Filipino e-wallet GCash has introduced a series of new AI-driven features aimed at enhancing the user experience, unveiled at this year’s GCash FutureCast event. GCash has announced four key additions designed to provide more personalised and accessible financial services. Among the new features is “Gigi,” an AI-powered digital assistant that helps users navigate GCash’s services and address inquiries. Gigi can recall past conversations, trigger security measures, and even connect users directly to a live agent when needed. This enhancement aims to streamline customer support, offering quick, efficient responses while ensuring a more personalised and secure experience. “Think of Gigi as…
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Alibaba Cloud is gearing up to host the upcoming Alibaba Cloud Summit Philippines on 8 October 2024. The summit brings together industry leaders, AI experts, and fintech companies to explore the potential of AI and cloud innovations in driving growth and financial inclusion in the country. The event aims to empower fintech companies to leverage the latest technologies to enhance their services, improve customer experience, and drive business growth in the rapidly growing but still nascent fintech industry in the Philippines. The industry saw a 20% increase in fintech companies in 2023 alone. Despite this growth, challenges such as limited…
The Bangko Sentral ng Pilipinas (BSP) has denied allegations of subcontracting in the National ID Card project. The regulator asserted its full compliance with procurement guidelines and its agreement with the Philippine Statistics Authority (PSA). BSP clarified that while AllCard Incorporated (ACI) provided equipment, materials, and technical support, the central bank itself conducted the printing operation. The commission on audit’s review of BSP transactions found no issues related to subcontracting. The BSP emphasized that the core issue lies with AllCard’s failure to fulfill its contractual obligations, a matter currently under arbitration. The central bank said in a statement, “The BSP…
Digital identity represents a major shift in how we interact with the digital world, paving the way for enhanced user experience and security. There has been much progress, evolving from the usage of mere passwords and usernames to more sophisticated security markers like biometrics and those that use AI technology. In the Asia Pacific region, governments are at varying stages of maturity when it comes to digital identity. Some have even set ambitious targets, with the hope of strengthening digital connectivity and making life easier on the whole, for its people. The State of Digital Identity in Southeast Asia A…
Filipino e-wallet GCash is set to expand its stock investment service globally, according to PhilStar. GCash is currently working with regulators, including the Securities and Exchange Commission (SEC), and has submitted a sandbox application for GStocks Global. This sandbox allows companies to test innovative products or services in a controlled environment before receiving full regulatory approval. The SEC will assess the application under the sandbox framework, with final approval pending from the commission en banc. If successful, GCash will apply for the required license to offer GStocks Global to the public. GCash’s local platform, GStocks PH, followed a similar process…
In 2024, GCash, arguably the most successful fintech company in the Philippines, continued its impressive growth trajectory following a strong financial performance in 2023. The company secured additional funding, formed numerous partnerships and expanded its reach overseas. It is now preparing for a landmark public listing. These developments mark a period of substantial growth and transformation for GCash as the firm further enhance its market position both domestically and internationally. GCash up for largest public listing in Philippine history GCash is preparing for what could be the largest public listing in the country’s history. GCash’s parent company, Mynt, recently raised…
Amazon Web Services (AWS) is ramping up efforts to support the growth of Philippines startups through its Activate programme, according to the BusinessWorld. This initiative seeks to make cloud technology and AI development more accessible to emerging companies in the region. Depending on their funding stage, startups can access credits from AWS ranging from US$1,000 to US$100,000 to leverage its technological tools. According to AWS Head of Startups for the ASEAN region, Lakshmi Priya, the Philippines stands out as one of the fastest-growing markets, driven by a surge in startups within the fintech, e-commerce, and logistics sectors. Since its launch…
Maybank Philippines has officially launched its Islamic banking unit, becoming the first commercial bank in the country to offer Shariah-compliant financial services. The unit began operations on 14 August, following the approval of its license from the Bangko Sentral ng Pilipinas (BSP) in July. This marks the second Islamic banking unit (IBU) to be licensed in the Philippines, with CARD Bank being the first in June 2023. An IBU is a dedicated division within a conventional bank that operates under Shari’ah principles, as outlined by BSP regulations. Maybank held a soft launch for the new unit on 25 July 2024,…
Land Bank of the Philippines (LandBank) has expanded its loan offerings to support businesses and individuals affected by natural disasters, aiming to expedite recovery and rebuilding efforts. The bank’s Community Assistance and Reintegration Support Plus (CARES+) programme now provides loans to farmers, fishers, cooperatives, micro, small and medium enterprises (MSMEs), corporations, and electric distribution utilities. These loans can be used for working capital, capital expenditures, and the repair or acquisition of disaster-damaged equipment and facilities. Electric distribution utilities may also utilise the loan as short-term working capital to cover increased generation and distribution costs. In addition, LandBank is offering an…
BillEase, a digital consumer finance platform in the Philippines, has secured a strategic investment from TPG’s The Rise Fund. The sum was not disclosed. This investment marks the beginning of BillEase’s Series C equity round, with existing investor Burda Principal Investment also participating. China International Capital Corporation Limited (CICC) acted as the exclusive financial advisor to BillEase during the Series C process. BillEase offers various financial services such as personal loans, e-wallet top-ups, prepaid load, gaming credits, and bill payment. It also includes a buy now, pay later (BNPL) option with interest rates and deals available from over 10,000 merchants…
