The Philippine Competition Commission (PCC) is taking a closer look at the proposed acquisition of ECPay by Globe Fintech Innovations (Mynt), the company behind the GCash e-wallet. Mynt’s plan to acquire 100% of ECPay, a major player in electronic payment solutions, raised concerns during an initial review by the PCC. The regulator is particularly interested in the potential impact on competition within key markets like payment services, aggregator services, and merchant solutions, especially for sari-sari stores, small retailers, and online payment platforms. To address these concerns, the PCC has initiated a more detailed investigation as part of a Phase II…

The Bangko Sentral ng Pilipinas (BSP) is set to issue up to four new digital bank licenses in a bid to expand the digital banking landscape in the Philippines. This move follows the lifting of a moratorium that had been in place since 2021. As highlighted by BSP senior director Melchor Plabasan in The Manila Times, the central bank aims to foster greater competition and financial inclusion through the introduction of new players in the digital banking sector. The BSP has outlined specific criteria for new applicants, emphasising the need for innovative services and a strong value proposition. Existing banks are…

The Rural Bank of Sta. Rosa (Laguna) has reported a significant increase in net income for the first nine months of 2024. Its net income reached PHP 166.7 million (approximately US$ 2.8 million), compared to an estimated PHP 94.5 million (US$ 1.7 million) during the same period last year. This surge follows a January acquisition by fintech firm Salmon, which secured a 59.7% controlling stake and injected capital to invest in technology and talent. The bank attributes its success to this investment and a growing loan portfolio, which now stands at PHP 798.8 million, up from PHP 67.5 million the…

A staggering 67% of global banks are experiencing client abandonment during the KYC onboarding process, marking a significant jump from 48% in 2023, according to new research by regtech firm Fenergo. Fenergo’s 2024 Know Your Customer (KYC) and onboarding trends survey, which gathered insights from over 450 C-suite executives in global banks across the UK, US and Singapore, highlights the urgent need for financial institutions to improve their KYC procedures. The survey points to a clear trend of disintermediation, with potential clients abandoning applications due to cumbersome KYC processes and opting for banks with more efficient onboarding experiences. While it’s…

Over 50 speakers have already been confirmed to take the stage at Money20/20 Asia 2025 in Bangkok, Thailand. The conference returns for its second edition from 22 to 24 April 2025 at the Queen Sirikit National Convention Center. More than 3,000 people from 85+ countries attended in 2024, and next year’s show promises to be even bigger and better. Thirty-six leading names, including OpenPayd, Terrapay, Thunes, Chubb, Trulioo, and Nium, have already signed up as sponsors. Money20/20 Asia’s show focus, Empowering Humanity Through Collaboration: Pioneering Secure, Frictionless, and Sustainable Fintech Innovation in Asia, explores the future of finance and sustainable,…

Cryptocurrency exchange Coins.ph announced that it is listing new memecoins before they appear on other major platforms. This strategy has enabled some Coins.ph users to benefit from price increases that can occur after a token is listed. For example, the $PNUT token increased in value by 5x after being listed on Coins.ph. Other memecoins like $MOODENG and $TURBO have reportedly also seen gains. The exchange recently listed the Elon Musk inspired Department of Government Efficiency (D.O.G.E) memecoin with the ticker $DOGEGOV. With Bitcoin reaching a new all-time high, demand for cryptocurrency trading is increasing. In response, Coins.ph is listing 2…

Jose Emmanuel “Toto” Hilado has been appointed as the new Chairman of the Board of UBX Philippines. He brings with him over 30 years of experience in the banking industry, with previous leadership roles at UnionBank of the Philippines, including Chief Financial Officer and Treasurer. His expertise in finance and innovation is expected to guide UBX’s strategic direction and growth in the fintech sector. UBX recently announced the launch of a new multi-currency stablecoin exchange with JUST Finance. This allows users to seamlessly exchange various currencies using stablecoins like USDC, a dollar-backed digital currency issued by Circle.

In 2023, Malaysia’s first digital bank, ‪GXBank‬ was born as a result of a joint venture between Grab & Singtel’s GXS Group and Malaysian conglomerate Kuok Group. Pei Si Lai, CEO, GXBank shares with Fintech News Network’s Vincent Fong the trials and tribulations of building a bank from scratch This episode of Banking After Hours is brought to you by AWS and is part of a series highlighting Malaysia’s top women leaders in banking. This interview is also available on Spotify: Listen here Apple Podcast: Listen here

The Philippines is stepping up its fight against financial crime through a new partnership between the Association of Bank Compliance Officers (ABCOMP) and regtech firm Tookitaki. The collaboration brings together Tookitaki’s Anti-Financial Crime (AFC) Ecosystem and ABCOMP’s Board of Trustees, comprising Chief Compliance Officers from leading Philippine banks. This partnership creates a unique platform for exchanging knowledge, including real, on-the-ground intelligence on financial crime patterns, scenarios, and trends. Tookitaki will contribute regional insights and developments from across ASEAN, complementing ABCOMP’s local expertise to enhance a comprehensive approach to tackling financial crime in the Philippines. The agreement reflects a shared commitment…

The Philippine government will launch GBonds on the GCash platform this December, making government securities more accessible to the public. The initiative aims to simplify investments in government bonds, allowing Filipinos to secure their financial future. Finance Secretary Ralph Recto announced the launch during the Bureau of the Treasury’s 127th Anniversary and GSED Awarding Ceremony, emphasizing its role in promoting financial inclusion. He called on GCash, the Philippine Digital Asset Exchange (PDAX), and regulators to expedite the launch process. “For we envision a future where investing in government bonds is no longer a luxury but a new normal for Filipinos—with…

