The Bangko Sentral ng Pilipinas (BSP) has selected Hyperledger Fabric as the distributed ledger technology (DLT) for its wholesale Central Bank Digital Currency (CBDC) pilot project, Project Agila. Formerly known as Project CBDCPh, Project Agila aims to test the use of CBDC technology to enhance the country’s large-value payment system. Project Agila will test enabling inter-institutional fund transfers even during off-business hours or when PhilPaSSplus is unavailable. The pilot project will involve seven participating financial institutions: BDO Unibank, China Banking Corp., Land Bank of the Philippines, Rizal Commercial Banking Corporation, Union Bank of the Philippines, and Maya Philippines. Meanwhile, observing…

Philippines e-wallet GCash has removed more than 4 million accounts linked to fraudulent activities in 18 months, according to a report by Philstar.com. The company said it is taking steps to protect its users from fraud, including blocking malicious sites and raising its cybersecurity walls. The report quoted Reyes saying, “When it comes to outside of the app, there really are a lot of bad actors in the market who try to take advantage of consumers. They do a lot of social engineering. They do a lot of stalking [and] phishing to get personal information from you.” G-Xchange’s President and…

The Bangko Sentral ng Pilipinas (BSP) has joined forces with its embassy in Riyadh, Kingdom of Saudi Arabia to develop Islamic banking and finance in the Philippines. Assistant Governor Atty. Arifa A. Ala shared the major milestones in the development of the Philippines’ Islamic banking and finance ecosystem during a briefing session for stakeholders in Saudi Arabia. She also emphasised the vast opportunities for investments and potential benefits in terms of wider reach and greater financial inclusion that an expanding Islamic banking and finance industry can bring to the country and Filipinos abroad. “The business model of Islamic banking is…

The Philippines’ Securities and Exchange Commission (SEC) is drafting revised guidelines for sustainability reporting by publicly listed companies (PLCs). The new guidelines will aim to ensure consistency and uniformity in the sustainability measures reported by PLCs, as well as enhance the quality of the information disclosed. The revised guidelines will take into consideration global sustainability standards such as IFRS S1 and IFRS S2 among others which have been endorsed by the International Organization of Securities Commissions earlier his year. The SEC has seen a steady increase in the submission of sustainability reports by PLCs since it issued the first set…

Philippines e-wallet GCash its credit affiliate Fuse Lending, a consumer and business lending marketplace, have rolled out ‘GCash Sakto Loans’. This new nano loan offering is designed to help Filipinos borrow small amounts of money conveniently without any paperwork. GCash Sakto Loans is available to GCash users who are not yet eligible to borrow through GLoan and GGives. Borrowers can borrow amounts as small as PHP 100 up to PHP 1000, with a processing fee from PHP 6.50. There is no interest charged on the loan, and it can be repaid either after 14 or 30 days. The loan is…

Ant Group, the operator of Alipay+, has announced that four mobile wallets are now accepted in the Philippine; AlipayHK (Hong Kong SAR), Kakao Pay (South Korea), Touch ‘n Go eWallet (Malaysia), and Alipay (Chinese mainland). This means that tourists from these regions can now use their local mobile wallets to make payments in the Philippines, without having to carry cash or use a foreign credit card. Alipay+ is currently accepted by merchants in Manila and Cebu, the two most visited cities in the Philippines. The acceptance of these new mobile wallets comes as travel to the Philippines is recovering as…

Philippines e-wallet GCash will start charging a PHP5 convenience fee for every cash-in transaction from Bank of the Philippine Islands (BPI) and UnionBank starting in the fourth quarter of 2023, according to a report by Philstar Global. GCash’s President and CEO Martha Sazon was quoted saying that the convenience fee is still lower than the PHP25 charged by traditional banks, adding that the fee is necessary to cover its rising costs. She reassured users that GCash will continue to subsidise part of the operating cost for its cash-in transactions as it aims to keep its services affordable for the public.…

Philippines’ consumer fintech Salmon has made it easier for its customers to repay their loans. Salmon launched repayment channels with five institutions, including MLhuillier and SM Bills Payment Centers (SM Stores), that will provide new loan repayment locations. The fintech has added 3,070 new in-person repayment locations, a 56% increase from 5,500 7-Eleven and Cebuana Lhullier stores, already available to customers before the new partnerships were signed. Customers can generate a reference number or barcode in the Salmon app and then use it to make payments at these locations. Alternatively, customers can make also payments online and will be redirected…

The fintech industry in the Philippines has witnessed significant growth and development in recent years, driven by a combination of factors including increasing smartphone penetration, a young and digitally-savvy population as well as supportive regulatory changes designed to promote digital payments and improve financial inclusion. The Filipino fintech ecosystem grew by nearly 40% between 2018 and 2022, rising from just 208 companies to 289, according to a 2022 report by UOB, PwC Singapore and the Singapore Fintech Association. As of late-2022, 91% of the consumers polled in the country were aware of embedded finance – the highest rate among Southeast…

Manila-based fintech Salmon has grown rapidly in its first year of operations. From launching its first point-of-sale lending product four months after inception, rolling out its proprietary app, and securing partnerships with leading retailers across the Philippines – the fintech is steadily moving towards its goal of becoming Southeast Asia’s top credit-led neobank. Salmon, headquartered in Manila, is quick and nimble thanks to its data-driven approach. Its proprietary credit engine enables Salmon to calculate risks and approve consumer loans quickly. In addition to using facial recognition to help verify customer identity, Salmon plans to adopt other technologies made possible by…

