Telecommunications and digital services company Globe Telecom Inc., the parent company of leading Philippines e-wallet GCash, announced on Wednesday the creation of a new group dedicated to artificial intelligence (AI) adoption and development. Globe stated that the AI Development and Enablement Group (AIDE) will be established and will formally commence operations on 1 June 2024. AIDE will lead Globe’s AI initiatives, concentrating on strategic AI planning, development, business integration, and governance. “To sustain our competitive advantage, we must continuously innovate and adopt new technologies. The emergence of artificial intelligence (AI) signals a pivotal shift, promising to revolutionise the way we…

Rizal Commercial Banking Corporation (RCBC) has announced that one-quarter of its network of over 6,000 RCBC ATM Go agents relies on Elon Musk’s Starlink internet solution. According to the bank, the Starlink satellite internet technology has been a key factor in the nationwide expansion of RCBC ATM Go, a digital service offering access to banking functions such as deposits, withdrawals, transfers, bill payments, mobile loading, and the claiming of remittances and government aid. Through partnerships with local entrepreneurs, grassroots organisations, and government agencies, RCBC ATM Go has achieved wide coverage, reaching all 82 provinces, every major city, and most towns…

Stock market accounts experienced significant growth in 2023, driven by the Philippine Stock Exchange’s (PSE) collaboration with mobile wallet GCash, which has made opening stock market accounts more accessible to the public. As of the end of 2023, the PSE reported a total of 1,906,019 stock market accounts, marking an 11.3% increase from the 1,712,734 accounts recorded in 2022. The PSE attributed this growth primarily to new accounts opened through the GStocks PH platform. Launched in September 2022, GStocks is a joint initiative between the PSE, GCash, and stock brokerage firm AB Capital Securities. It enables GCash users to engage…

Coins.ph is set to introduce its peso-pegged stablecoin, PHPC, on international exchanges following its upcoming launch next month. CEO Wei Zhou announced this plan during BitPinas Webcast 50, in a conversation with Lawrence Linker from XD Academy. “We hope to get it ready by the first or second of June and I think we’re going to open up trading pairs for it and we’re also talking to non-Philippines exchanges to see if they can list it,” Wei Zhou said. Coins.ph recently received approval from the Bangko Sentral ng Pilipinas (BSP) to launch PHPC, and is expected to be made available…

Rizal Commercial Banking Corporation (RCBC) has reported a significant development with its digital finance platform, RCBC Pulz, which now manages 35% of the total unsecured lending volume, projected to rise to 50% by the end of 2024. The increase in consumer digital lending is attributed to the RCBC platform’s accessibility and the ease of loan applications, allowing for near real-time disbursement of loan proceeds. Launched in July 2023, RCBC Pulz has made strides in digital banking by introducing a streamlined mobile banking app, an updated version of the former RCBC Digital. Within its first three months, it garnered over a…

Globe CEO Ernest Cu has announced previously that the company might list GCash “sometime in 2025”. While Globe CEO Ernest is said to prefer to conduct the initial public offering (IPO) for GCash on the Philippines Stock Exchange (PSE), they are also considering a dual listing to “take advantage of the liquidity in the US market.” Globe owns a 35% stake in Mynt, the parent company of GCash, which was last valued at approximately US$2 billion in 2021. Other investors in Mynt include Ant Group (Alibaba), American PE firm Warburg Pincus, Bow Wave Capital, and Ayala Corp. Reports indicate that…

Banks are sitting on a treasure trove of data, their customers’ transactions. Yet most banks are neglecting to tap into this asset to drive customer engagement, increase customer lifetime value, and amplify business impact. In this webinar, Personetics and banking leaders will share practical and actionable insights to unlock potential hidden revenue streams and drive customer satisfaction. What you will gain by attending: Learn how to utilize customers’ financial data to boost engagement and drive business impact Actionable strategies to enhance productivity and amplify cross-selling with data-driven financial insights Practical examples and case studies of how to monetize transaction data…

Filinvest Development Corp. (FDC) has announced that its subsidiary, f(dev) Digital Innovations and Ventures Inc., in collaboration with Investree Singapore Pte. Ltd., will be winding down the operations of Investree PH Inc., the Philippines’ first crowdfunding platform. In a recent disclosure to the stock exchange, FDC revealed that Investree PH “will apply for the shortening of its corporate term up to September 30, 2025.” FDC highlighted that Investree PH is “working diligently to facilitate a smooth transition following due process” in line with Securities and Exchange Commission (SEC) regulations. All stakeholders, including investors, small and medium enterprise (SME) partners, and…

Digital bank Maya Bank has announced its latest credit card collaboration with Landers, a membership-based supermarket chain in the Philippines. Early applicants approved by Maya will receive a fifty percent discount on Landers Premium Membership. The credit card will be regulated by the Bangko Sentral ng Pilipinas (BSP) to ensure customer protection and compliance with Philippine financial regulations. The Landers Cashback Everywhere Credit Card, issued by Maya Bank, offers substantial rewards on various purchases, including 5% at Landers, 2% on dining, and 1% on other transactions. Additionally, the card has no annual fees. Interested individuals may apply on the Landers…

Despite tireless efforts from businesses and tech providers, fraudsters persist in siphoning off billions annually. According to the “2024 State of Fraud” whitepaper by Telesign, a customer identity and engagement solutions provider, U.S. fraud victims suffered nearly US$8.8 billion in losses in 2022, with global projections soaring to a potential US$95.9 billion by 2027. This predicament is particularly acute for fintech firms in the Asia-Pacific (APAC) region, where the fintech sector is rapidly expanding. The Evolving Fraud Landscape APAC has seen a significant uptick in corporate data breaches, profoundly impacting fintech companies. As per IBM Security’s report, APAC bore the…

