E-wallet GCash has announced its expansion into South Korea through a strategic partnership with Seoul-based broker E9pay. This collaboration aims to offer overseas Filipino workers a more efficient and cost-effective way to remit funds back home, tapping into the sizable Filipino community in South Korea. Paul Albano, General Manager of GCash International, emphasised the importance of this move, noting that it stands to benefit the substantial number of Filipinos living in South Korea. With more than 60,000 Filipinos based there, according to immigration data, the partnership is set to make financial transactions smoother and quicker for the community. The foreign…

Tonik Financial, headquartered in Singapore and operating the Tonik Digital Bank in the Philippines, has recently revealed a reduction in its workforce, which the company says is a strategic move towards enhancing revenue streams and attaining profitability. The decision, as disclosed by founder and CEO Greg Krasnov, involves the retrenchment of select fixed positions deemed non-critical for the company’s forward momentum. Although specific numbers were not provided by Greg, insights from a knowledgeable source revealed to Tech in Asia that the cutbacks had supposedly impacted 80 roles across various departments. This development follows a period of significant expansion for Tonik, marked…

Creador, a private equity firm in Southeast Asia, has made a strategic investment of PHP4 billion (US$ 71.2 million) in Asialink Finance Corp., an online lending firm to the Philippine small and medium enterprise (SME) sector. This investment grants Creador an 18% stake in Asialink, alongside a seat on its board of directors. This partnership is poised to catalyse Asialink’s expansion efforts, enhancing its capacity to support SMEs by not only increasing its lending capabilities but also by improving operational efficiencies. Creador’s contribution will extend beyond financial investment, aiming to bolster Asialink’s growth through the introduction of international banking partnerships and…

Salmon has recently introduced its “early bird” savings scheme. The financial services company now operates a licensed bank, the Rural Bank of Sta. Rosa/Laguna, alongside a series of lending companies in the Philippines. This initiative offers Filipino consumers a notable opportunity to accrue savings at an interest rate of 8.88%. This rate is accessible exclusively to individuals engaging in a 12-month time deposit, with savings amounting to more than PHP500,000, and is initially available at the Rural Bank of Sta. Rosa/Laguna branches. According to Salmon, this initiative reflects its commitment to promoting financial inclusion, aiming to provide consumers with access…

GoTyme Bank is poised for considerable growth, with expectations to more than double its customer base by the conclusion of this year. This anticipated expansion is linked to the bank’s plans to introduce a broader range of products and services. Speaking at a central bank gathering, GoTyme’s Co-Chief Executive Officer and Chief Commercial Officer, Albert Raymund O. Tinio, conveyed a positive outlook for the bank’s progression throughout the current year. Reflecting on past achievements, Albert pointed out that GoTyme’s affiliate, Tyme, attained profitability around December of the previous year. “We’re very much on track to do that. We’re bullish that…

In a notable development at the outset of 2024, Coins.ph, the most established Bitcoin and cryptocurrency exchange market in the Philippines, announced that its service Coins TradeDesk has achieved a trading volume of over P8 billion in January alone. Coins TradeDesk offers foreign exchange and cryptocurrency services to businesses, financial entities, and individuals of high net worth, facilitated by Coins.ph, the Bangko Sentral ng Pilipinas (BSP) licensed fintech firm. Coins.ph gave the example of Seagulls, a company that facilitates the transfer of mobile credit and bill payments across an international network spanning 100 countries, as one of the clients benefitting…

ProCredit, a fintech enterprise specialising in loans for small and medium-sized enterprises (SMEs), has successfully raised US$4.1 million in a pre-seed funding round. This round was led by Integra Partners and saw contributions from the Menardo Jimenez Family Office, M Venture Partners (MVP), Cento Ventures, Gobi Partners through the Gobi-Core Philippine Fund, along with several local angel investors. ProCredit, based in the Philippines, is notable for its focus on technology-enabled SME lending, founded by a team with a collective experience of over fifty years in SME lending within emerging markets. The founders, who have previously held senior roles at Citigroup,…

Within the realm of sustainable finance in the country, the Monetary Board and the Bangko Sentral ng Pilipinas (BSP) have granted approval to the Philippine Sustainable Finance Taxonomy Guidelines (SFTG) for banking entities during its assembly on 14 February 2024. This initiative marks a significant stride towards integrating environmental and social sustainability into the financial sector’s operations. Eli M. Remolona, Jr., the Governor of the BSP and Chairman of the Monetary Board, remarked on the importance of this sustainable finance framework, stating, “The issuance of a taxonomy is a crucial step in our sustainability journey. It provides high-level guidance in…

Philippines startup Helios claims to have launched the first solar mortgage programme, marking a step towards transforming the local energy landscape. This initiative aims to facilitate Filipino households’ access to solar energy through affordable financing solutions, effectively reducing electricity bills for numerous families and offering a safeguard against the erratic nature of power costs. Helios, as described by its co-founder and chief customer officer Alex Aronson, operates as a climate fintech platform, orchestrating the process between banks, customers seeking to mitigate high electricity expenses, and installers. The company’s role could be pivotal in streamlining the transition to solar power, making…

The Securities and Exchange Commission (SEC) has issued a cautionary notice to the public regarding their dealings with DigiVault Trading and Altstrade, highlighting that these entities are not authorised to solicit investments due to lack of registration with the SEC. The SEC has brought to attention that DigiVault Trading has been promoting investment packages promising returns ranging from a modest 15% to an eye-catching 357%, depending on the amount and duration of the investment. These packages allow for investments starting from as little as P50 to as much as P500,000, with promised returns materialising within five to 75 days. Additionally,…

