The Securities and Exchange Commission (SEC) has issued advisories to the public, cautioning against several entities and individuals allegedly soliciting investments without the proper authority. The warnings concern De Guzman Consumer Goods Trading, an individual named Christabel Arroyo, and groups falsely representing financial firms. According to the SEC, De Guzman Consumer Goods Trading has been inviting the public on Facebook to invest as co-partners in its farming and trading business. The entity reportedly promised returns of 60% to 200% within 30 to 60 days. However, the SEC confirmed the entity has not registered as a corporation or partnership and does…

Asia United Bank (AUB) has set a goal to reach 6.5 million customers for its HelloMoney e-wallet by year-end. The bank plans to achieve this by leveraging new strategic partnerships with Singlife Philippines and the Social Security System (SSS). The bank recently finalised an agreement with Singlife Philippines, which will allow HelloMoney users to access insurance products directly through the app. The available products include coverage for income loss due to disability or death. It also features funds for medical costs related to hospitalisation or critical conditions. Through this collaboration, the companies are providing a key demographic with more accessible…

Visa and CIMB Bank Philippines have formed a partnership to deliver new banking services tailored for the nation’s small and medium-sized enterprises (SMEs). This collaboration seeks to address the financial needs of a vital part of the Philippine economy. CIMB announced it will launch a new Visa business debit card, the centrepiece of the partnership, in the third quarter of 2025. According to the bank, it designed the card to complement an upcoming business deposit product. CIMB will link the new card to a high-interest business savings account to provide business owners with several key benefits. The bank specifically aims…

The Bangko Sentral ng Pilipinas (BSP) is studying additional measures to prevent the use of high-denomination banknotes in illegal activities, including a proposal to demonetise the PHP 500 and PHP 1,000 bills. Former Finance Secretary Cesar Purisima made the suggestion following recent allegations of corruption involving large cash transactions. BSP Governor Eli Remolona described the demonetisation idea as a “tantalising proposal” but expressed caution. Citing his experience at the New York Federal Reserve with a similar dilemma over the US$100 note, he warned of the negative consequences for the public. Remolona cautioned that such a move could be more damaging…

UnionDigital Bank in the Philippines has deployed iProov’s Dynamic and Express Liveness solutions to strengthen its security measures against account takeover and financial mule activity. This implementation forms part of the digital bank’s new risk-based authentication strategy, which aims to provide heightened security for high-risk transactions while maintaining a frictionless experience for everyday use. The move to upgrade its biometric technology aligns with an increasing focus from financial regulators, including the Bangko Sentral ng Pilipinas, on enhancing security measures to protect consumers from sophisticated, AI-driven cyber threats. iProov’s dual liveness solutions allow the bank to apply different levels of identity…

Rizal Commercial Banking Corp. (RCBC) is upgrading its remittance arm. Now known as RCBC Remittance, it aims to enhance its digital capabilities and expand its global network. The move comes as more overseas Filipinos shift to digital channels for sending money home. Industry data indicates that 75% of remittances to the Philippines are now sent through digital platforms. RCBC’s Head of Transaction Banking Group, Martin Tirol, said the upgrades are part of the bank’s commitment to driving greater adoption of digital remittances. They want to make it easier for global Filipinos to take advantage of growing accessibility worldwide. The bank reported…

HitPay has partnered with Ingenico to launch an all-in-one payment system aimed at improving the adoption of digital payments among small and medium-sized enterprises (SMEs) in the Philippines. The collaboration aims to give SMEs faster access to their cash flow and simplify their operations. The new system embeds HitPay’s software platform into Ingenico’s smart terminals. By doing so, it enables merchants to accept a wide range of payment methods. These include major credit and debit cards, popular e-wallets like GCash and Maya, and global cross-border payments. The companies state that this will allow for faster payment settlement compared to traditional…

Union Bank of the Philippines plans to inject up to PHP 1.5 billion in additional capital into its thrift bank subsidiary, City Savings Bank Inc.. The bank intends this move to bolster the subsidiary’s growth and support its ongoing business operations. In a disclosure to the Philippine Stock Exchange, UnionBank announced that its board of directors approved the capital infusion during a special meeting on October 8. The transaction is still subject to the necessary regulatory approvals. CitySavings, which was founded in 1965, has a strong presence in the mass market segment, particularly in providing salary loans to public school…

