In a recent statement, Securities and Exchange Commission (SEC) Chairperson Emilio B. Aquino addressed the challenges faced by regulators in pursuing unregistered firms, notably mentioning cryptocurrency exchanges such as Binance. Speaking with BusinessWorld, Chairperson Aquino underscored the regulatory responsibilities amidst growing concerns over fraudulent activities within the crypto sphere. Chairperson Aquino highlighted the ongoing efforts of the SEC towards establishing comprehensive crypto regulations, slated for release in the latter half of the year. The discussion also revisited the recent move by the National Telecommunications Commission (NTC) to block access to the Binance website, following a formal request from the SEC.…

Coins.ph, a leading cryptocurrency platform, has secured regulatory approval from the Bangko Sentral ng Pilipinas (BSP) to introduce a peso stablecoin named PHPC. This stablecoin is set to be accessible to retail customers, and will mark a milestone in the digital asset landscape of the Philippines. Speaking at a recent briefing, Coins.ph Chief Executive Officer Wei Zhou highlighted the uniqueness of PHPC, stating, “PHPC is unique in that it will be the first regulated Philippine stable point for, and not just for all users. Users such as you and I can actually buy PHPC, transfer it, trade it on Coins.ph,…

The Philippines Securities and Exchange Commission (SEC) is gearing up to introduce a regulatory framework for cryptocurrencies and their trading activities in the latter half of this year. This development was recently disclosed by the SEC’s chairman, Emilio B. Aquino, with the aim to protect the interests of Filipino cryptocurrency traders. A move towards a framework governing cryptocurrencies follows closely on the heels of the SEC’s heightened scrutiny of Binance, a prominent cryptocurrency exchange. Recent reports detailed the SEC’s request to tech giants Apple and Google to remove Binance’s applications from their respective app stores. The SEC contends that Binance…

Credit and lending products including Buy Now Pay Later (BNPL) hold significant sway for a high number of Philippines citizens in pursuing their financial aspirations, with a staggering 96% acknowledging their importance, as per TransUnion’s Q1 2024 Consumer Pulse Survey. However, access to credit remains a stumbling block, with only a third of respondents (35%) believing they have adequate access, marking a noticeable decline from 46% in Q1 2023. The survey, conducted by global information and insights company TransUnion, delves into recent financial experiences and fraud encounters of consumers, shedding light on forthcoming financial trends. Notably, Gen Z (aged 18–26)…

GoTyme Bank, a rapidly growing financial institution in the Philippines, is poised to enhance its payroll-linked financial services with the recent acquisition of SAVii by GoTyme’s major stakeholders, Tyme and JG Summit. SAVii, founded in 2017 by CEO Liam Grealish alongside Benoit Portoleau-Balloy and Javier Frasseto, has garnered a loan book exceeding US$52 million within the salary lending space, serving over 500,000 employees across 150 of the Philippines’ premier corporations. Notably, it clinched the Top Employee Benefit provider accolade in both 2022 and 2023, as recognised by HR Tech Magazine. Tyme Group and JG Summit’s acquisition of SAVii is poised…

RCBC Pulz, the flagship digital banking application of the Rizal Commercial Banking Corporation (RCBC), the Philippines’ fifth largest privately-owned bank by assets, reached a notable milestone recently. RCBC Pulz managed to secure the top spot as the most downloaded app on the Apple App Store, suggesting the app’s appeal as a leading mobile and digital banking service. Since its launch just eight months ago, RCBC Pulz has quickly moved up the ranks in the Apple App Store to become among the most popular finance apps in the country. Among other things, the app offers a range of digital banking features…

E-commerce platform Lazada Philippines has collaborated with GCash and its credit arm, Fuse Lending, Inc., to support Filipino entrepreneurs. The two entities are offering cash loans to eligible sellers on the Lazada platform, with the goal to facilitate the expansion of their online ventures. Fuse Lending has become the first partner to integrate a seller loan product within the Lazada Philippines Seller Center app, according to both parties. This strategic collaboration extends Fuse’s reach to micro, small, and medium enterprises (MSMEs) beyond the confines of the GCash app, while equipping the Lazada Philippines platform with a broader array of loan…

Oradian stands as an established technology partner within the Philippines’ thriving fintech landscape. For nearly a decade, this cloud-based core banking platform provider has anchored its Philippine operations in Makati, the bustling heart of Metro Manila’s financial district. Emphasizing the significance of personal partnerships, Oradian staunchly believes in the value of local presence — a conviction evident as even its Europe-based teams embark on regular excursions to engage with clients, colleagues, and partners across Southeast Asia. Cloud-based Core Banking Powering Financial Inclusion The landscape of financial services in the country has been significantly shaped by the digital revolution, with fintech…

Consumer finance app BillEase has introduced a notable upgrade to its services, marking a step towards facilitating smoother transactions across the Philippines. Through a collaborative effort with Asia United Bank (AUB), BillEase now offers users the ability to seamlessly scan QRPh codes, the national QR code standard, promising a more convenient checkout experience. Kurt Molina, Head of Merchant Products at BillEase, expressed satisfaction, stating, “We’re pleased to introduce QRPh to our users, providing them with more opportunities to conveniently scan and pay where QRPh is accepted. By offering QRPh, both for in-store purchases and online transactions, we’re delivering on our…

In a recent initiative to bolster the sustainable finance sector, the Securities and Exchange Commission (SEC), in collaboration with the Department of Finance (DOF) and the Asian Development Bank (ADB), successfully hosted a Joint Knowledge Sharing Event (JKSE). The gathering presented, and agreed to work together, on the potential of digitally tracked green bonds (DGTBs) to an audience comprising potential issuers, investors, and policymakers. The event forms a part of ongoing efforts to enhance the issuance of environmental, social, and governance (ESG) bonds, improve market disclosures, and foster the use of digital technologies in financial services. Toshihiro Akema from the…