CSC Holdings, a Hong Kong-listed company, is set to acquire a 26.8% stake in Citystate Savings Bank (CS Bank) in the Philippines for 736 million pesos (approximately US$13 million). Founded in 1997, CS Bank operates a network of 34 branches across the Philippines. The bank provides a range of services, including cash management, corporate and retail banking, as well as treasury operations. According to the South China Morning Post, this move marks CSC Holdings’ strategic entry into Southeast Asia’s financial market, particularly within the underdeveloped banking sector of the Philippines. CS Bank, a licensed thrift bank focused on savings deposits…
Philippines digital banks have seen remarkable growth, collectively amassing over PHP 80 billion in deposits by June, according to a report by the INQUIRER.net. This increase, nearly tripling their depositor base compared to the previous year, highlights the rising popularity of digital banking services in the country. Since the introduction of the Digital Banking Framework in December 2020, six digital banks have been established in the country. Among them are Tonik, Maya Bank, Overseas Filipino Bank (OFBank), UNObank, UnionDigital Bank, and GoTyme Bank. Recent figures from the Bangko Sentral ng Pilipinas (BSP) indicate that these six digital banks have expanded…
Exchange-traded funds (ETFs) are popular investment vehicles for retail and institutional investors alike. ETFs offer diversified exposure to various asset classes at low costs. With the right strategies, ETFs can be traded profitably to enhance overall investment returns. This article explores some proven approaches to profitable ETF trading. Understanding ETFs and Their Trading Dynamics An ETF is a basket of securities that tracks an underlying index or benchmark. ETFs trade on exchanges just like stocks and experience price fluctuations throughout the trading day based on supply and demand. Their share price closely follows the net asset value (NAV) of the…
Payments giant Visa has launched its first transit project in the Philippines, enabling contactless payments on modern jeepneys in Cebu and Mandaue City. This initiative is part of a pilot project, with plans to expand to more modes of transit in the coming years. This initiative aims to enhance the travel experience for both local commuters and tourists, offering a wider range of payment options. The project, a collaboration between Visa, Good Transport Solutions Inc. (GTSI), and GHL, allows passengers to pay their fares using Visa cards on 120 modern jeepneys in Cebu and 20 in Mandaue City. This move…
Filipino digital bank GoTyme has onboarded 1.7 million new customers in the first half of 2024, bringing its total user base to 3.7 million since its launch in November 2022. The rapid growth positions the bank on track to achieve its target of five million customers by the end of the year. PhilStar reported that GoTyme Bank has accumulated PHP 17.3 billion in total deposits during the same period. GoTyme Bank President and CEO Nathaniel Clarke underscored the bank’s ambition to become the fastest-growing bank in the Philippines in terms of new customers added monthly by year-end. He noted that…
The Bangko Sentral ng Pilipinas (BSP) and the National Bank of Cambodia (NBC) have signed a Memorandum of Understanding (MOU) to strengthen cooperation between the two central banks. The MOU is intended to establish a framework for deeper bilateral ties, with a focus on central banking, payment connectivity, digital financial innovation, banking supervision, and human resource development. Both central banks have a history of cooperation on regional and bilateral levels, and this agreement is seen as a continuation of those efforts. The signing took place on 19 August 2024, in Siem Reap, Cambodia, with BSP Governor Eli M. Remolona, Jr.…
The Bangko Sentral ng Pilipinas (BSP) has released its Sustainability Report 2023, highlighting major steps in sustainable finance. These include the introduction of regulatory incentives and the release of sustainable finance taxonomy guidelines. The report also features research on how climate change affects monetary policy and the banking system. BSP also announced that it has established a sustainability office, under the Strategy, Innovation, and Sustainability unit, which will guide the central bank’s inclusive sustainability agenda. The BSP’s sustainability strategy is aligned with national climate goals, such as the National Adaptation Plan 2023-2050 and the Philippine Energy Plan 2023-2050. The central…
The Bangko Sentral ng Pilipinas (BSP) and the Department of Labour and Employment (DOLE) are urging labour and employer sector leaders to transition to digital wage payments, highlighting the benefits of safe and efficient payroll solutions. During the 2nd Financial Inclusion Forum for the Labour and Employers Sector, discussions emphasized the advantages of digital wage payments for both employees and employers. Currently, around 70 percent of private sector salaries in the Philippines are still paid in cash, according to the 2021 Financial Inclusion Survey by the BSP. Digital wage payments are seen as a key driver of financial inclusion. Studies…
Payment processing platform PayMongo has unveiled its latest offering—the PayMongo Wallet—designed to streamline digital transactions for small and medium enterprises (SMEs) across the Philippines. In a statement to the INQUIRER.net, PayMongo CEO Jojo Malolos emphasized that the PayMongo Wallet aims to transform financial transactions for SMEs by providing a seamless, secure, and inclusive solution. “PayMongo Wallet streamlines online business operations and enhances financial management, helping Filipino SMEs thrive in the digital age,” Malolos said. Recognising that SMEs form a significant portion of the local business landscape, Malolos noted that the new wallet is tailored to support these enterprises as they…
Investagrams Inc. has announced a new partnership with the Philippine Digital Asset Exchange (PDAX) to enhance accessibility to cryptocurrency trading for Filipinos. PDAX, a platform focused on promoting financial inclusion in the Philippines, offers users a secure and user-friendly environment to buy and sell digital assets. Investagrams, a social financial platform in the country, provides tools, educational resources, and market insights to help users start and grow their investment journeys. This collaboration allows Investagrams users to access PDAX’s cryptocurrency trading platform directly, enabling them to diversify their portfolios by trading digital assets such as Bitcoin and Ethereum. The integration streamlines…