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…

MFast, a Vietnamese fintech company, has announced its expansion into the Philippines, signalling a strategic move into the rapidly growing Southeast Asian fintech sector. Founded by Thanh Vinh Phan and Thanh Long Phan, twin brothers from the rural town of Binh Phuoc, Vietnam, MFast aims to address financial challenges in underserved communities, an endeavour inspired by the founders’ own experiences. The company, which last year raised US$6 million in a Series A funding round and boasts a sizable sales agent network for financial services in Vietnam, plans to open its first Philippine office in Manila, with subsequent expansions to Cebu…

In an era dominated by digital innovation, the banking sector is evolving rapidly to meet the modern consumer’s demands for seamless and integrated financial services. This movement towards “invisible banking” marks a departure from traditional banking practices, offering a glimpse into a future where banking is an invisible, yet integral, part of daily life. This concept, underpinned by core modernisation represents a future where the need for physical bank branches or dedicated banking applications fades, giving way to seamless financial services embedded in daily activities like shopping, travelling, or socialising. The imperative of invisible banking The banking industry’s journey towards…

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…