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…

In a promising development for the standalone digital banks in the Philippines, more than US$700 million has been invested by both local and global investors, indicating robust growth in this emerging industry. As of the end of 2023, the number of digital bank depositors reached 5.9 million, reflecting increased public engagement and trust. The period also saw deposits double from P35 billion at the end of 2022 to P69 billion a year later, with the gross total loan portfolio also rising from P11 billion to nearly P25 billion. Angelo Madrid, President of the Digital Bank Association of the Philippines (DiBA…

The Securities and Exchange Commission (SEC) of the Philippines has taken the unusual step of reaching out to tech giants Google and Apple to remove applications operated by the cryptocurrency platform Binance from their respective digital marketplaces, Google Play and the Apple App Store. This move is part of a broader regulatory crackdown on the activities of the cryptocurrency giant within the nation. According to the SEC, the presence of Binance apps in both Apple and Google app stores that are accessible in the Philippines, poses substantial financial risks to Filipino investors due to the firm’s involvement in unauthorised investment…

Netbank (A Rural Bank) Inc., a provider of financial services in rural regions, has announced a strategic partnership with Intel-Soln. Philippines Inc., a firm specialising in digital transformation and the creation of learning-centric workplaces. This collaboration marks an important development for both organisations as they seek to incorporate new technologies and continuous learning within the financial sector. According to the financial services provider, Netbank has long been focused on making financial solutions accessible in rural communities and, through this partnership with Intel-Soln. Philippines Inc., aims to enhance its services with advanced technologies and bespoke training programmes. Gus Poston, Founder of…

TymeBank is gearing up to extend its footprint further into Southeast Asia with planned launches in Vietnam and Indonesia, following its profitable operations in South Africa and successful venture in the Philippines. Coenraad Jonker, CEO of TymeBank as well as co-founder and Chairman of its parent Tyme, the digital banking group active in Africa and Asia, revealed these strategic moves in a recent interview with DealStreetAsia. “We’re set to launch our Merchant Cash Advance product and onboard our first customers this month in Vietnam. However, retail banking will follow in the next 12-15 months. As for Indonesia, we aim to…

UnionBank Investment Management and Trust Corporation (UBIMTC), the standalone trust corporation of Union Bank of the Philippines, Inc., is set to expand its assets under management (AUMs) by broadening its client base and introducing new products tailored to retail investors. Having commenced operations independently on the first of March following the approval from the Bangko Sentral ng Pilipinas on the fourteenth of November, 2023, and its registration with the Securities and Exchange Commission on 11 October, 2023, UBIMTC aims to utilise this autonomy to reach a more varied investor demographic. “UnionBank Investment Management and Trust Corp. (UBIMTC) ranks as one…

The Bangko Sentral ng Pilipinas (BSP) has recently revoked the registration of Nikko Mart, a money changer and foreign exchange dealer, as part of its ongoing efforts to oversee money service businesses (MSBs) more stringently. This revocation marks the first such action against an MSB this year, following the cancellation of 14 MSB registrations last year and 10 in 2022. The decision, confirmed through a circular letter signed by BSP Deputy Governor Chuchi Fonacier, was made after Nikko Mart was found in serious violation of its deed of undertaking and non-compliance with the Anti-Money Laundering Act of 2001, as well…

The World Bank has agreed to assist the Philippines in enhancing its tax collection efforts through the full digitalisation of its tax system, following discussions held at the World Bank-International Monetary Fund Spring Meetings in Washington. The meeting, involving Finance Secretary Ralph Recto and World Bank President Ajay Banga, highlighted the need for robust digital infrastructure to support the initiative. Secretary Recto stated to the media at the meetings that the comprehensive digitalisation effort would help to increase revenue collection and streamline tax administration, addressing both efficiency and leakage issues. World Bank President Banga emphasised the critical elements of this…

In response to a report published by an online news portal claiming GoTyme Bank faced considerable losses in 2023, the digital bank has labelled these assertions as “incomplete, sensationalised, and misleading.” GoTyme, a venture between the Gokongwei Group of Companies and the global digital banking group Tyme, has refuted the claims detailing losses of P247 million in its first full year after launching in October 2022, a significant increase from the P910 million pesos loss reported in the previous year. Nate Clarke, the President and CEO of GoTyme Bank, commented in a statement, “The bank has performed extremely well, and…

Digital transformation is not easy and it’s even harder when you are the largest bank in the Philippines. Fintech News sits down with Mark Bantigue, Digital Strategy Head at BDO Unibank as he gives us behind the scenes insights on the bank’s digital journey. Interview by Fintech News Singapore’s Chief Editor, Vincent Fong. Co-produced with Backbase. This interview is also available on Spotify: Listen here Apple Podcast: Listen here

