The Bangko Sentral ng Pilipinas (BSP), backed by the International Finance Corporation (IFC) and the World Bank, has launched the Open Finance PH Pilot, moving a step closer towards its ambition to leverage open banking and data sharing to advance financial inclusion and foster collaboration in the financial services industry. The initiative aims to assist the unbanked, particularly those without documentation, in building a financial profile and credit history, ultimately allowing them to gain access to loans and other financial services previously unobtainable. The central bank said in a press statement that the pilot is a voluntary undertaking of financial…

In the Philippines, changing customer behavior and evolving market dynamics in the banking sector have led to increased demand and usage of online banking services in recent years. Bangko Sentral ng Pilipinas (BSP) deputy governor Mamerto Tangonan shared during a virtual forum in August 2022 that online transactions had increased substantially since 2019, noting that at least 56% of bank account owners applied for an online transaction in 2021, a remarkable 29 percentage point increase from the 27% in 2019. “That means more and more people are sharing the experience of online banking transactions where they can store money, move…

Business Monitor International (BMI), a research firm owned by Fitch Group that provides country risk and industry analysis, is bullish on the Philippines’ fintech sector, arguing that despite risks present in the domestic scene, including rising inflation, a weak regulatory system and low living standards, the potential for generating profits and return on investments was high and outweighed the risks. In a commentary released on July 13, 2023, the research firm looks at fundraising plans of Southeast Asian telecommunications operators Malaysia’s Axiata Group, Indonesia’s Telkom Indonesia, and the Philippines’s PLDT as they seek additional finance for their individual digital payments…

The world of business is no stranger to change. In recent years, the upheaval has been profound, sweeping across industries and borders. With the assistance of Mambu cloud-native SaaS platform and remarkable benchmarking data, financial businesses have found a way to weather uncertainty and disruption, and emerge stronger and more resilient. The years following 2020 have been marked by significant disruption, making resilience and adaptability essential for thriving in the current landscape. In the wake of the COVID-19 pandemic, inflation soared to 8.8% by the end of 2022 and 6.5% for the end of 2023, the highest numbers since 1982.…

Philippines digital bank Maya has signed on 2.3 million users, pulled in PHP25 billion in deposits as well as disbursed over PHP10 billion in loans as of June 2023 since its launch in April 2022, according to a report by the Manila Bulletin. Through Maya’s all-in-one app, its users can build their funds through their savings accounts while also seamlessly move their money to their e-wallet whenever they need to make a transaction or to buy and sell crypto. Maya had also introduced a daily interest crediting for Maya Save, allowing its customers to see their earnings reflected daily in…

In the Philippines, the fintech sector has been expanding at an unparalleled rate, transforming how individuals and companies handle financial dealings, as evidenced in the 2023 edition of the Fintech Philippines Report, produced by Fintech News Philippines in collaboration with FinTech Alliance.ph and supported by Alibaba Cloud.  As a developing nation with a significant number of unbanked and underbanked citizens, the Philippines offers an opportune landscape for fintech solutions to narrow the financial inclusion gap and provide its people with enhanced access to financial services.  This surge is propelled by the cohesive efforts of both governmental and private entities, underpinned…

The fintech sector in the Philippines has experienced significant growth in recent years, fueled by increasing adoption of digital technology and a push for improved financial inclusion. With a population of over 110 million, a rising middle class and a large population of unbanked, the country presents a promising market for innovative fintech solutions. This has prompted the advent of a new generation of financial services providers which are leveraging technology and digital platforms to address the various financial needs and challenges existing in the country. To showcase the Philippines’ finest fintech companies, we’ve compiled a list of the top…

The INDX3 Summit, an annual gathering of the Philippines’ fintech industry’s leaders, is set to take place on 7 to 8 August 2023 at Shangri-La The Fort, Taguig City. The summit will focus on fostering the country’s thriving digital economy within the fintech sector by bridging the gap between customers and advanced technological innovations. Themed “Creating What’s Next In Digital: Dare-Drive-Defy”, the summit is being led by the Fintech Alliance.PH, a collaboration amongst strategic players in the digital finance space operating in the Philippines. Local partners include the Department of Finance, Bangko ng Sentral ng Pilipinas, Securities and Exchange Commission,…

GHL Systems, a Malaysian payment service company in the ASEAN region, has launched its micro-lending offering in the Philippines to provide small and medium enterprises (SMEs) with funds to support their cash flow and business growth. The GHL SME Loan has been approved and registered with the Philippines’ Securities and Exchange Commission (SEC). Loan applicants need to present the authorised signatory’s valid government-issued ID and there is no upfront payment required. After its successful rollout across GHL’s existing merchant base in the Philippines, the GHL SME Loan will be offered to the broader SME community nationwide by August 2023. Since…

The Union Bank of the Philippines has picked NCR Corporation’s ATM as a Service solution to streamline its self-service banking operations. By transferring the maintenance and management of its ATM fleet, comprising over 400 ATMs, to NCR, the bank aims to enhance operational efficiencies while bolstering compliance and security measures. By leveraging NCR ATM as a Service, UnionBank said that it’s customers will enjoy enhanced availability, improved uptime and expanded capabilities at their ATMs. Dennis Omila, Executive Vice President, Chief Technology and Operations Officer at UnionBank said, “We have a proven history of embracing innovation, and NCR’s ATM as a…