Silicon Valley-based venture capital firm Plug and Play has collaborated with the Philippines’ Department of Trade and Industry to launch the National Startup Accelerator Program. This initiative aims to enrich the country’s startup ecosystem by helping nascent enterprises develop innovative products and solutions. The program offers mentoring and opportunities to access equity funding. During a discussion with journalists participating in the Friends, Allies, Partners Program, Jojo Flores, co-founder of Plug and Play, highlighted the absence of a “unique story” in the Philippines’ tech startup narrative, which he believes has been a significant gap over the last decade. Jojo stressed the…

The International Finance Corporation (IFC) has announced an investment of US$7 million into Salmon Group Ltd., the major shareholder of the Rural Bank of Sta. Rosa in Laguna, Philippines. This funding is part of a wider initiative, the Series A-1 extension round, where IFC leads alongside other notable investors, including the Northstar Group from Singapore. The investment is poised to bolster the capital base of the rural lender, facilitating the development of new credit products and lifestyle banking services, slated for launch later this year. Jean-Marc Arbogast, the IFC Country Manager for the Philippines, highlighted the move as a testament…

In the first quarter of 2024, the combined transaction value of PESONet and InstaPay in the Philippines reached P3.81 trillion, showing a 33% increase, a third more from the P2.87 trillion collected in the corresponding period the previous year, according to data from the Bangko Sentral ng Pilipinas (BSP). This rise indicates a significant uptake in digital payment methods among Filipinos. The combined transaction volume for both these PESONet and InstaPay platforms also saw a substantial rise, with figures climbing 70% to 309.3 million transactions, up from 182.4 million in the early part of 2023. These figures suggest a shift…

Rizal Commercial Banking Corporation (RCBC) and its Tagalog-English financial inclusion super app DiskarTech has recognised the legitimacy of paper-based PhilSys IDs, providing essential banking services to a considerable segment of the underbanked population and supporting financial accessibility in the process. Approximately one-third of DiskarTech account registrations have utilised these paper-based PhilSys IDs, which are equipped with QR codes. This initiative ensures that, even without the sturdier plastic national IDs, countless unbanked and underserved Filipinos can maintain uninterrupted access to fundamental financial services. The bank says that both RCBC DiskarTech and Pulz mobile apps accept a broad spectrum of identification documents…

In a bid to enhance financial inclusion, the newly launched instant payment platform Higala will look to increase the share of how rural banks in the Philippines engage with digital transactions through the InstaPay online payments processing service. Owned by Talino Venture Studios and Chemonics International, Higala aims to significantly lower the barriers for rural banks by offering cost-effective onboarding and transaction fees, according to its chief executive. During the launch event last week, Winston Damarillo, Chief Executive Officer of Talino Venture Studios, outlined the ambitious plan to onboard approximately one hundred financial institutions by the end of 2024. “In…

Buy now, pay later (BNPL) BillEase has received a US$5 million capital injection from Saison Investment Management Private Limited (SIMPL), the offshore lending arm of Saison International Pte. Ltd. This investment forms part of an expansion that has increased the credit facility of BillEase to US$40 million, overseen by Helicap and supported by a consortium of institutional investors and high-net-worth individuals. Kosuke Mori, CEO of Saison International, highlighted the strategic nature of the investment, noting, “Our investment in BillEase is currently our only exposure to the growth in the Philippines’ credit sector, and aligns with our objective of providing financial…

GoTyme Bank Corp, backed by the Gokongwei group, is on track to surpass its initial five-year goal. by achieving a milestone of 10 million users within just four years instead of five as previously projected. Nathaniel Clarke, the digital bank’s president and chief executive officer, expressed in an interview with GMA News Online that GoTyme is anticipated to secure 5 million users by the end of 2024, effectively doubling its current user base of about 3 million. Nate noted that 70% of those have a positive balance with the digital bank, 50% log in every month, and 35% do swipes.…

In a move to streamline digital transactions between the Philippines and Japan, Rizal Commercial Banking Corporation (RCBC) has entered into a partnership with Digital Wallet Corporation (DWC), a Japanese IT and fintech company. This collaboration aims to facilitate smoother cross-border financial interactions between the two countries. Martin Tirol, First Senior Vice President and Global Transaction Banking Group Head at RCBC, highlighted the potential of the partnership with Digital Wallet to enhance digital transactions and fintech adoption between Filipinos in Japan and the Philippines. “This newly-formed partnership with Digital Wallet will accelerate frictionless digital cross-border transactions,” said Martin. He also noted…

Tala Financing Philippines Inc. has formed a partnership with Maya Bank Inc. to enhance its micro-loans programme. Under this agreement, Maya Bank will provide Tala with loan capital amounting to P2.75 billion, which Tala will distribute to the public in the form of micro loans. Charisse P. Alvarez, President and Head of Finance, Strategy, and Analytics at Tala, remarked on the partnership, saying, “We’re thrilled to partner with Maya Bank in this endeavour, knowing that their mission and values align well with Tala’s.” Charisse further highlighted the partnership as a milestone in Tala’s commitment to becoming “an accessible, reliable, and trusted…

Consumer credit-based cross border payments provider, Pomelo has recently announced a significant increase in funding, securing a Series A investment of US$35 million and expanding its warehouse facility by US$75 million. The round was led by Vy Capital, with contributions from Founders Fund and A* Capital, bringing the total raised to US$55 million in equity capital, along with US$125 million in total for its warehouse facility. Established in 2022, Pomelo was recently recognised on GGV Capital’s Innovation 50 List for 2024, highlighting its role as an integral Philippines player in the US$650 billion global remittance market. The company facilitates international…