First Metro Investment Corp. also known as FMIC, has revealed its new president. It announced the appointment of Antonio R. Ocampo, Jr. as its new president and director, effective July 1. Antonio succeeds Jose Patricio A. Dumlao, who retired on June 30 after leading the Metrobank Group’s investment banking arm for four years. “With Anthony’s extensive experience in investment and corporate banking and deep understanding of relationship management, we are confident that he can steer the company to achieve sustained growth and develop robust relationships with our clients,” stated FMIC Chairman Mary Mylene A. Caparas. Antonio brings over three decades…

Philippines fintech industry organisation Fintech Alliance.PH has announced its support for the Bangko Sentral ng Pilipinas (BSP)’s “Race to the Future: The Open Finance PH Hackathon,” scheduled from 15 July to 7 August 2024. This event aims to advance the open finance ecosystem throughout the country, in line with the BSP’s goals to further the digitalisation of financial services and foster financial inclusion for underserved micro, small, and medium enterprises (MSMEs) in the Philippines. Supervised and organised by the central bank, the hackathon invites collaboration among BSP-Supervised Financial Institutions (BSFIs), fintechs, third-party providers (TPPs), and other digital finance innovators. Participants…

Philippines cryptocurrency exchange Coins.ph has introduced its Philippine Peso (PHP) stablecoin, PHPC, on Ronin, a major gaming blockchain by daily active users. This development follows approval from the Bangko Sentral ng Pilipinas (BSP), which allows Coins.ph to pilot a Philippine Peso-backed stablecoin under the BSP’s Regulatory Sandbox Framework. According to Coins.ph, PHPC is a stablecoin pegged to the Philippine Peso and is fully backed by cash and cash equivalents in Philippine bank accounts. This peg ensures that users can redeem their PHPC 1:1 for Philippine Peso. The aim is to enhance efficiency and reduce transaction costs, including remittances, peer-to-peer transfers, merchant…

GCash, the leading e-wallet and digital financial services ecosystem in the Philippines, introduced new innovations at the recent GCash Futurecast, with a focus on the country’s fintech landscape and improving the consumer experience. Martha Sazon, President and CEO of GCash, remarked during the event, “Today, you can expect innovations that will ‘Change the Game’. But, the real game-changer is how we can make a meaningful impact on Filipino lives.” She emphasised their goal “to innovate not only to provide access, but to be their partner towards better Financial Health and Wellness.” Among the innovations showcased at GCash Futurecast 2024, Online…

Zafer Mustafaoglu has been appointed as the new country director for the Philippines, Malaysia, and Brunei by the World Bank. His appointment, which took effect on July 1, 2024, places him in charge of overseeing the support provided by the multilateral lender to these countries. Zafer will also be responsible for advancing policy dialogues with government officials, civil society, academia, the private sector, and other key stakeholders. Zafer takes over from Ndiame Diop, who previously served as the World Bank country director for the Philippines, Brunei, Malaysia, and Thailand. Commenting on his new role, Zafer said, “I am deeply honoured…

Union Bank of the Philippines (UnionBank) has announced that Senior Executive Vice President Ana Maria Aboitiz Delgado will take the helm of the bank next year, succeeding current President and CEO Edwin R. Bautista, who extended his term in 2022. Bautista will remain part of UnionBank’s Board of Directors to facilitate a smooth leadership transition and will hand over the leadership to Delgado on January 1, 2025. In a disclosure to the Philippine Stock Exchange (PSE), the bank highlighted Bautista’s 27-year career, during which UnionBank transitioned towards becoming a digitalised retail banking entity in the Philippines. During his tenure as President,…

BancNet Inc., an electronic banking consortium, has reinforced its cybersecurity protocols in response to the banking industry’s increasing reliance on technology to enhance operational efficiency, combat fraud, and improve customer satisfaction. Fabian S. Dee, President of BancNet, emphasised the organisation’s unwavering focus on cybersecurity, stating that the consortium’s resilience stems from the united security efforts of all its partners. “BancNet’s strength lies in the collective security of all its partners, from large financial institutions to smaller providers. We have diligently fortified our defences to safeguard against potential threats, ensuring robust protection across our network,” Fabian said. BancNet Chairman Nestor V.…

The financing arm of Metropolitan Bank & Trust Co. (Metrobank) has appointed a new president, the company announced on Monday. Angelo Z. Padua has taken over as ORIX METRO Leasing and Finance Corp.’s president, succeeding Antonio R. Ocampo, Jr., who will become president at another Metrobank Group subsidiary. In his new role, Angelo will also serve on several of ORIX METRO’s committees, including the executive committee. With more than 28 years of service at ORIX METRO, Angelo has held various leadership roles. His most recent position was executive vice-president and Marketing Sector head. He has also led ORIX METRO’s Operations…

The Fintech Alliance Philippines has announced the addition of new members, including Bank of the Philippine Islands (BPI), SGV & Co., SeaBank, SID Global, Collabera Digital, PisoPay, The Orange Company, and TIM Corp. Founded in 2017, the Fintech Alliance Philippines represents over 100 corporations, accounting for 95% of retail digital financial transaction volume in the country. The alliance shared that it was the first in Asia to adopt a Code of Ethics and Code of Conduct and published the country’s first Taxonomy of Fintech in 2019. The alliance has also launched a multi-sectoral cybersecurity awareness campaign, #WagMagpalokoMagingScamAlerto, in collaboration with…

Filipino fintech Salmon Group has launched an auto-debit feature for its credit products in the Philippines. This new feature allows customers to link their Gcash, Maya, Unionbank, or BPI accounts to the Salmon app. Customers will be notified before their due date and payments will be processed automatically, simplifying the payment process by eliminating the need to log in and switch applications. Customers will receive push or SMS notifications confirming their successful payments. With plans to expand its range of partner banks, Salmon aims to establish this feature for easy and convenient payments. “We are thrilled to introduce the auto-debit…

