Fintech unicorn Mynt (GCash) and digital bank Maya has carved out a place in the top 3 of LinkedIn’s ranking for the best workplaces to grow a career in the Philippines this year. The 3rd annual LinkedIn Top Companies had also featured other financial institutions including Citi and Prudential. The top 15 ranking looks at components like how employees are advancing both within a company and when they leave, how they’re upskilling while employed there, and more — revealing companies that help set people up to get ahead in their careers. When compiling the list, LinkedIn also considered factors like…

Since the term ‘fintech’ was first coined in the early 2010s, the financial technology sector and the ecosystem around it has undergone a massive evolution. A fluctuating economic climate has seen some startups go public, while others have gone under – meanwhile, the pace of innovation has witnessed new technology, business models, and the requisite regulatory modifications to contend with this swiftly-changing environment. To uncover more on where the fintech sector is heading and what trends are developing in different territories around Asia, Fintech News Malaysia Chief Editor Vincent Fong hosted a virtual webinar with Terry Chan, the Finance and…

Open banking solution provider Brankas has announced a new integration that will allow MPT DriveHub app users in the Philippines to reload using their local bank accounts. MPT Mobility is a subsidiary and the innovations arm of Metro Pacific Tollways Corporation (MPTC), the largest toll road developer and operator in the Philippines. The subsidiary expands and develops its portfolio of services by synthesizing eight operating units under its purview which includes the MPT DriveHub app, an all-in-one travel companion ap MPT DriveHub users can now choose from a wider range of reloading options as they top up their RFID accounts…

Fintech startup Salmon has selected Philippines-based alternative credit scoring provider FinScore to offer flexible financing terms and generous loan amounts to merchants as well as the ability to defer shopping bills over several monthly installments to buyers. Powered by FinScore’s telco data and advanced analytics, Salmon is now available in dozens of outlets where the partner merchants receive their net proceeds upfront. In 2022, FHL Financing Company had launched Salmon which is a consumer lending-first fintech startup in the Philippines with the aim to make shopping simple, intuitive, and rewarding for both merchants and consumers. According to Consumer Pulse Q4…

Bangko Sentral ng Pilipinas (BSP) governor Felipe M. Medalla believes payment connectivity between the five largest economies of the Association of Southeast Asian Nations (ASEAN), namely Indonesia, Malaysia, the Philippines, Singapore, and Thailand, could be implemented within the next two to three years. The initiative will seek to deepen financial integration and facilitate inter-regional trade by enabling faster, cheaper and more transparent cross-border transactions. “Our vision really is to be one with ASEAN-5 to have cross-border payments,” Medalla said in a seminar hosted by Bank Indonesia (BI) in Bali last week. He stated that the implementation of payment systems linkage…

In 2022, startup investment reached new heights in the Philippines, defying trends observed around the world and the global funding downturn. Fintech companies took the lion’s share in early-stage private funding, securing 39% of all investments raised in 2021-2022, a new report by Foxmont Capital Partners, a venture capital (VC) fund supporting Filipino entrepreneurs, says, showcasing the sector’s important weight in the local startup ecosystem. The annual Philippine Venture Capital Report, released last week, looks at the state of venture funding in the Southeast Asian country, sharing key trends emerging as well as insights from industry stakeholders. According to the…

The Bangko Sentral ng Pilipinas (BSP) has approved amendments to its due diligence regulations to include electronic Know-Your-Customer (e-KYC) using digital identity. The new rules set out the requirements for the use of digital identification and verification as part of the customer onboarding process of BSP-supervised financial institutions (BSFIs). e-KYC has to be anchored on robust information and communication technology architecture, tiered or risk-based e-KYC policies as well as procedures with commensurate onboarding requirements and authentication assurance levels. The enhanced rules also highlights the acceptance of the soon-to-be launched Philippine Identification System (PhilSys)-enabled e-KYC system by the Philippine Statistics Authority…

2023 has so far a successful beginning of the year for the Philippines’ fintech industry. The first quarter was marked with a number of announcements from regulators and government agencies focusing on increasing the usage of digital financial services, new product launches, and exciting initiatives aimed to boosting fintech innovation. With Q1 2023 coming to a close, we’ll look today at some of the biggest developments occurring in the Philippines’ fintech industry during the first quarter of the year. Central bank sets deadline for national QR code standard adoption The Bangko Sentral ng Pilipinas (BSP) has given all supervised financial institutions until…

2022 was a successful year for the Philippines’ fintech industry, which saw the government continue to support the sector through conducive initiatives, growing demand for digital financial services, and an overall maturing of the industry. Fintech activity also remained strong despite a year-on-year (YoY) decline, showcasing that investors are still very bullish on the prospect of digital financial services in the market. Against this backdrop, we wanted to put a spotlight on the Philippines’ up-and-coming startups. For this list, we focused on companies primarily targeting the Filipino market. These companies have been founded over the past four years and have…

Buy Now, Pay Later (BNPL) firm Mocasa has tapped alternative credit scoring company FinScore to engineer bespoke credit scoring models that mitigate risk while its expanding market reach. Now in its second year of business, Mocasa is doubling down on its commitment to help bridge the financial gap in the country. Through its 0-interest credit payment service, the Philippines-based fintech platform supplies a “smart” and fitting credit line to its users that is adjusted based on their spending habits and repayment behavior. Julien Chien, Chief Operating Officer of Mocasa said, “How you behave with the money you have is what…

