The Bangko Sentral ng Pilipinas (BSP) and the Cooperative Development Authority (CDA) signed an agreement to work together to oversee cooperatives that offer electronic money and payment services, including ATM deployment. The agreement sets out how the BSP and CDA will work together to regulate these cooperatives and exchange information to fulfill their respective mandates. BSP Governor Eli M. Remolona, Jr. said, “This collaboration is crucial in developing a comprehensive regulatory framework that considers the unique challenges and opportunities authorities face. This collaboration will result in regulations that are proportionate, relevant, and future-proof. The approach will also avoid regulatory arbitrage…

Union Bank of the Philippines has invested an additional PHP 300 million into the UnionDigital Bank following the PHP 900 million funding in July this year, according to PhilStar Global. The bank had disclosed to the Philippine Stock Exchange of the investment from its stock rights offering (SRO) revenues. Following the SRO held in February, UnionBank had allocated PHP900 million in government bonds but later decided to redirect PHP300 million to UnionDigital Bank on 29 September. The change was intended to support the digital bank’s continued expansion plans. Having launched its services last year, UnionDigital Bank managed to acquire 1.73…

Cera, a U.S. stock trading platform backed by Y Combinator, has announced its beta launch in the Philippines through a partnership with digital asset custody and infrastructure firm Fireblocks. The platform allows Filipinos and anyone anywhere in the world to invest in US stocks using stablecoins, such as USD Coin, Tether (USDT), and Binance USD from US$2. Cera also supports investments in fractional shares. As part of its launch, Cera is offering up to US$50 for new sign-ups that make eligible deposits. The platform also has a referral programme for users who introduce friends to the platform. The Cera app…

Philippines’ digital bank Tonik has tied up with life insurance company Sun Life Grepa Financial to launch Payhinga, an inclusive insurance product for loan borrowers. Payhinga will complement Tonik’s existing loan offerings and will be readily available to customers applying for loans. This new offering will give customers access to life and disability insurance with coverage up to 120% of their loan amount. Payhinga also offers a two-month payment grace period where customers can push back their upcoming loan installments in case of financial strain. Long Pineda, Country President of Tonik said, “The partnership with Sun Life Grepa will significantly…

Rakuten Viber, a messaging app, has launched new commercial tools for micro, small, and medium-sized enterprises (MSMEs) in the Philippines, according to a report by the Manila Buletin. The new tools are designed to help MSMEs improve their marketing and reach local users. This includes a public business profile, instant customer response, local product and service discovery, separation of customer messages from the merchant’s personal ones, and product and service catalog. In addition to the above, Viber also intends to roll out services like voice calls, broadcast messages, and fast and automatic replies that will advance communications for small business…

The Bangko Sentral ng Pilipinas (BSP) is considering lifting the three-year moratorium on digital bank licenses, which has been in place since August 2021, according to PhilStar Global. The report quoted BSP Governor Eli Remolona Jr. saying that there are many groups, both foreign and local, that have expressed interest in obtaining a license to operate a digital bank in the Philippines. “There are many interested groups. The ball is on our court. We’re looking at the existing ones, the six digital banks that have licenses. Essentially, looking at their business models, we are learning and they are learning. …

HitPay, a payment processing platform for small businesses, has partnered with Philippines’ e-wallet GCash to expand its payment options for merchants in the country. Through this partnership, HitPay merchants in the Philippines can now offer three new payment methods; GCash, GGives, and GCredit. GCash is a mobile wallet app that allows users to send and receive money, pay for bills, and shop online. Meanwhile, GGives is an installment payment method that allows customers to pay for items over time. Users can select an installment plan that suits their budget and needs at checkout. Lastly, GCredit is a credit line offered…

Coins.ph, a Philippines-based cryptocurrency exchange and digital wallet provider, has partnered with Circle Internet Financial (Circle), a global fintech firm and issuer of USDC. The partnership aims to drive awareness of USDC-denominated remittances as a secure, low-cost and near-instant solution for international money transfers for the 18 million Filipino users of Coins.ph. USDC is a regulated, fully-backed digital dollar, or stablecoin, that is available 24/7, moves at internet speed and is always redeemable 1:1 for U.S. dollars. Because USDC runs on global blockchains – which have low barriers to entry and minimal transaction costs – it is playing a growing…

The world has undergone significant changes since the onset of the pandemic, especially in the financial industry’s journey towards digitalisation. The pandemic expedited the transformation of customer interactions by three years and pushed banks’ digital offerings ahead by seven years. However, as the pandemic-induced digitalisation boom subsides, the global economy braces for a recession, accompanied by a looming banking crisis triggered by the collapse of regional banks like Silicon Valley Bank (SVB). In light of these developments, it is crucial to assess the progress made and the challenges that lie ahead in the digital transformation of financial services. Not all…

Philippines’ e-wallet GCash has partnered with Visa to launch the new GCash card that will give millions of unbanked Filipinos access to the benefits of owning one. The GCash card can be used at over 100 million merchants in the Philippines and across the world. Any fully verified GCash user can order the card through the app without additional documents or approvals. The GCash card is powered by Visa, which means it can be used for payments overseas in over 200 countries and territories. Users who have the GCash card will also have access to GInsure, a free insurance that…

