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,”…

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…