The Philippines government has proposed a merger between the Landbank of the Philippines (LBP) and the Development Bank of the Philippines (DBP) before the year ends. The consolidated bank will establish its position as the largest bank in the Philippines with an estimated asset size of about PHP4.18 trillion and a deposit base amounting to PHP3.59 trillion. After the merger, the LBP will be the surviving entity given its higher authorised capital stock of PHP 800 billion and stronger financial position. To date, the LBP has a total of 752 branches, while the DBP has 147 branches. The combined branches…

Filipino earned wage access startup Advance announced that it has raised US$16 million in a Pre-Series A funding and expanded its operations to Vietnam through the acquisition of BravoHr, a platform that provides digital solutions for employee engagement, benefits, and rewards. The round was led by Do Ventures and Lendable and joined by new investors Phoenix Holdings, Kaya Founders, Foxmont Capital, Oyster Ventures, Crossocean Ventures. Existing investors Wavemaker Partners, Next Billion Ventures, Integra Partners, and Accion Venture Lab also participated in the fundraise. Advance said that it plans to use the new funds to roll out more innovative financial products…

Financial inclusion and credit access are essential for driving economic growth and improving livelihoods in numerous emerging markets, including South Asia. However, extending credit to underbanked and unbanked populations comes with inherent risks, especially when dealing with new-to-credit customers who lack a credit history. Addressing Lenders’ Challenges in Emerging Markets In order to provide quick and trustworthy lending decisions while minimizing risk, lenders need to explore alternative approaches to enhance their understanding of new-to-credit applicants and optimize loan decisions without jeopardizing overall defaults. This is where LendBetter, a Mobilewalla solution, becomes a crucial tool. Mobilewalla LendBetter offers over 200 highly…

Rizal Commercial Banking Corporation (RCBC) has partnered with payment gateway providers SwiftPay and Dragonpay to offer more digital payment options for online consumers and merchants. Through these partnerships, RCBC’s customers can now use their mobile banking app to pay when they shop online. The bank said in a statement that this move is part of its commitment to fast-track digitalisation in the country in line with the Digital Payments Transformation Roadmap led by the Bangko Sentral ng Pilipinas (BSP). “We support RCBC’s vision of reaching out to the financially underserved through their DiskarTech mobile app. We believe this collaboration between…

UnionDigital Bank, the digital banking subsidiary of Union Bank of the Philippines, has partnered with an integrated, fully digital health and wellness platform mWell in an effort to push financial inclusion in the country. Through this partnership, UnionDigital will intergrate its banking services into mWell’s app so that its users will have a holistic health and financial wellness experience. Moving forward, mWell and UnionDigital Bank aim to make healthcare services more affordable by offering digital banking products, such as medical emergency loans and flexible payment terms. “Joining forces with UnionDigital Bank is a major step towards improving the overall healthcare…

Philippines’ mobile wallet GCash reports that its loan disbursements had reached PHP 50 billion in 2022 though its GCredit offering. GCash credited the growth of its loan book to its credit affiliate Fuse Lending, a consumer and business lending marketplace. Fuse Lending has been leading GCash’s lending initiatives through three products; GCredit, which is in partnership with regional banking giant CIMB Bank, GGives, and GLoan. GCredit gives GCash users an accessible credit line that can be used in QR-based, online, and bills payments. Meanwhile, GGives is a buy now, pay later (BNPL) product that enables customers to purchase from their…

The Bankers Association of the Philippines (BAP) assures the Filipino public that the failures of three U.S. banks in less than a week has “no substantial nor material impact” on the local banks. BAP said in a statement that Philippines’ banks have diversified deposit bases that include all sectors of the local economy, allowing them to continuously provide the liquidity needs of their clients. Additionally, banks in the Philippines continue to have capital and liquidity ratios that exceed the requirements set by the Bangko Sentral ng Pilipinas (BSP). The prudential measures implemented by the BSP provides the necessary support to…

Philippines’ mobile wallet GCash’s customers can now open an UNO Digital Bank account directly from the app and access its digital banking products through #UNOready@GCash. Filipino citizens who are at least 18 years old, and who are fully verified GCash App users with active mobile numbers and mailing addresses registered in the Philippines, are eligible to open an #UNOready savings account. The new offering is a savings account that offers up to 4.25% interest p.a. where the interest is credited daily. It has no requirements for a minimum balance and does not charge any service fees. Additionally, customers can get…

Philippines’ crowdfunding platform Investree will integrate Provenir’s data, decisioning and AI capabilities to provide accessible and inclusive financing to small and medium enterprises (SMEs). Provenir’s platform provides Investree Philippines with the capability to access, evaluate, and process a wide range of data sources to create accurate risk models, improving the quality of risk assessments and decisioning for financing applicants. Through the Provenir Marketplace, users can integrate with multiple data sources, such as credit bureaus, fraud detection providers, and social media activity through a single API to provide a comprehensive view of the applicant’s creditworthiness and financial standing. Investree Philippines is…

The Bangko Sentral ng Pilipinas (BSP) has given all BSP-supervised financial institutions (BSFIs) until 1 July 2023 to fully adopt the National QR Code Standard (QR Ph). The guidelines were issued via a memorandum that provides for the transition of non-QR Ph codes for electronic payments services to the QR Ph standard before the deadline. Payment service providers (PSPs), including those participating in the InstaPay automated clearing house, are required to submit the status of their compliance with the QR Ph standard within 30 days from the date of the memorandum. Following that, non-QR Ph codes or proprietary QR codes…