South African digital challenger TymeBank, an affiliate of the Tyme Group that also operates GoTyme in the Philippines, plans to raise a significant amount of capital ahead of launching an initial public offering (IPO), according to a recent report. TymeBank CEO and co-founder, Coenraad Jonker, mentioned in a recent interview that the challenger bank is engaged in “our series D capital raise at unicorn valuation,” which is expected to conclude in the fourth quarter of 2024. TymeBank’s rapid growth has seen it classified as one of the world’s fastest-growing digital banks, achieving an annualised revenue run rate of approximately US$160.7…

The International Finance Corporation (IFC) has acquired a stake in fintech company First Circle, investing approximately P410 million (US$7 million) to support lending to small and medium enterprises (SMEs) in the Philippines. A June 15 disclosure revealed that the IFC board approved this equity investment on June 13 in Singapore-registered Carabao Capital Global Pte Ltd., which operates in the Philippines as First Circle. The private sector arm of the World Bank Group noted that this investment is intended to help First Circle raise funds to expand its operations and loan book in a country where SME credit penetration is among…

GCash, the Philippines’ leading finance app and largest cashless ecosystem, has entered into a collaboration with Meridian, an instant payments technology company based in New York City. The partnership with Meridian enables the direct in-app transfer of funds from over 12,000 US banks to GCash accounts, allowing users to seamlessly transfer money from the United States to the Philippines. GCash states that once the cash-in is completed, the service converts US dollar amounts into Philippine pesos using competitive foreign exchange rates. Each cash-in transaction incurs a one dollar fee. GCash participated in the Philippines’ Independence Day celebrations in New York…

The Securities and Exchange Commission (SEC) has announced the appointment of its new commissioner, Rogelio Quevedo. His appointment comes following the passing of his predecessor, Hubert Dominic Guevara, this past March 2024. SEC chairperson Emilio Aquino extended a warm welcome to his agency’s new commissioner Rogelio, highlighting his extensive experience in corporate law and government service. “We give our warmest welcome to Atty. Quevedo, whose decades of experience in corporate law and the government service will help the commission navigate new and emerging trends in the business sector.” Chairperson Emilio stated. Commissioner Rogelio had previously led the Office of the…

From innovative fintech startups to institutions, the race to create a more efficient cross border payments in Asia is intensifying. Special thanks to the following thought leaders for sharing their views: Anupam Pahuja, Executive Vice President of APAC and MEA, Nium Farhan Ahmad, Group CEO, Payments Network Malaysia Mitherpal Sidhu, Chief Operating Officer, BigPay Cecilia Tan, Regional VP Sales (APAC) in Business Development, Thredd

Digital bank and e-wallet platform Maya is unlikely to undertake an initial public offering (IPO) in the next two years, according to the top executive of PLDT Inc. PLDT chairman and president Manuel V. Pangilinan stated that the idea of an IPO in the next two years is “misplaced optimism” for Maya. He emphasised, “They’re not in a position to IPO in the near future, period. I mean, they have to demonstrate that they can be profitable starting 2025 and to be consistently profitable for at least another year.” Pangilinan further commented on the substantial amount of work required, asserting,…

UBX has formed a strategic partnership with MediCard Philippines Inc., a prominent health maintenance organisation (HMO), to enhance health access and convenience for members. This collaboration will see MediCard utilising the UBX comprehensive payment gateway BUx and the transact-now-pay-later solution Splix, aiming to streamline premium payment collections and offer more flexible payment options for healthcare coverage. The partnership is designed to improve the customer experience for MediCard members, offering a new level of convenience in acquiring health coverage products. UBX president John Januszczak stated, “By leveraging each of our strengths—UBX’s innovative open finance solutions and MediCard’s wide network of healthcare…

BayaniPay, a global payments process automation company, has secured fresh capital of US$3 million to expand the scope and territory of its global payments capability, aiming for substantial growth this year. Lead investors Wavemaker Partners, PTGB, and Talino Venture Studios, who previously seed-funded a total of US$6.6 million, have provided the additional capital, enabling BayaniPay to enhance its bills pay service to accommodate payments from any country worldwide. BayaniPay CEO Winston Damarillo expressed gratitude for the continued trust of the investors. “This expansion marks a major milestone in our commitment to provide convenient, secure, and low-cost global payment services to…

Foreign Exchange (FX) is the global practice of trading one currency with another, with trillions of dollars changing hands daily, making it the world’s largest and most liquid market. FX rates are by nature volatile, shaped by market forces of supply and demand, monetary conditions, capital controls and global regulation. Over the last twenty years, APAC has been home to some of the world’s fastest-growing economies, such as China, India, and the ASEAN countries, all involving complex cross-border trading and currency conversion. Businesses in APAC face unique challenges in cross-border transactions due to varying monetary and regulatory conditions. Namely, the…

The value of transactions in the Land Bank of the Philippines’ (Landbank) mobile app surged over 40% to P89 billion in the first quarter of 2024 as consumers continued to take advantage of digital banking services. Data showed that Landbank’s mobile banking app reached P89.3 billion in total transaction value from January to March, up by 42% from P63 billion in the same period last year. This increase was specifically driven by fund transfers and bills payment transactions. It also translated to 20.9 million transactions, nearly double the 10.7 million usage recorded in the comparative period. The volume of transactions…

