Posts From Fintech News Philippines
BSP Studying the Role of Generative AI in Banking and Financial Services
Commenting on the integration of technology within the financial sector, the Bangko Sentral ng Pilipinas (BSP) has revealed its ongoing investigations into the implications and necessary safeguards for the use of generative artificial intelligence (AI) in banking. Under the guidance
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Only Two of Six Philippine Digital Banks Are Profitable, Says BSP
Recent insights from the Bangko Sentral ng Pilipinas (BSP) have cast light on the challenging environment facing the Philippines’ digital banking sector. According to Melchor Plabasan, Director at the BSP, among the six digital banks operational within the nation, only
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SEC and NTC Take Action Against OctaFX, MiTrade for Offering Unregistered Securities
In a decisive move to shield investors, the National Telecommunications Commission (NTC) has enacted a directive, prompted by the Securities and Exchange Commission (SEC), to immediately restrict access to OctaFX’s website and applications. This action is in response to identified breaches
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HSBC Philippines Unveils Multi-Channel Payment Processing for E-commerce
HSBC Philippines has unveiled a new application programming interface (API)-based e-commerce payment solution known as Omni Collect. This platform aims to simplify how businesses manage payments across various channels, facilitating the integration of both online and offline payment methods for
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BSP Aiming to Launch Instant Cross-Border Payment Service by 2026
The Bangko Sentral ng Pilipinas (BSP) has outlined plans to introduce an instant cross-border payment service by 2026, aiming to simplify the process of sending remittances to the Philippines. BSP Governor Eli M. Remolona, Jr. highlighted this initiative during a
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Hubert Dominic B. Guevara Returns to SEC as Commissioner
Hubert Dominic B. Guevara has been appointed as a new Securities and Exchange Commission (SEC) commissioner, succeeding fellow attorney Kelvin Lester K. Lee, whose term has concluded. Guevara, with a background as a lawyer and extensive experience in both the
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GCash Partners with E9pay to Expand Remittances for Filipinos to South Korea
E-wallet GCash has announced its expansion into South Korea through a strategic partnership with Seoul-based broker E9pay. This collaboration aims to offer overseas Filipino workers a more efficient and cost-effective way to remit funds back home, tapping into the sizable
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Tonik Financial Confirms Multiple Layoffs in Bid for Profitability
Tonik Financial, headquartered in Singapore and operating the Tonik Digital Bank in the Philippines, has recently revealed a reduction in its workforce, which the company says is a strategic move towards enhancing revenue streams and attaining profitability. The decision, as disclosed
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Malaysia’s Creador Commits US$71.2 Million Investment to Grow Asialink Expansion
Creador, a private equity firm in Southeast Asia, has made a strategic investment of PHP4 billion (US$ 71.2 million) in Asialink Finance Corp., an online lending firm to the Philippine small and medium enterprise (SME) sector. This investment grants Creador
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Salmon Introduces “Early Bird” Savings Scheme with 8.88% Interest Rate
Salmon has recently introduced its “early bird” savings scheme. The financial services company now operates a licensed bank, the Rural Bank of Sta. Rosa/Laguna, alongside a series of lending companies in the Philippines. This initiative offers Filipino consumers a notable
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