Qlik revealed its collaboration with Bank of Makati Inc (BMI), the Philippines’ fifth-largest stand-alone thrift bank by assets, marking a step forward in utilising data to enhance financial services. The partnership focuses on employing Qlik Sense to streamline the process for customers, including savers and entrepreneurs across the nation, in securing loans and reaching their financial objectives. This initiative is part of the bank’s broader effort to promote economic empowerment through data. Qlik dashboards are now enabling the Bank of Makati to gain deeper insights from customer data, loan approval statistics, and current sales performance, which is instrumental in making…

the Asian Development Bank (ADB) has allocated grants amounting to US$655,000 to support the digitalisation efforts of nine rural banks, plus a bank consortium in the Philippines. This financial assistance aims to facilitate these banks in adopting digital technologies to enhance their services, especially for the country’s underserved communities. The banks set to benefit from this initiative include Banco San Vicente, Camalig Bank, MVSM Bank, Rural Bank of Guinobatan, Rural Bank of Medina, Rural Bank of Montalban, Rural Bank of Porac, Rural Bank of Silay, the Rural Bank of Tandag, and the Good Bank Consortium, which comprises three rural lending…

BPI Wealth, the wealth management subsidiary of the Bank of the Philippine Islands (BPI), is preparing for a substantial increase in its assets under management (AUM) in the coming year, driven by a favourable economic environment and the introduction of new financial products. Maria Theresa D. Marcial, President and Chief Executive Officer of BPI Wealth, expressed confidence in the company’s capacity to continue its growth trajectory into 2024 and beyond, with AUM expected to grow by approximately 15% to 20%. “Looking ahead, BPI Wealth is on track and poised to sustain our growth momentum in 2024 and beyond. We see…

UNOAsia Pte Ltd has secured US$32.1 million in a recent pre-Series B funding round, with the mix of equity and debt funding aimed at reinforcing the operations of UNO Digital Bank in the region, with a particular focus on technology enhancements. Investment from Gateway Partners, noted by co-founder Anand Kumar, is directed towards transforming the digital financial landscape and advancing financial inclusion in the Philippines. This investment aligns with the firm’s strategy of supporting growth in emerging markets through innovative solutions. Omar Mahmoud, Managing Director of Creador Private Equity, highlighted the investment in UNO Digital Bank as a step towards…

In an effort to tackle the increasing instances of financial fraud in the country, the e-wallet GCash has joined forces with the Cybercrime Investigation and Coordinating Center (CICC), a move designed to enhance real-time protection against cybercrime for the public. This collaboration, as explained by Ivan John E. Uy, the Secretary of the Department of Information and Communications Technology (DICT), aims to establish a swift incident response system. The CICC is an entity attached to the DICT, highlighting the government’s focus on combating cybercrime by partnering with GCash. Secretary Uy provided insight into the initiative, stating that it includes the…

Atome has collaborated with Mastercard to enhance the gaming experience for its users in the Philippines. This collaboration enables Atome Card holders to convert their Atome rewards points into gaming credits through the Mastercard Gamer Xchange (MGX). The initiative is a straightforward solution for consumers wishing to exchange rewards points for gaming credits across almost 4,000 popular gaming titles. The 2023 Global Digital Report by Meltwater and We Are Social identifies the Philippines as the top gaming nation worldwide, with more than 95% of Filipino internet users aged 16 to 64 participating in online gaming. Magic Tang, Atome’s Head of…

In December 2023, personal remittances from overseas Filipinos achieved a record high in the Philippines, reaching US$3.6 billion, an increase of 3.9% from the US$3.5 billion reported in December 2022. This growth, as detailed by the Bangko Sentral ng Pilipinas (BSP), was fuelled by enhanced remittances from both land-based workers engaged in contracts of a year or more and those in sea- and land-based roles with shorter contracts. Over the course of the year, personal remittances ascended to a record US$37.2 billion, marking a 3% rise from US$36.1 billion in the previous year. This elevation in remittances, accounting for 8.5%…

Following Valentine’s Day last week, Tonik Digital Bank has recently unveiled ‘Luv Stash,’ a novel savings product. This facility stands out in the market by allowing two individuals to jointly save whilst earning an interest rate of 4.5%. The idea behind ‘Luv Stash’ is to enhance the bond between partners through the pursuit of mutual financial objectives, offering an alternative to the conventional joint bank account. It encourages pairs to save together, thereby strengthening their partnership, according to the standalone digital bank’s statement. For Tonik customers keen on initiating a ‘Luv Stash’, the procedure entails setting up a savings goal…

GCash has announced its continuing global expansion by securing regulatory approval to extend its services to an additional ten countries, following approval from the Bangko Sentral ng Pilipinas (BSP). This expansion enables the service to facilitate smoother financial transactions for Filipinos residing both domestically and abroad, enhancing the ease of money transfers to and from the Philippines. The new countries in GCash’s service network include the United Arab Emirates, the Kingdom of Saudi Arabia, Kuwait, Qatar, South Korea, Taiwan, Singapore, Hong Kong, Spain, and Germany, adding to its existing presence in the United States, Canada, Italy, the United Kingdom, Australia,…

The Bangko Sentral ng Pilipinas (BSP) has reported on the ongoing expansion of digital payment technologies, noting their significant role in enhancing the delivery of financial services to unbanked populations and micro, small, and medium enterprises (MSMEs). This development is attributed to the execution of the BSP’s 2020-2023 Digital Payments Transformation Roadmap (DPTR), with contributions from both the public and private sectors. Deputy Governor Mamerto Tangonan remarked on the growth from a 1% share of digital transactions in total retail payments in 2013 to a 42.1% share in 2022, suggesting that the target of 50% could have been met by…