Philippines neobank Tonik announced that it has raised US$17 million in a Pre-Series B funding round. The round comes on the heels of Tonik’s public launch in March 2021, which saw it secure over US$20 million (1 billion pesos) in retail deposits in under 1 month. Led by Singapore’s iGlobe Partners, the round featured participation from existing shareholders Sequoia India, Altara Ventures, and Insignia Venture Partners as well as bringing in new investors Citius, Baring Vostok Capital Partners, and multiple Philippines family offices. Tonik said that the new funding will be used to invest aggressively in product development. The neobank…

Australian Buy Now, Pay Later (BNPL) company Zip Co has furthered its global expansion, announcing a strategic investment in TendoPay, a BNPL provider based in the Philippines. The investment represents Zip’s first step into South East Asia, which will also act as a launchpad for the company’s expansion into the region. The company has recently established central operations and commercial teams in Singapore, in preparation for further growth. Founded in 2018, TendoPay offers digital instalment plan solutions, with a focus on responsible lending. The platform gives Filipino consumers the convenience of instalment loans for online purchases and a choice of…

PayMaya, a mobile wallet under the purview of PLDT, has become the first fintech company to adopt QR Ph for merchants that was launched by the Bangko Sentral ng Pilipinas (BSP) in cooperation with BancNet and the Philippine Payments Management. Launched by the BSP on April 30, QR Ph enables businesses to accept payments from customers of other banks and financial institutions for various transactions. Merchants all over the country will soon be able to easily accept QR payments from other participating banks in addition to the PayMaya e-wallet. Other participating financial institutions for the initiative include All Bank, Asia…

Philippine Bank of Communications (PBCOM) has gone live with Temenos Transact, a core banking Software-as-a-Service (SaaS) solution, to offer digital-first banking services in the Philippines. PBCOMobile is its mobile-only suite of services which offers a broad suite of financial solutions ranging from deposits and corporate, commercial and personal loans, to cash management solutions and investment services. Supported by Temenos, PBCOM became one of the first commercial banks in the Philippines approved by the regulator to host its core banking system in the cloud. The Temenos SaaS solution allowed PBCOM to create PBCOMobile, a self-service onboarding and origination experience for its…

Latvian fintech VIA SMS Group continues to expand its presence in Asia-Pacific by investing in the development of consumer lending brand VAMO.ph in the Philippines. The decision on further strategic expansion in the region follows successful business operations in Vietnam launched in 2019 in partnership with another well-known consumer lender TWINO. Since the company’s launch in 2019, Vietnamese VAMO.vn has issued loans with a total value of more than 3 million EUR. VAMO.ph launched its operations in Philippines in the beginning of this year, and currently the company is engaged in intensive technical development to prepare for the product public…

Businesses in the Philippines are investing in user-friendly digital experiences and improving customer analytics as they perceive customer experience and innovation as strategic imperatives and critical differentiators, according to findings of a new study by Oxford Economics, a global economic forecasting and quantitative analysis firm, and global software firm SAP SE. The study, which surveyed 600 senior executives across Singapore, Malaysia, Thailand, Vietnam, Indonesia and the Philippines, found that in the Philippines, businesses both large and small view customer experiences as vital for their survival and growth with 53% citing improving customer experience as their top primary strategic priority, followed…

Philippines neobank Tonik announced that it has tied up with PESONet to enable safe and secure electronic fund transfers to its account from other banks. Tonik users are now able to transfer funds from a PESONet participating bank to their accounts. This service is initially available via RCBC, Landbank, PSBank and CIMB, with other PESONet member banks expected to add the service in the coming months. In line with this, interbank transfer services via PESONet will be available with more banks in the coming weeks. The announcement comes at the heels of Tonik’s official launch in March 2021. The neobank…

CIMB Bank Philippines announced that it has accumulated over 40 international awards and has signed up close to 4 million customers within just a little over 2 years from opening its digital doors in the country. International finance organisations have recognised the achievements of CIMB Bank Philippines with over 15 new awards from the start of 2021. In the first 3 months of 2021, CIMB Bank Philippines signed in over 600,000 Filipinos driving deposit growth by 460% versus the same period last year. Annual average balance per customer has also increased by 235% while the average cash-in per customer grew…

FICO, a global analytics software firm, did a recent survey on identity proofing and digital banking which showed that identity theft is a tangible threat for people in the Philippines. This survey was conducted in January 2021 by an independent research company. 1,000 Filipino adults were surveyed, along with 13,000 consumers in the USA, UK, Canada, South Africa, Australia, New Zealand, Indonesia, Malaysia, Vietnam, Thailand, Brazil, Colombia and Mexico. 6.5 percent of the respondents said that they know their identity has been stolen and used by a fraudster to open an account, while a further 5.4 percent believe it is…

Uploan, a Philippines-based provider of salary linked financial services, has raised a senior secured loan of up to US$ 15 million from Lendable, a UK-based provider of debt to fintech companies in emerging and frontier markets. The long-term facility will allow Uploan to grow their loan book, redeploy Lendable’s capital several times and hold more exposure on-balance sheet. The transaction’s security structure, complying to new regulations adopted in 2020, also establishes a secured debt infrastructure that paves a clear path for Uploan to expand their institutional debt into the future. Additionally, the partnership will enable Uploan to partner with more…