A group of leading Philippine financial institutions have partnered with Web 3.0 fintech firm JUST Finance to launch PHPX, the first bank-collateralised Philippine Peso stablecoin. These institutions include UnionBank of the Philippines (UBX), RCBC, Cantilan Bank, and Rural Bank of Guinobatan alongside other commercial and rural banks. Developed by JUST Finance, a joint venture between FSCO and Ayannah, PHPX offers a secure and transparent digital representation of the peso, backed by reserves held by regulated banks and asset managers. PHPX aims to enhance financial efficiency by reducing the cost and processing time of remittances and foreign exchange swaps. Distributed exclusively through…

Rizal Commercial Banking Corporation (RCBC) received the ‘Sustainable Innovator Award’ at the Singapore Fintech Festival’s (SFF) Fintech Excellence Awards 2024. It was the only Philippines bank recognised this year, selected from over 200 entries across various categories. RCBC was recognised for its digital platforms—Pulz, DiskarTech, and ATM Go—which provide banking services to underserved communities, including those in remote and rural areas as well as Overseas Filipino Worker (OFW) communities. The platforms were noted for their inclusive design and simplified onboarding process. The Fintech Excellence Awards assessed entries on criteria such as impact, interoperability, creativity, practicality, and sustainability. RCBC stood out…

The Bangko Sentral ng Pilipinas (BSP) is addressing recent reports of unauthorised deductions from GCash user accounts. G-Xchange, Inc. (GXI), operator of the GCash e-wallet, has been directed to resolve the issue promptly and refund affected users. GXI’s initial report to the BSP attributes the incident to a system error that resulted in unauthorised transfers to accounts at East West Bank and Asia United Bank (AUB), bypassing security measures like one-time passwords (OTPs). The company shared that it is actively working to reverse these transactions and has reportedly completed the reversal process for affected users. GXI also assured the BSP…

JUST Finance, in partnership with UBX and a consortium of Philippine banks, has launched a new multi-currency stablecoin exchange. This platform, built on a public but permissioned blockchain, allows users to seamlessly exchange various currencies using stablecoins like USDC, a dollar-backed digital currency issued by Circle. The exchange aims to simplify cross-border payments and foreign exchange transactions, making them faster and more affordable for businesses and individuals, particularly freelancers, SMEs, and overseas Filipino workers. By leveraging blockchain technology, the platform ensures secure and transparent transactions with reduced costs. JUST Finance is encouraging participation from a wide range of regulated banks…

A glitch in the popular e-wallet GCash caused alarm on Saturday (9 November) after unauthorised transfers were reported by users. The issue, which involved the misuse of the “Send to Many” feature, bypassed standard security protocols, including one-time passwords (OTPs), according to Manila Standard. Social media was flooded with complaints, with users reporting losses of up to PHP 38,000. Many claimed they had not clicked on suspicious links or received OTPs during the incidents, raising concerns about the system’s vulnerability. By Sunday, GCash announced it had resolved the issue and restored affected accounts. The company assured users that their accounts…

The Philippines made a strong showing at the Singapore Fintech Festival (SFF) 2024, held from 6 to 8 November, under the “Bagong Pilipinas” pavilion. The initiative involves key government agencies such as the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission, Department of Finance, Department of Trade and Industry, Department of Information and Communications Technology (DICT), and Land Bank of the Philippines. Other private sector participants include Maya Bank, Philippine Airlines, PLDT Enterprise, Atram Investments, JuanHand, Bureau, Tala, Adjust, Finscore, CIBI, and Netcore. The festival, one of the world’s largest fintech events, hosted more than 66,000 participants from 150…

Wise, a global online money transfer service, has been granted direct access to InstaPay, the Philippines’ real-time payment system. This access allows Wise to settle directly with the Bangko Sentral ng Pilipinas’ (BSP) real-time gross payment system, PhilPaSS Plus. PhilPaSS Plus is the only Peso Real-Time Gross Settlement (RTGS) system in the Philippines, operated by the BSP under the National Payment Systems Act. This integration marks Wise’s sixth connection to a domestic payment system globally, enabling instant transfers to Philippine pesos (PHP) and providing more options for Filipino customers. Wise customers can now send up to PHP 50,000 instantly from…

Creador, a Malaysia-based private equity firm, is gearing up to invest approximately 20 billion pesos (around US$344 million) in the Philippines over the next five years, according to DealStreetAsia. Omar Mahmoud, Creador’s Country Head for the Philippines, highlighted the firm’s strategy to identify and back promising companies, with targeted investments ranging from US$34 million to US$68 million. The private equity firm, which has already established a presence in the country. Notable investments include US$71.2 million in Asialink Finance Corporation, a financial service provider catering to small and medium-sized enterprises, and US$11 million in UNOAsia, the Singapore-based company behind UNO Digital…

The Bangko Sentral ng Pilipinas (BSP) has granted Filipino digital bank GoTyme approval to operate as a Virtual Asset Service Provider (VASP). This license enables GoTyme to explore and potentially offer digital asset services, following UnionBank, which received similar approval in November last year. Currently, both GoTyme and UnionBank remain inactive as VASPs, per BSP records, indicating that these banks may still be working on necessary infrastructure and compliance frameworks for digital asset services. GoTyme has yet to release a formal statement about this matter.

Globe Telecom has appointed Carl Raymond R. Cruz as its new Deputy CEO, effective 1 January 2025. Cruz has also been nominated for a seat on Globe’s Board of Directors, with the election set to take place at the 2025 Annual Stockholders’ Meeting. Additionally, he is set to be considered for the role of President and CEO at the Board’s Organisational Meeting following the stockholders’ meeting. In his role as Deputy CEO, Cruz will report to Globe’s current President and CEO, Ernest L. Cu, who will continue in his position until the annual stockholders’ meeting. Afterward, Cu will remain involved…