In Southeast Asia, the Philippines is emerging as a hub for fintech innovation, fueled by growing consumer adoption of digital financial services and increased deployment of innovative technologies by banking incumbents. As the country’s fintech landscape rapidly evolves, a series of online and in-person events are being scheduled to allow industry stakeholders to connect, build meaningful business relationships and learn about the latest trends, challenges and opportunities shaping the fintech ecosystem. Today, we look at the top 13 upcoming fintech events taking place in the coming months in the Philippines. For this list, we focus on the most highly anticipated…

The Huawei Cloud Finance Summit Philippines 2023 is set to bridge the gap between traditional banks, fintech companies, and software partners to foster meaningful connections and drive collaboration this 31 August at Shangri-La The Fort, Manila. At this summit, participants will be able to delve into the intricate nuances of customers’ digital scenarios, seeking valuable insights that can shape the future of finance. The event will kick start with a welcome speech by Sylvia Wang, CEO of Huawei Cloud Philippines. Following the welcome speech, there will be a sharing of “20-fold Growth in 4 Years: Fastest-Growing Cloud Presence in APAC” by…

Philippines’ mobile wallet GCash will be waiving the QRPh transaction fees or merchant discount rates (MDRs) for micro-merchants using the scan-to-pay service until the end of 2023 according to a report by the Manila Bulletin. GCash’s scan-to-pay service enables merchants to track payments efficiently without any added cost to their customers. This move was intended to encourage micro-merchants such as sari-sari store owners, public market vendors and small online sellers to embrace digitalisation. Additionally, these merchants will also have an expanded wallet limit of up to PHP 500,000 per month. On top of that, a 1.5 percent transaction fee will…

​The Bangko Sentral ng Pilipinas (BSP) will be retaining the cap on credit card transactions at 3% per month or 36% per year. The maximum add-on rate on installment loans will also stay at 1% per month. Meanwhile, the maximum processing fee for cash advances will remain at PHP200 per transaction. These limits will be reviewed after 6 months. BSP said that it will continue to promote digitalisation in the financial industry. This will help banks and credit card issuers improve their services and customer experience, while also reducing their operating costs. The regulator will also continue to promote financial…

Philippines rural bank Cebuana Lhuillier will be modernising its core banking platform through a partnership with banking software company Temenos. Cebuana Lhuillier Bank provides credit and savings accounts to individuals, micro, small and medium enterprises to grow their personal or business finances. With Temenos, Cebuana Lhuillier Bank aims to expand its personalised product offerings including new lending products such as motorcycle loans and grow from 7 million to more than 11 million customers over five years. The solution will be implemented by Temenos’ delivery partner, Orion Innovation. The Temenos solution also assists the bank to adapt more easily to changing…

​The Bangko Sentral ng Pilipinas (BSP) announced that it has joined the United Nations-supported Principles for Responsible Investment (PRI). Developed in 2015, the PRI is a global network of public and private institutions committed to incorporating environmental, social, and governance (ESG) considerations into their investment practices. By signing the PRI, investors commit to integrating ESG issues into their policies, where consistent with their fiduciary responsibilities. BSP said that this will allow it to deepen its understanding of responsible investing, enhance the inclusion of ESG factors into the overall investment process and decision-making. The regulator added that it will also be…

Atome Financial and HSBC Singapore have renewed and expanded their debt facility agreement. The new agreement includes the Philippines market and new consumer financing products. This is an expansion of the original agreement in August 2022. Through this agreement, HSBC provides flexible, scaleable and pan-regional financing solution to support Atome Financial’s business expansion. Atome Financial is an umbrella business unit made up of two brands; buy now pay later platform Atome as well as digital lending platform Kredit Pintar in Indonesia. The fintech company claims to have over 40 million app downloads and disbursed more than US$4 billion in loans.…

The Alibaba Cloud Summit Philippines 2023 is set to kick off this 12 September at Grand Hyatt Manila, presenting attendees an opportunity to delve into the realm of cloud technology and foster invaluable connections among like-minded professionals. A live stream option is also available. The half-day summit is poised to deliver actionable insights through a robust lineup of industry-driven content, cloud trends, and keynote speeches by Alibaba Cloud’s experts and industry leaders including DICT, KPMG, Kumu, and Fortinet, among others. By participating in this summit, attendees can anticipate gaining a profound understanding of the diverse spectrum of cloud technologies and…

Philippines fintech firm One Alliance Lending joins the growing number of local financial institutions to leverage FinScore’s alternative credit scoring to make loans more accessible to more Filipino SMEs. Powered by FinScore’s telco data and advanced analytics, One Alliance Lending offers secured business loans aimed at helping small-scale businesses recover from the effects of the pandemic, while also fostering growth and propelling them toward the realisation of their business goals. Through this partnership, One Alliance Lending is able to provide businesses with a rapid and streamlined loan approval process that takes anywhere from 24 to 48 hours, ensuring that businesses…

UBX, a UnionBank of the Philippines’ spin off that offers an open finance platform, has partnered with Netbank, a Philippines-based neobank that offers Banking-as-a-Service solutions, in a push for open and embedded finance. Through this partnership, Netbank is able to provide a range of payment and account services through UBX’s open finance platform. Currently, Netbank is already able to underwrite credit to sellers on e-commerce platforms by leveraging UBX’s platform. Netbank, by working with UBX’s lending platform SeekCap, gets access to detailed sales and performance data of sellers, which powers the provisioning of unsecured working capital loans. With a range…