Remittances play a critical role in the Filipino economy and have significant social and economic impacts on the country: they help alleviate poverty, are a driving force behind the country’s economy, and help expand the financial sector and promote financial inclusion. Globally, the Philippines stands as one of the world’s top remittance recipients, with data from the World Bank showing a US$ 38 billion remittance inflow, though this contrasts with data coming from Bangko Sentral ng Pilipinas (BSP) which shows the figure to be US$ 36 billion instead. The amount makes the Southeast Asian country the world’s fourth biggest remittance-receiving…

The Rizal Commercial Banking Corporation (RCBC) announced the launch of its all-in-one banking app – RCBC Pulz. Customers can open an RCBC Pulz account without a minimum balance requirement. Through is digital concierge service, users will be able to deposit or withdraw money using QR codes or reference numbers, deposit local checks just by taking a photo, and directly transfer funds locally or abroad. They will also be able to pay bills, convert purchases into installments, reload their telco SIM and gaming wallets, make toll payments, buy and sell of up to six foreign currencies in real time such as US…

Filipino fintech Salmon announced that it has raised a US$ 20 million debt facility from U.S.-based emerging-markets specialist investment firm Argentem Creek Partners. This will enable Salmon to further scale its lending operations across the Philippines. Salmon will expand its loan book by leveraging its existing point-of-sale and cash loan lending. The firm also aims launch new products in the second half of 2023. Founded in July 2022 by Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon had rolled out its first credit product four months after its inception and has launched a new product every three months since then.…

FinScore, a Philippines-based alternative credit scoring provider, has introduced its latest offering CrediView – an add-on to its telco credit score. Simulating a credit report, CrediView shows banks and lenders a borrower’s recent loan inquiries from over 40 financial institutions in the Philippines. Describing CrediView as an offering that is similar to a “credit bureau inquiry service”, FinScore’s Country Manager and COO Christo Georgiev said the product is a huge contributor to the credit decisioning process. He elaborated, “CrediView gives financial institutions aggregated information regarding past loan inquiries. The reports have been enriched with the insights and experiences we gleaned…

Founding chairman of Fintech Alliance.PH Lito Villanueva was named the ‘Digital Leader of the Year’ at the PhilSec Awards 2023 held on 6 July 2023 at the Sofitel Philippine Plaza Manila. Villanueva is also the Executive Vice President and Chief Innovation and Inclusion Officer at the Rizal Commercial Banking Corporation (RCBC). Among his contributions include Fintech Alliance.PH’s recent initiative which is the #WagMagpalokoMagingScamAlerto consumer education campaign. The industry-led nationwide campaign enabled a multi-stakeholder approach to promote education and awareness amongst Filipinos on how to protect themselves against scams and digital threats, and to bolster cyber resilience and consumer protection. “This…

As the digital economy continues to surge and expand, consumer expectations for fast, secure access to products and services seem never-ending. Furthermore, when it comes to financial services, there is an entire generation of consumers cropping up who have barely stepped foot inside a brick-and-mortar bank. In fact, in its Online Banking Market Outlook, Allied Market Research expects the online banking market to grow from US$11.43 billion in 2019 to US$31.81 billion by 2027, representing a compound annual growth rate (CAGR) of 13.6%. To stay competitive in this explosive market, banks must not only meet the ever-growing demand for a…

The Globe Group was represented by its Group President and CEO Ernest Cu at the Caixin Global Asia New Vision Forum (ANVF) held last June 12 to 13 in Singapore. Gathering over 300 business and thought leaders, policymakers, and industry practitioners, ANVF 2023 is a business leadership conference spotlighting Asia in the post-Covid landscape, with a focus on global, green, tech, and home visions. Showcasing an array of its portfolio companies, the Globe Group presented compelling evidence of the robustness of its digital services especially in the financial sector. Other key decision-makers from the Globe Group including GCash’s President and…

Filipino-led US-based fintech Plentina Inc. announced that it will be piloting a new robo-advisory service ‘Plentina Wealth’ designed for underserved diasporas to build wealth. Its new U.S. subsidiary Plentina Financial Inc., a U.S. SEC-registered investment adviser, will initially look into the investing challenges faced by the Filipino minority community in the U.S. According to Plentina, the U.S. lacks diversity in investment advisers, where 8 out of 10 investment advisers are white and 8 out of 10 investment advisors are male. Additionally, many global trading platforms turn a blind eye to poor investment decisions and low portfolio diversity, often driven by…

The fintech sector in the Philippines is experiencing rapid growth, driven by rising usage of digital financial services, a supportive regulatory landscape and efforts from the government to improve financial inclusion. In this fast-paced digital era, staying informed and connected is indispensable. For fintech professionals and industry stakeholders looking to stay up-to-date with the sector, we’ve curated a list of the top 12 upcoming fintech events in the Philippines to attend during the second half of the year. These events span across a range of subjects including blockchain, digital payments, insurtech, and regtech, among others. They promise to bring together…

UnionDigital Bank (UD), the digital banking subsidiary of Union Bank of the Philippines, has secured PHP 900 million (US$ 16.2 million) from its parent bank. The capital infusion is still subject to Bangko Sentral ng Pilipinas’ (BSP) regulatory approval. The digital bank said that the latest additional infusion will help drive the digital bank’s expansion, particularly in digital loans which will soon be launched in the UD app. This will enable UD to expand its digital loan offerings via its app and APIs, providing customers with faster access to credit and a seamless loan application process. UD reported that it…