (Phils.) Inc., Asia United Bank (AUB), and Mastercard to launch the Lulu Money Prepaid Mastercard card in the Philippines. This move enhances the capabilities of the LuLu Money PH app with expanded financial tools. A key feature allows Filipinos working in the UAE to send money home, with recipients in the Philippines able to withdraw funds from Mastercard-affiliated ATMs and make purchases online and in stores. Beyond remittances, the collaboration enables the LuLu Money PH app to support both local and international payments, providing users with greater financial flexibility and security.…
The Philippines is revamping its national digital identity (Digital ID) programme to accelerate adoption and improve access to financial services. Rebranding the Philippine Identification System (PhilSys) to simply “National ID” aims to clarify the system for the public and unify various formats, including physical cards, paper documents, and digital versions. The government aims to enrol all citizens, including children, by the end of 2025, emphasising improved access to public services as a key benefit. A significant push is integrating the National ID with the PSAHelpline platform, streamlining applications for birth, marriage, and death certificates through online identity verification via QR codes…
TransUnion has appointed Peter Faulhaber as the new President and CEO of its Philippines operations, effective 11 February 2025. Faulhaber will report to the Board of TransUnion Philippines and work under the supervision of Marie Claire Lim Moore, TransUnion’s Asia-Pacific Regional President. Peter brings two decades of global banking experience to the role. He has held leadership positions across various regions, including the US, Europe, the Middle East, and Asia. Notably, he has spent the last six years in the Philippines. He joins TransUnion from HSBC Philippines, where he served as Head of Wealth and Personal Banking and Vice Chairman…
Pomelo is enhancing its remittance services to the Philippines by introducing Pomelo Points, a rewards program that allows customers to earn points on every dollar sent. This initiative combines US consumer credit with international money transfer, empowering US immigrants to build their credit while supporting family and friends overseas. Through partnerships with Mastercard and Coastal Community Bank, Pomelo offers a unique platform that integrates these crucial financial services through the Pomelo Points program. The Pomelo Points will enable customers to accumulate points with each transfer to the Philippines. Through its partnership with Grab, Pomelo allows customers to redeem these points…
The Bangko Sentral ng Pilipinas (BSP) is exploring the possibility of the removal of one-time passwords (OTP) for digital banking transactions due to concerns over their effectiveness and security. BSP Deputy Governor Elmore O. Capule highlighted that OTPs are increasingly being exploited for fraudulent activities. Technological advancements have made them more vulnerable to abuse, diminishing their reliability as a security measure. “At a certain point, a technology that was once effective may no longer be so,” Capule stated. He stressed that as digital threats evolve, financial institutions must adapt and seek more robust, future-proof security measures. The BSP is currently…
eTap Solutions, a subsidiary of Electronic Transfer & Advance Processing, Inc. (eTap), is expanding its digital payments services to better serve the increasing number of motorcycle couriers in the country. The company aims to enhance financial accessibility and efficiency for riders, who play an essential role in the logistics and delivery sector. With over 4,000 self-service kiosks nationwide, eTap has observed a surge in riders using its digital payments machines for top-ups, bill payments, and remittances. According to Fairwork Philippines, more than 40,000 Grab Food and Grab Express riders operate in the country. The Land Transportation Office (LTO) also reports…
The number of digital banks in the Philippines is about to grow even more. News has emerged of two reported potential new foreign entrants, including those from Malaysia, expressing strong interest in joining. Recently, the Bangko Sentral ng Pilipinas (BSP) lifted its three-year moratorium on new digital banking licences, paving the way for expansion. These potential entrants are reportedly finalising their documentation, though they have not yet filed any formal applications. The BSP is clear about its expectations. Firstly, applicants must bring innovative products and services to the table, specifically designed to reach the underserved. And secondly, they must be…
The Philippine Crop Insurance Corporation (PCIC) and GCash have collaborated to improve the delivery of digital indemnity payments to insured farmers. The initiative aims to make transactions faster and more accessible in rural areas. On January 24, PCIC president Jovy Bernabe and G-Xchange Inc. President and CEO Oscar Enrico Reyes Jr. signed a memorandum of agreement (MOA) in Taguig City. This partnership integrates the Funds Disbursement Service by GCash, allowing digital indemnity payments to go directly into farmers’ GCash wallets in real-time. Bernabe said the initiative aligns with the government’s financial inclusion efforts and PCIC’s push for digitalisation. The new…
Singlife Philippines has announced that they and Maya are now partners to offer digital insurance and investment products through a mobile application. This collaboration allows users to access financial protection in a more convenient and streamlined way via the Maya app Products by Singlife are now available within Maya Insurance, providing users with a digital, self-service platform. The partnership aims to address financial accessibility challenges among Filipinos who seek affordable and flexible solutions for their future. “With Maya Insurance, we’re offering Filipinos an effortless way to protect what matters most, all within the app. Maya has simplified digital banking and…
The fintech industry is about a decade old in Malaysia now, is it finally ready to shine? We are joined by Wilson Beh, President of Fintech Association of Malaysia and co-founder of Policystreet to deep dive into Malaysia’s fintech scene.
Philippines’ fintech platform, GCash, showcased its role in advancing financial inclusion with artificial intelligence (AI) at the 2025 World Economic Forum (WEF) in Davos, Switzerland. Representing the nation’s fintech sector, Mynt CEO Martha Sazon participated in the panel “Leaving Asia’s Comfort Zone”. At the event, she explored the transformative potential of AI in driving economic growth across the region. The panel included policymakers and industry leaders from Singapore, Thailand, China, and the United States. Martha highlighted GCash’s success in leveraging AI to broaden financial access in the Philippines. This is due to the country being historically known for its low…
The Bangko Sentral ng Pilipinas (BSP) is reported to have begun the search and selection process for two deputy governors positions to head its Monetary and Economics Sector (MES) and Financial Supervision Sector (FSS). The vacancies arise as Francisco Dakila Jr. and Chuchi Fonacier prepare for their retirements later this year. The MES deputy governor will handle key aspects of monetary policy, including formulation, implementation, and evaluation. This role also covers economic research, international monetary affairs, and the supervision of loans and credit. Meanwhile, the FSS deputy governor will oversee the regulation and supervision of banks and other financial institutions.…
The Bangko Sentral ng Pilipinas (BSP) is reported to have introduced updated rules for Operators of Payment Systems (OPS) to apply electronically for Merchant Acquisition Licences (MAL). These rules aim to enhance financial inclusion and strengthen regulations in the Philippines’ digital payments sector. Operators providing clearing or settlement services are classified as OPS under the National Payment Systems Act. Merchant acquisition refers to processing payment transactions for merchants and transferring funds to them. BSP Memorandum No. M-2025-002 specifies a three-step process for MAL applications: eligibility assessment, evaluation, and license issuance. Smaller OPS handling less than PHP 100 million monthly transactions…