The COVID-19 pandemic spurred a dramatic shift in working practices, fueling the rise of remote working and digital nomadism. The 2022 State of Independence research study by MBO Partners, a provider of technology solutions and personal services to independent professionals and microbusiness owners, found that 16.9 million American workers described themselves as digital nomads in 2022, up 9% from 2021 and by a staggering 131% from the pre-pandemic year 2019. With the digital nomad lifestyle becoming increasingly popular, countries and territories around the world are racing to set up special visa programs for remote workers and digital entrepreneurs, seeking to lure in…

Globe Fintech Innovations, Inc (also known as Mynt), which owns leading e-wallet GCash, is set to fully acquire Electronic Commerce Payments Inc (ECPay). Globe Telecom, Mynt’s parent company, announced its decision to sell its dominant stake in ECPay to GCash, and similarly, minority stakeholder Payment One Inc is divesting its share. If approved, this will make ECPay a full acquisition for Mynt. Established in 2001, ECPay, a prominent electronic payment service in the Philippines, became part of Globe’s portfolio in 2019 to boost its distribution reach. Following the acquisition, ECPay will integrate with GCash’s platform, enhancing its digital offerings in…

Philippines’ digital bank Tonik announced that it has renewed its partnership with financial services software and cloud solutions provider Finastra. Through this partnership, Finastra’s Essence core banking platform will continue to power Tonik’s end-to-end banking operations. Essence is cloud-enabled and delivers next-generation, comprehensive retail and commercial banking capabilities, both conventional and Islamic. The solution delivers an omnichannel experience with all essential components pre-integrated, leading to a lower cost of ownership and reduced operational risk. Finastra will also deploy dedicated consultants to help Tonik develop and launch new products and services. Greg Krasnov, CEO of Tonik said, “From the start, Essence’s…

Thought Machine, a cloud-native banking technology company, has empowered Nikel, a fintech startup that unlocks credit for millions in Southeast Asia, to streamline its lending process and develop new products more quickly. Founded in 2018, Nikel which rebranded from Impact Credit Solutions, offers small businesses access to loans through their digitally embedded lending platform. They offer banks and other companies a digital lending solution covering everything from loan origination to underwriting to collections. With many small businesses moving online, they required bespoke loan products to meet their specific needs. Thus, in order to offer these products online, orchestration between many…

Philippines-based fintech Salmon announced the launch of Salmon Credit, its first credit line product with built-in QR Ph payment options. Filipinos will now be able to make payments at more than 600,000 QR Ph-enabled merchant locations across the country. Salmon Credit grants customers flexible access to credit without requiring a separate loan application for each purchase. The Salmon app will guide applicants through the credit application process via in-app hints and prompts. Salmon’s AI/ML-powered credit engine assigns credit limits tailored to each customer’s financial situation. Customers will be able to either instruct Salmon to disburse the funds to any Instapay-enabled…

Rizal Commercial Banking Corporation’s (RCBC) community-based financial service ATM Go recorded PHP 7.5 billion (US$ 132.1 million) in transactions. The service has been growing rapidly, with a 43% year-on-year increase in transaction volume and a 527% increase in the number of terminals. The RCBC ATM Go leverages mPOS devices to provide full banking services which include deposits, withdrawals, bank transfers, and account management to geographically isolated and disadvantaged areas (GIDAs) which have low to no bank and ATM presence. Its single-sim powered mPOS devices are capable of receiving dual telco signals from telecommunications service providers SMART and Globe. The solution…

UnionBank of the Philippines is set to launch Bitcoin trading on its mobile app in the fourth quarter of 2023, having obtained a license from the Bangko Sentral ng Pilipinas (BSP) this month. The bank is said to be the first and only universal bank in the Philippines with a full virtual asset service provider (VASP) license. The PhilStar Global quoted UnionBank’s President and CEO Edwin Bautista saying, “By obtaining this license, we are not only paving the way for even more groundbreaking opportunities, but also enhancing our digital capabilities and further transforming the way our customers interact with us.”…

‍Cross border payments company Parallax announced that it has raised US$4.5 million in a seed funding round led by Dragonfly Capital. Founded by Mika Reyes and Alex Kuang, Parallax provides near instant international payments. The firm is focused on providing freelancers, remote workers and other global professionals better payments for their recurring payroll, invoices and salaries. Parallax’ initial product allows users outside of the U.S. to open a USD virtual account to receive USD with just their passport. Parallax said that it can support and onboard individuals from over 150 countries. The fundraise was also joined by Circle Ventures (issuers of…

Netbank, a Filipino embedded finance platform, has partnered with Indonesian fintech unicorn Akulaku to offer affordable and convenient loans to Filipinos. The partnership will integrate Akulaku’s users into Netbank’s “Loans as a Service” model, which will help the Indonesian fintech expand its range of loan services and reach more Filipinos. These offerings will especially cater to the needs of individuals and small businesses. “Our partnership with Akulaku is a critical path in the development of Netbank. We are proud to be able to provide a reliable and efficient source of funding to a major lender, which will allow the…

The Philippines’ Securities and Exchange Commission (SEC) has allowed crowdfunding portals to act as registrars of qualified institutional and individual buyers. This means that crowdfunding intermediaries and funding portals will no longer be reliant on third party institutions to assist potential investors with their application as qualified buyers. Previously, only banks, brokers, dealers, investment houses, and investment company advisers were allowed to act as registrars. “Recognising crowdfunding portals as eligible to act as registrar of qualified buyers will facilitate the process for qualified investors in accessing alternative investment opportunities, without the need to reach out to several different institutions. …