Credit-led neobank Zed has received its Certificate of Authority to operate as a standalone credit card issuer from the Bangko Sentral ng Pilipinas (BSP). After operating in a BSP-sanctioned pilot for the last six months, the Zed Card is now being rolled out to the public on an invite-only basis, beginning with its waitlist. Zed has seen sizable demand for its no interest, no fees Mastercard Titanium Credit Card, with nearly forty thousand sign-ups since launching its waitlist in March this year. Founded by Silicon Valley engineers Danielle Cojuangco Abraham and Steve Abraham, Zed claims to reimagine the credit card,…

Atome Financial has secured a three-year term loan facility to launch new products in the Philippines, Singapore, Malaysia, and Indonesia. EvolutionX Debt Capital is the initial lender of this new debt facility, which will be utilised to drive Atome’s growth, the fintech firm announced yesterday. “The new facility will drive expansion of the company’s profitable regional credit portfolio and support the launch of new products such as savings, lending, insurance, and Atome Card (Pay Later Anywhere) in markets including Singapore, Malaysia, the Philippines, and Indonesia,” Atome stated. It added that it is working with investors to fully utilise the accordion…

The value of electronic fund transfers through the PESONet and InstaPay platforms increased by 37 percent to P5.22 trillion in the first four months of the year, reflecting the growing use of digital channels for financial transactions in the Philippines. According to the Bangko Sentral ng Pilipinas (BSP), the combined volume of electronic fund transfers surged by nearly 70 percent to 420.4 million from January to April, compared to last year’s 247.8 million. PESONet transactions during this period grew by 32 percent to P3.12 trillion, with the volume rising by 8.5 percent to 31.9 million. Meanwhile, InstaPay transactions jumped by…

Filipinos can now apply for a wider range of banking services through a new partnership between Bank of the Philippine Islands (BPI) and BTI Payments, operator of Pay&Go kiosks. This collaboration aims to enhance financial accessibility and convenience for Filipinos by integrating BPI’s products into the Pay&Go kiosks, which are available in grocery stores, shopping malls, and even Lazada. “With BPI’s products now available through our Pay&Go kiosks, more Filipinos can easily open an e-wallet and savings account, and apply for loans and credit cards. Our joint effort marks a significant step towards building a more financially inclusive Philippines,” said…

Consumer finance app BillEase aims to increase its net income by 50% this year as it seeks to further expand its customer base, according to an official statement. BillEase recorded a net income of about P250 million in 2023, as reported by Chief Financial Officer Garret Go during an event recently. In 2023, BillEase’s revenues doubled year on year, a performance driven primarily by repeat customers’ continued use of the app. “About 90% of our business is from repeat customers. These are customers we’ve onboarded even before 2023, and the longer they stay with us, the better our customers may…

The Bangko Sentral ng Pilipinas (BSP) emphasised digital transformation as essential for enhancing rural bank operations during the Rural Bank Strengthening Program (RBSP) Technology and Innovation Forum held at the BSP Head Office in Manila on 31 May 2024. In a recorded message, BSP Governor Eli M. Remolona, Jr. highlighted that the forum aimed “to understand the opportunities and challenges as rural banks embrace technology and innovation.” “Rural banks can be a linchpin for inclusive growth hence, preserving their role and building up their strengths are crucial for sustainable development,” said Governor Remolona. He also announced the Monetary Board’s approval…

Salmon Group Ltd. has announced its target to expand its loan portfolio to US$2 billion over the next three to five years, with plans to extend its reach to other Southeast Asian countries. This ambitious growth strategy aims to cater to what it identifies as the “neglected” market, including underserved and underbanked individuals. Salmon co-founder Raffy Montemayor outlined the goal of achieving a US$2 billion or P100 billion loan portfolio, and a US$200 million or P10 billion net income from Philippine operations within the set timeframe. “We’re focused on the underserved and underbanked Filipinos and eventually people in Southeast Asia,…

The Bangko Sentral ng Pilipinas (BSP) has issued a cautionary memorandum to its supervised institutions regarding the utilisation of robotic process automation (RPA) and data scraping methods in handling sensitive data. While these technologies offer advantages as internal data collection automation tools, the BSP expressed concerns about their potential impact on the integrity of the financial system. “The use of robotic process automation IRPA)’ and other similar tools as an alternative data-sharing method raises some issues within the financial services industry. While these technologies have merits as an internal data collection automation tool, the use of RPA and other…

Maya announced on Wednesday, 19 June, that its digital bank customers are developing stronger savings habits, with average savings account balances more than doubling within just 12 months. By the 23rd month of saving, balances in these accounts tripled. Maya attributes this improvement to its savings innovations, which encourage customers to save more, including incentivising regular digital transactions with higher interest rates of up to 14% p.a. and products that enable small initial deposits and incremental savings growth. “We have eliminated minimum balance requirements and designed our products to be accessible, allowing users to start saving with any amount they…

Brankas and Global Finteq have announced a strategic partnership to launch one of the first Lending-as-a-Service (LaaS) platforms in the Philippines. This new platform enables established banks, rural banks, and non-traditional financial institutions to offer lending at scale, allowing loan products to exist beyond traditional channels such as physical bank branches or websites. As LaaS platforms, platforms that manage customer funds can now become comprehensive hubs for new loan applications and in-app loan servicing, encouraging users to transact more frequently and increase deposits. This could lead to growth in revenue for both lenders and lending partners. The platform combines Brankas’…