Ayannah a Filipino fintech startup that provides affordable and accessible digital financial services will be providing its open banking and omnichannel distribution platform to Rizal Commercial Banking Corporation (RCBC)’s mobile app Diskartech. With this partnership, Diskartech users will be able to cash in through thousands of Ayannah-enabled outlets nationwide. Ayannah gives users access to its global network of services that include e-commerce, remittance, and electronic distribution and payment, including online and mobile selling. “We are excited to partner with RCBC to make Diskartech even more accessible to our kababayans all over the country. With our growing network of transaction agents,…

AirAsia announced its partnership with GCash to provide its guests with a fast and convenient option to pay for their flights and other add-ons when booking through its app and website. Guests can now make secure mobile payments online by proceeding to AirAsia’s payment page where they can pay via GCash through the ‘Wallet’ tab. GCash can also be used to make payments for AirAsia shop purchases via the app. Guests can also use their GCash e-wallets for cashless transactions at AirAsia check-in counters nationwide when paying for additional baggage, meals, and other flight add-ons while checking in. Guests simply…

Overseas Filipino Bank (OFBank), a wholly owned subsidiary of the Land Bank of the Philippines (LANDBANK), has digital only bank to secure a license under Bangko Sentral ng Pilipinas (BSP)’s newly revised digital banking framework. OFBank was issued a digital banking license on March 25 after being approved for the first phase of BSP’s three-stage licensing framework on the establishment of new digital banks. OFBank’s license differs from other digital-only banks or neobanks who are operating under a rural banking license which adhere to a different set of rules. Following that, OFBank was able to commence its banking operations in…

The Bangko Sentral ng Pilipinas (BSP) considers the digital banking framework as a key building block in promoting financial inclusion. The framework aims to enable a regulatory environment that fosters responsible innovation, promotes cyber resilience, and expand the digitalisation of the financial sector. Issued in December last year, the BSP’s “Guidelines on Establishment of Digital Banks” defines a digital bank as a financial entity, categorised as a bank, offering financial products and services that are processed end-to-end through a digital platform or electronic channels with no physical branch offering financial products and services. Nonetheless, digital banks are expected to have…

Mobile money wallet GCash is transitioning from a micro-lending innovation to being a full digital lending facility through the GCredit feature that is supported by CIMB Philippines. CIMB Philippines will now officially power GCredit, as the bank employs its credit evaluation and analytics expertise as well as its funding capabilities for GCash customers. Housed inside the GCash app, GCredit is a digital micro-lending service in the Philippines, where qualified customers can purchase goods, services, and pay their bills in-store or online with over 17,500 partner merchants nationwide. GCash said in a statement that this will help GCredit to reach more…

The Supreme Court of the Philippines (SC)  signed a Memorandum of Agreement with Union Bank of the Philippines (UnionBank) for the bank to develop an ePayment solution for the Judiciary. The Judiciary ePayment Solution will involve an application designed to provide the courts the options to receive fees and payments digitally from litigants, their counsels, and representatives in a safe, secure, real-time, 24/7 basis from anywhere at their convenience. Led by Chief Justice Diosdado M. Peralta during the signing of the MOA, the Project will be greatly beneficial to the courts and the general public as it will streamline the…

Southeast Asian digital-only bank Tonik has launched as the first neobank in the Philippines. Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) while its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Tonik’s cloud-based solution is powered by global financial technology leaders Mastercard, Finastra, and Amazon Web Services. The neobank said in a statement that customers can open fully functional banking account in under 5 minutes within the Tonik app with their ID and selfie. Tonik account can be topped up through interbank transfers, debit cards, or cash transactions at close to 10,000 retail agents across…

Several Philippines agencies have signed a Memorandum of Understanding (MOU) with the British Embassy of Manila for the country’s participation in UK’s Prosperity Fund for the ASEAN Economic Reform Programme and ASEAN Low Carbon Energy Programme. The MOU formalises the cooperation activities between the Philippines and the UK in the areas of capital market development, fintech development, green finance, and accounting standards. The local agencies that signed the MoU were Bangko Sentral ng Pilipinas, the Department of Finance, Securities and Exchange Commission, and the Insurance Commission. With the Finance Department in the lead and the other entities acting as co-lead…

Members of Fintech Alliance.ph issued a joint statement strongly urging the public, industry stakeholders, and the government to join hands in fighting against fraudulent and criminal financial transactions online. With the COVID-19 pandemic accelerating the digital shift in financial transactions and the technology becoming widely available for everyone, many unscrupulous groups and individuals are finding ways to target unsuspecting users. According to global think tank Cybersecurity Ventures, the impact of cybercrime is expected to reach $ 6 trillion in 2021 and rise to $10.5 trillion annually by 2025. In the Philippines, various cybercrime incidents have been reported throughout the pandemic.…

Online payment gateway JazzyPay has teamed up with Union Bank of the Philippines to provide cashless payment solutions for SMEs and local businesses. With the partnership, JazzyPay customers can now settle payments using their UnionBank accounts. In turn, UnionBank online users can now pay for local and essential businesses registered with JazzyPay. JazzyPay, an online payment gateway system that allows businesses of all types and sizes to accept cashless payments across credit and debit cards, e-wallets, online baking, and over-the-counter cash deposits. Currently, onboarded merchants are able to accept payments through 27 payment methods, now including UnionBank. Aside from being…