State-owned Credit Information Corporation (CIC) has inked an agreement with ADVANCE.AI to establish a new credit bureau in the Philippines. ADVANCE.AI, known for its expertise in digital identity verification, KYC/KYB, and risk management, is expected to begin operations in the fourth quarter of 2024. The primary focus of this new credit bureau will be fintech companies, digital banks, and thrift banks, which play a key role in promoting financial inclusion and innovation within the Philippine financial landscape. This development follows CIC’s earlier decision to grant ADVANCE.AI a Special Accessing Entity (SAE) license. The license was awarded after a competitive tender…

Singlife Philippines has launched the Singlife Super Boost Programme, a new life insurance initiative that allows customers to earn up to 15% per annum in net interest on their Singlife Account, with interest earnings credited monthly. The Singlife Super Boost Programme is open to both new and existing customers who secure policies through the Singlife Plan & Protect App or the Singlife Shop. To qualify, customers need at least one active policy, with interest earned calculated daily and credited monthly to their Singlife Account. For account balances up to PHP 500,000, customers can earn a 5% per annum net interest…

Filipino digital bank Maya has disbursed a total of PHP 47 billion (approximately US$819 million) in loans to over a million borrowers by the end of June, according to a report by PhilStar. Since its launch in April 2022, Maya Bank has rapidly expanded its unsecured lending services, with 59 percent of its clients experiencing their first-ever bank loan through Maya. The bank attributes its success to an AI-driven credit scoring model that utilises payments and alternative data, enabling fast and scalable lending. Maya Bank also reported a significant increase in deposit balances, growing by 32 percent to reach PHP…

Philippine-based BNPL (Buy Now, Pay Later) and consumer finance startup BillEase achieved profitability in 2023. This was driven by robust growth in its customer base and a significant expansion in merchant partnerships, according to regulatory filings. Jin Chan Invest, the Singapore-registered parent company of BillEase, reported a net profit of US$5.95 million for the year ending 31 December 2023, marking a sharp turnaround from a net loss of US$342,364 recorded the previous year. As reported by DealStreetAsia, the company’s revenues soared by 75%, reaching US$55.29 million, compared to US$31.52 million in 2022. Additionally, gross profit experienced substantial growth, rising to…

Martha Sazon, CEO of GCash, told Bloomberg that the Filipino e-wallet is considering applying for a digital bank license after the Bangko Sentral ng Pilipinas (BSP) lifted its moratorium. Last week, BSP announced that it will lift the moratorium on granting new digital banking licenses starting 1 January 2025. This will allow up to ten digital banks to operate in the Philippines. Sazon emphasised that “nothing is definite at the moment.” Since the introduction of the Digital Banking Framework in December 2020, six digital banks have been established, including Tonik, Maya Bank, Overseas Filipino Bank (OFBank), UNObank, UnionDigital Bank, and…

Bangko Sentral ng Pilipinas (BSP) will lift the moratorium on granting new digital banking licenses starting 1 January 2025, allowing up to ten to operate in the country. This move aims to leverage the benefits of digital banks while managing associated risks. 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. The new decision will permit four additional licenses, available to both new applicants and existing banks seeking conversion. Prospective digital banks will…

Philippines-based mobile e-wallet GCash is still eyeing an initial public offering (IPO), but the timing depends on improvements in market conditions, CEO Martha Sazon said Wednesday (1 August), according to Bloomberg News. Sazon’s comments came as GCash parent Globe Telecom reported its quarterly earnings, and days after the mobile payments company’s valuation more than doubled to US$5 billion following new investments from Mitsubishi UFJ Financial Group (MUFG) and Ayala Corporation. Through its subsidiary AC Ventures Holdings, Inc. (ACV), Ayala will increase its investment in Mynt by acquiring an additional 8% stake. Meanwhile, MUFG, through its subsidiary MUFG Bank, Ltd., will…

Over a thousand attendees joined the annual summit organised by Fintech Alliance Ph, an association for fintech and digital innovators in the Philippines. This year’s theme, “AI Unlocked: Shaping Our Digital Future,” focused on the impact of artificial intelligence on various sectors including finance, infrastructure, regulations, digital marketing, labor force, education, and healthcare. The summit began with remarks from Founding Chairman Lito Villanueva, who emphasised the importance of addressing issues like deep fakes, digital security, and workplace evolution. “Together, we renewed our commitment to make finance accessible to all Filipinos and propel the country toward becoming an AI-ready nation.” Villanueva…

Netbank, a rural bank specialising in embedded finance, has entered into a loan channelling agreement with local fintech Salmon. The agreement, facilitated through Salmon’s financing arm, Sunprime Finance Inc., will enable Salmon to allocate its consumer loans to Netbank. These loans will be recorded on Netbank’s balance sheets and secured through a First Loss Default Guarantee (FLDG) by Salmon. This move aims to expedite the growth of Salmon’s loan portfolio and expand its product offerings across its network of approximately 2,000 locations nationwide. Netbank’s loan channelling solutions, backed by FLDG, allow partner fintechs to access funding for loan book growth…

The Bangko Sentral ng Pilipinas (BSP) has unveiled its Financial Services Cyber Resilience Plan (FSCRP) to bolster the defense of banks and other financial institutions against cyber threats. The plan outlines a comprehensive strategy to enhance the resilience of the financial services sector against cyber threats, detailing high-level goals and essential strategies to maintain the integrity and security of the country’s financial ecosystem. The Anti-Financial Scamming Act (AFASA), which was signed into law on 20 July 2024, plays a crucial role in the FSCRP’s implementation. Authored by Senator Villar and Congressman Tieng, AFASA aims to enhance information sharing and collaboration…

Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash, has secured new strategic investments from Ayala Corporation and Mitsubishi UFJ Financial Group (MUFG), raising its valuation to US$5 billion. This development more than doubles its previous US$2 billion valuation from 2021. It is worth noting that Mynt had reported a net income of PHP 6.7 billion in 2023. The investment comes as Globe explores a dual Philippines-US listing for GCash amidst 2025 IPO plans. Ayala, through its subsidiary AC Ventures Holdings, Inc. (ACV), will increase its investment in Mynt by acquiring an additional 8% stake. Meanwhile, MUFG, through its…

B2B e-commerce platform GrowSari has raised US$5 million from Oppenheimer Generations, according to regulatory filings accessed by DealStreetAsia. The family office of former De Beers chairman Nicky Oppenheimer invested through Kaishi Ventures, a Singapore-based entity majority-owned by Oppenheimer Generations. Founded in 2016 by Reymund Rollan, Shivapratim Choudhury, Andrzej Ogonowski, and Siddhartha Kongara, GrowSari offers a digital retail distribution platform that connects informal SME retailers with FMCG manufacturers and wholesalers. The platform operates in 220 municipalities across Luzon, providing a range of services including bill payments, telco reloads, wallet top-ups, and procurement services for retail goods and medicines. GrowSari, though registered…

GCash has announced the introduction of PayPal’s stablecoin, PayPal USD (PYUSD), to the Philippine market. This development allows users and freelancers that utilise the PayPal platform to send PYUSD tokens with low transaction fees to GCrypto, the in-app feature of GCash powered by the Philippine Digital Asset Exchange (PDAX). GCrypto users can now buy, sell, and hold PYUSD tokens directly within the GCash app, without having to go through the PayPal platform. Stablecoins like PYUSD are designed to maintain a stable value by being pegged to fiat currencies such as the US dollar or other stable assets like gold. This…

The banking industry is undergoing a rapid transformation, driven by technological advancements and changing customer expectations. While many banks have embarked on digital transformation journeys, a common misconception persists: that transformation is a one-time event with a clear endpoint. The reality is far more complex. The competitive landscape, marked by the rise of neobanks and fintech disruptors, necessitates continuous innovation and adaptation. Continuous Transformation is a Necessity, Not a Choice However, challenges such as customer acquisition, trust, and legacy system dependencies hinder progress for many traditional banks. Mambu’s insightful new report, titled “The End of Transformation,” highlights this ongoing challenge.…

Qatar-based digital wallet Ooredoo Money has introduced a new feature in its app to support its Filipino customers, by enabling direct payments to the Philippines Social Security System (SSS). This development is intended to enhances the app’s functionality for Filipinos in Qatar, in collaboration with DT One, a B2B provider of non-cash micropayments and prepaid digital value services. With this feature, Filipino customers in Qatar can manage their SSS contributions conveniently from their phones, bypassing traditional banking methods. Mirko Giacco, CEO of Ooredoo Fintech, remarked, “The introduction of SSS payments on the Ooredoo Money app, developed in partnership with DT One,…

Marking its third year, Ignite by Igloo has been launched in the Philippines by the regional insurtech company Igloo. Ignite by Igloo is a digital platform aimed at assisting sales intermediaries in selling insurance products more effectively. Already available in Vietnam and Indonesia, the app includes over 42 products across nine categories from leading insurers, and has gained recognition in Vietnam as Mobile App of the Year at the Insurance Asia Awards. With the launch of Ignite in the Philippines, Igloo says it aims to support intermediaries in the country with essential digital tools to enhance productivity and contribute to increasing…

As the monsoon season descends on the Philippines, the fintech firm and virtual credit wallet Mocasa is advising the public on how to prepare a calamity fund. A calamity fund is intended to provide financial relief during natural disasters, which often strike with little to no warning. It is essential to assess the potential risks in one’s area, including typhoons, flooding, and earthquakes, to determine the expenses needed when such incidents occur, and such a fund can help ensure that people have the necessary resources to recover. Mocasa recommends setting aside three to six months’ worth of living expenses in…

Atome Financial anticipates significant growth in the Philippines’ buy now, pay later (BNPL) market this year, attributed to the country’s low credit card penetration rate and the increasing digitalisation. An Atome spokesperson highlighted to Business World, “The BNPL industry in the Philippines is poised for substantial growth, driven by increasing consumer adoption of mobile-first digital financial services, a growing middle class and young, mobile-savvy internet population.” Industry data shows credit card penetration in the Philippines stood at around 2% in 2022, while debit card ownership is almost ten times higher. Atome commented, “Cash is still the most prevalent mode of…

Starting at the low annual charge of just P145, Filipinos will be able to avail themselves and safeguard against major health risks with the introduction of Oona Critical Illness insurance from Oona Philippines. This new product provides coverage for three significant health threats: cancer, heart attack, and stroke, which are among the leading causes of illness and death in the country. Oona Philippines stated that individuals may access myoona.ph to purchase insurance, select the critical illness protection they want, and answer four questions about themselves. The insurance plan has a coverage range from P100,000 up to P500,000. The cash will…

DigiCo, a digital entity owned by businesses led by Manuel V. Pangilinan (the MVP Group), has finalised separate agreements to acquire a 10% interest in Bayad Center and 100% of Multipay Corporation for a yet undisclosed amount. “Having both online and offline solutions, Bayad and Multipay are uniquely positioned to accelerate the country’s shift to digital payments,” the DigiCo Chairman said in a disclosure to the Philippine Stock Exchange. Manuel noted that these companies would improve the payment experience for Filipino consumers and provide partners with integrated solutions. DigiCo is owned by PLDT Inc., Manila Electric Company (Meralco), and Metro…