Security Bank Corp. is poised for an uplift in profitability in the coming year, buoyed by robust growth in its lending operations and strategic investments in technology and infrastructure. At a recent roundtable with journalists, Security Bank Executive Vice President and Chief Financial Officer, Eduardo Olbes, highlighted the potential for a substantial growth in profits. “The journey of improving profitability is a multi-year one, but our aspiration obviously is to show significantly improved profitability this year versus last year,” Eduardo remarked. Despite a downturn in net 2023 income, where figures fell by 13.7% to PHP 9.1 billion from PHP 10.6…

The Securities and Exchange Commission (SEC) of the Philippines has issued a warning to the public regarding eToro, an online investment trading platform that is not authorised to sell or offer securities in the country. The notice highlights the importance of compliance with regulatory requirements and the risks associated with using unregistered platforms. eToro, which presents itself as a platform making trading accessible to anyone, anywhere, and aims to reduce dependency on traditional financial institutions, is not registered with the SEC. It offers a crypto exchange that supports trading in over 30 cryptocurrencies, and platforms for trading commodities, currencies, indices,…

UnionDigital Bank, Inc., the digital banking division of Union Bank of the Philippines, aims to elevate its loan portfolio to nearly P40 billion this year through the introduction of new financial products, including an expanded loan selection and virtual cards. This initiative is in line with an anticipated growth in customer numbers. By the end of 2023, the UnionDigital Bank gross loan portfolio stood at P13.9 billion which is significantly higher than previous years, reflecting robust growth. It had also recorded a loan-to-deposit ratio of 69%, an increase from 58% the prior year, highlighting its progress towards greater profitability. The…

Fuse Lending, Inc., the lending division of GCash, has just reached a sizable milestone by disbursing loans exceeding P118 billion as of the close of 2023. This is a major increase from the P50 billion disbursed in 2022, marks a notable step forward in the joint mission of Fuse and GCash to enhance financial inclusion in the Philippines. Tony Isidro, the President and CEO of Fuse, noted the contribution of their services to increasing financial accessibility. He mentioned, “By providing non-collateralised and affordable loan products such as GLoan, GCredit, and GGives through the GCash app, Fuse Lending has successfully supported…

The Rizal Commercial Banking Corporation (RCBC) has recently launched a QR-based cardless withdrawal facility as part of its RCBC ATM Go service. This initiative is aimed at enhancing the availability of digital financial services in areas of the Philippines that are currently underserved or lack banking infrastructure. RCBC ATM Go offers a variety of digital banking services, such as cash transactions, payments, and transfers, through mobile-point-of-service (mPOS) technology. This service is particularly noted for its reach in remote locations, like Turtle Island and Lake Sebu, which have been traditionally underserved in terms of financial services. According to RCBC, the move…

BillEase, a consumer finance and buy now, pay later application operating in the Philippines, has released its preliminary unaudited financial results for 2023, indicating a period of considerable growth. The company reported that its revenue reached US$57 million and net income was US$7 million for the year, after serving a customer base of over 800,000. The data provided show that revenue and loan disbursements doubled from the previous year. BillEase also noted a Return on Equity (ROE) growth  of 47%, surpassing the usual performance range of 5% to 15% for traditional banks in the Philippines. Its Return on Assets (ROA)…

The Salmon Group has partnered with AllBank (A Thrift Bank), Inc. to introduce a QR Ph-enabled payment system aimed at simplifying repayments for financial products, signalling a noteworthy shift in transaction methods. Leveraging Salmon Group’s expertise in fintech and consumer lending alongside AllBank’s experienced presence in the banking sector, this partnership delivers a QR Ph payment solution that is said to be designed for ease and security, with the potential of benefiting millions across the Philippines. The initiative broadens the application of AllBank’s QR Ph-P2M system, enabling transactions through the simple act of scanning QR Ph codes with smartphones. This…

In 2023, the Philippines showcased its resilience despite macroeconomic headwinds that challenged the international venture capital (VC) scene. New data released by local VC firm Foxmont Capital Partners and the Boston Consulting Group (BCG) show that VC funding in the country slid by a moderate 13.5% year-over-year (YoY) while deal counts increased by 15.7% YoY to reach a new all-time high. These figures are in sharp contrast with global trends observed in 2023 according to CB Insights data. VC funding in the Philippines declined modestly in 2023, reaching a total of US$960 million secured through 96 deals. This decline in…

Singlife Philippines has recently enhanced its financial reserves through a P600 million (approximately funding from its principal backer, Singapore Life Holdings Pte. Ltd. This infusion is intended to bolster the company’s innovation and growth, with a particular emphasis on digital technologies. The Group, now entirely under the umbrella of Sumitomo Life Insurance Company, is looking to evolve into a leading omni-channel financial services provider across the region, with an emphasis on serving the customer’s interests. This development is in tandem with Sumitomo Life’s strategic goals for regional expansion. Richard Vargo, Chairman of Singlife Philippines, pointed out that the investment reflects…