In this era of technological innovation, companies are increasingly entrusting critical services to external partners. From handling operations to managing human resources and steering application development, the outsourcing landscape is undergoing a significant change. In the financial sector alone, the global outsourcing market is projected to reach a value of US$68.8 billion by 2030. This growth is not just a result of increasing demand and shifting market dynamics, but a direct consequence of the transformative impact of advanced financial technology (fintech) on the sector. The rise of fintech has driven financial institutions (FIs) to re-evaluate and reform their operational models.…

Elevate, a fintech startup backed by Y Combinator and based in London and Dubai, has raised US$5 million in funding to expand its operations in the Philippines. Since 2021, Elevate has secured investments from Y Combinator, Goodwater, Global Founders Capital, and VSQ. The company’s product launch in the Philippines aims to address the financial challenges faced by Filipino freelancers. Elevate’s platform simplifies the process for freelancers in the Philippines to receive payments in US dollars. It supports free and fast deposits from US and international employers and popular platforms such as Upwork, Fiverr, PayPal, Deel, and Toptal. For those transferring…

Security Bank Corporation, a universal bank in the Philippines, has partnered with the e-commerce platform Lazada Philippines to offer its retail banking products to online shoppers. This collaboration was marked by the launch of Security Bank’s virtual LazMall Flagship Store. Through the Security Bank LazMall Flagship Store, Lazada users can browse and apply for the Bank’s Auto Loan, Home Loan, Credit Cards, and Deposit products directly via the platform. Customers will be able to receive instructions from Security Bank through email and SMS to proceed with their applications and can also access exclusive benefits for using the online store. Rahul Rasal,…

Land Bank of the Philippines (LANDBANK) has introduced the GoBayani savings account, a new digital deposit account for overseas Filipinos. The GoBayani account offers Filipinos abroad access to LANDBANK’s digital banking services, allowing them to manage transactions online, such as transferring funds to their families. The account also supports e-commerce transactions and remittances via Visa Direct through Visa partners. GoBayani users can pay bills and other dues online, with future capabilities including payments to the Pag-Ibig Fund, Social Security System (SSS), and PhilHealth. Overseas Filipinos can open a GoBayani savings account without an initial deposit or maintaining balance through the…

GoTyme Bank, a joint venture between the Gokongwei group of companies and the multi-country digital banking group Tyme, and the Cybercrime Investigation and Coordinating Center (CICC) have committed to enhancing their collaboration to bolster real-time safeguards against cybercrime amidst the anticipated growth in digital bank customers. The CICC, an agency attached to the Department of Information and Communications Technology (DICT), was established under Republic Act 10175, known as the Cybercrime Prevention Act of 2012, and is the country’s primary body for preventing and suppressing cybercrime. On 22 May 2024, GoTyme Bank Co-Chief Executive Officer Albert Tinio and CICC Executive Director…

Igloo, a regional insurtech company, together with the Philippines’ largest mobile network, Smart, has introduced phone protection plans for Smart’s 55 million subscribers. This partnership aims to enhance customer experience and provide multiple avenues for device protection, particularly in a country where social media usage is notably high. Roberto Vea, Commercial Lead at Igloo Philippines, remarked, “In the Philippines, 84.4% of the population own smartphones, and individuals spend nearly four hours daily on social media, well above the global average of two and a half hours. As a highly connected and social nation, the importance of these devices for communication,…

Senangdali, a subsidiary of the Malaysian insuretech firm Senang.io, has launched a new loan protection insurance product, GoodProtect, tailored for rural banks in the Philippines and underwritten by local insurance providers. This strategic initiative, in collaboration with GoodTech, aims to provide financial security for over 57 million Filipinos, representing more than half (52%) of the national population. The Philippines is home to more than 350 rural banks, serving as crucial financial pillars in their local communities. Recognising the distinct needs of these institutions, Senangdali has developed GoodProtect as a bespoke insurance product that integrates smoothly with the banks’ existing services. This…

GCash, the country’s leading finance app, and its partner AB Capital Securities Inc. (ABSCI) have removed the P20 broker’s commission fee in GStocks PH, aiming to boost retail investor trading activity in the local stock market. GStocks PH now offers a 0.25% flat commission fee on all buy and sell transactions, claiming in a statement to be one of the first trading platforms to implement such reduced fees. This adjustment follows the Security Exchange Commission’s (SEC) decision earlier in April to eliminate the minimum commission stockbrokers may charge for transactions below P8,000. The initiative is designed to stimulate activity in…

Rizal Commercial Banking Corporation (RCBC) and Southeast Asian fintech solutions provider TrueMoney have entered into a digital collaboration, aiming to expand access to RCBC’s loan products in underserved areas and among emerging entrepreneurs. The partnership seeks to address the significant barriers that many Filipinos face in accessing formal loan solutions, which are often hindered by stringent requirements and high interest rates. TrueMoney’s network of 15,000 merchants will now have the opportunity to apply for and receive RCBC’s Pasado Loans. These quick-loan products are specifically designed for consumers who struggle to enter the formal banking loan ecosystem. It has been highlighted…

Mastercard Philippines has teamed up with technology provider Boost Capital to enhance the growth of over 10,000 small businesses by expanding their access to digital financial services. “Micro and small businesses are vital engines of economic growth across the world, including in the Philippines. By fostering digital inclusion — one of the country’s strategic development priorities — this partnership with Boost Capital will provide much-needed support to Filipino small businesses and empower them to thrive. Further, by focusing on women-led enterprises, this partnership can help address the barriers faced by women entrepreneurs, enabling them to unlock their full potential,”…