The Bangko Sentral ng Pilipinas (BSP) has mandated all participants in its peso real-time gross settlement (RTGS) payment system to submit an attestation report, confirming their active participation and compliance with regulations. According to Memorandum No. M-2024-014, signed by BSP Assistant Governor Mary Anne P. Lim, who also chairs the RTGS Management Committee, the first attestation report is due on 28 June 2024, covering the period from 1 January to 31 December 2023. Lim stated that this report forms part of the Peso RTGS Rules on Reporting Requirements, requiring all participants to certify their adherence to the participation terms and…

Global insurtech company discovermarket has entered the Philippines market, introducing its new embedded personal cyber insurance product in collaboration with Globe Telecom. This initiative aligns with the Philippines’ increasing digital activities, including mobile and internet usage, and the corresponding rise in cyber threats, as noted by discovermarket. Telecom provider Globe has responded to this escalation in cybercrime by investing in enhanced cybersecurity measures through its partnership with discovermarket. The cyber insurance solution offered by discovermarket enables Globe to safeguard its customers against various online threats, such as shopping fraud, identity theft, and payment fraud. This coverage, which extends up to…

The Philippine Senate has passed a bill mandating a 12% value-added tax (VAT) on digital services provided by companies without a physical presence in the country. Senate Bill No. 2528, which received unanimous approval from all 23 senators, stipulates that nonresident digital service providers must collect and remit VAT on transactions with Filipino customers. This legislation requires nonresident digital service providers and electronic marketplaces to register with the Bureau of Internal Revenue (BIR) for VAT remittance. Digital services are defined as those delivered over the internet or other electronic networks using information technology, including online search engines, marketplaces, cloud services,…

The InsureTech Connect Asia (ITC Asia) conference is set to bring together leading figures in the insurance industry at the Sands Expo & Convention Centre in Singapore from 4-6 June 2024. The event will gather 1,800 attendees, with 75% being senior decision-makers from over 40 countries, to discuss the future of insurance through innovation and digital transformation. The conference will open with a keynote panel featuring prominent insurance regulators from across Asia, including the Monetary Authority of Singapore, Japan’s Financial Services Agency, Thailand’s Office of Insurance Commission, India’s Insurance Regulatory and Development Authority, and Bank Negara Malaysia. These experts will…

Wise, the global technology company specialising in international money management, has announced its entry into the Philippines market with the introduction of the Wise Account and Wise Prepaid Card. This marks the first solution in the Philippines that allows customers to receive, hold, and spend money internationally without incurring foreign transaction fees or exchange rate mark-ups. With the Wise Account and prepaid card, customers can access a range of features. They can receive money for free from abroad, with account details available in over nine currencies, including Australian Dollar, Canadian Dollar, Euro, British Pounds, Singapore Dollar, and US Dollar. This…

SeaBank Philippines Inc. (A Rural Bank), a subsidiary of Sea Ltd., reported a significant increase in its net income for the first quarter of 2024, reaching P110.7 million. This represents a 252 percent rise from the same period in 2023, attributed to the expansion of its loan portfolio and deposits. SeaBank highlighted this achievement as its “first profitable quarter since launching its app in June 2022.” The loan portfolio saw a growth of 127 percent, totalling P13 billion for the quarter, while deposits increased by 75 percent to P20.23 billion year-on-year. To sustain this growth, the bank announced plans to…

RCBC has disbursed over one billion pesos in its digital salary advance facility, RCBC Payday NOW, within just nine months of its full-scale launch. RCBC Payday NOW is a feature available for prequalified RCBC payroll account holders, allowing employees to advance a portion of their salaries in under two minutes via the RCBC Pulz app. Employees select their desired amount, agree to the terms and conditions, and receive their funds in their payroll account in real-time, within a few taps on the mobile app. Repayment for the advanced amount is automatically deducted in the next salary cycle, ensuring a seamless…

Digital lender Maya Bank and WeFund Lending Corp., through Lightning Financing Co., have formalised a P2.75-billion (US$48 million) loan channeling agreement to improve credit accessibility for unbanked and underserved communities in the Philippines. Angelo Madrid, president of Maya Bank, remarked, “We are proud to work with WeFund, and this initiative is a significant step in getting more Filipinos banked through digital technology.” He further noted, “This joint effort expands the financial options available, promoting better financial health, especially among the unbanked and underserved.” WeFund operates the online lending platform JuanHand, which has over seven million registered users and has disbursed…

Skyro, a fintech company licensed and supervised by the Philippines’ Securities Exchange Commission (SEC), has announced a partnership with ADVANCE.AI, a provider of digital identity verification and risk management solutions in Southeast Asia. Skyro, which launched in August 2022, offers a variety of consumer finance products through its partnerships and mobile app. Since its inception, Skyro has expanded to over 2,500 partner merchant locations and now serves nearly 200,000 customers in the Philippines with product loans, cash loans, and other lending products. A 2021 study by FICO reveals that three in five Filipino consumers will abandon long online banking account…

Global payment solutions provider Thunes has entered into a partnership with Pomelo, an innovator in credit-powered remittance and credit card issuance. This collaboration introduces a new international money transfer system from the United States to the Philippines, which aims to relook at the process of remittances. The partnership utilises Thunes’ digital wallet integration, which lowers the costs of transfers but also creates new familial connections across borders. Diverging from conventional remittance methods, which typically involve banks or money transfer operators, Pomelo’s model uniquely provides each customer with a credit line. This facility is designed to finance their remittances while concurrently…