PLDT’s international arm, PLDT Global Corp., has expanded its partnership with Saudi Arabia’s stc Group to enhance e-wallet services for Filipinos living and working abroad. The new collaboration is with stc Group’s financial technology subsidiary, stc Pay Bahrain. Under the expanded partnership, users of the stc Pay app will be able to perform direct cash-ins to Philippine e-wallets. The platform will also allow them to buy and send e-gift vouchers. “This partnership brings digital convenience to our fellow Filipinos abroad and positions PLDT Global as a trusted partner of fintech,” said PLDT Global President and Chief Executive Officer Albert V.…

The Department of Trade and Industry (DTI) and the Bangko Sentral ng Pilipinas (BSP) are encouraging local government units (LGUs) and small businesses in Pangasinan to adopt the Paleng-QR Ph programme. The initiative is a jointly developed effort by the BSP and the Department of the Interior and Local Government (DILG). It aims to build a national digital payments ecosystem by promoting cashless transactions in public markets and on local transport. The programme directs LGUs to encourage the use of digital payments among market vendors. Not only that, it also aims for community shopkeepers, tricycle operators and drivers. DTI 1…

Everywhere you look today, identity is the real currency. Whether you’re opening a bank account or applying for government services, the same question comes back again and again. Who are you, and how can anyone be sure? That question has grown far beyond the teller’s counter. It now runs through the veins of the global economy, shaping how governments roll out digital services and how banks try to balance security with convenience. Digital identity has not-so-quietly become the infrastructure for growth, trust, and even inclusion. The Push to Make Identity Digital Fabrice Jogand-Coulomb, who is the Vice President of Mobile…

Fraud and scams are on the rise in Southeast Asia, from job scams and forced scam centers to deepfake impersonations and multimillion-dollar corporate fraud. In this episode of Banking After Hours, I’m joined by Julius Rajeswaran, COO of ‪Ryt Bank, and Tai Vo, Director of Market Planning, Fraud & Identity, APAC at ‪LexisNexis Risk Solutions‬, to explore: Why Southeast Asia is a hotbed for scams How digital banks like Ryt Bank are rethinking fraud prevention The role of AI, behavioral data, and consortium-level intelligence Best practices from leading banks across the region

The Securities and Exchange Commission (SEC) has received 3,315 complaints against unregistered financing and lending entities concerning reports of harassment by debt collectors, a senior official has revealed. Speaking at a Senate committee hearing, SEC Commissioner Rogelio Quevedo stated that from January to September 15, 2025, the agency received a total of 3,570 complaints involving unfair debt collection practices from unregistered online lenders. The public lodged the vast majority of these complaints against unregistered financing companies, lending companies, and online lending platforms (OLPs). “The problem is the unrecorded, unregistered online platforms. These are the lending companies that are not registered…

Digital bank Maya has released a new limited edition version of its physical payment card, the Pink Glitter Edition Maya Card. The new card features a shiny, glittery pink design and is available for a limited time only. Interested customers can purchase the card exclusively through the Maya mobile application at a price of PHP 450. According to the announcement, users also have the option to personalise the card by adding their username during the ordering process. To order the new card, users must first open their Maya app and navigate to the ‘Services’ section, where they will find the…

CharityPhilippines.org (CPO), an online crowdfunding platform, has adopted QR Ph for its donation system through a partnership with GCash. QR Ph is the Philippines’ national QR code standard, authorised by the Philippine Payments Management Inc. and operating in compliance with Bangko Sentral ng Pilipinas regulations. The integration allows donors to contribute directly to campaigns on the platform using their preferred QR Ph-enabled bank or e-wallet app. This includes GCash, Maya, and more than 30 other participating financial institutions across the country. Donors can scan a single QR code to make a donation, removing the need for multiple codes or separate…

The Bank of the Philippine Islands (BPI) has launched BPI Remit. It is a new service aimed at the approximately 4.6 million Filipinos living in the United States who send money to the Philippines. The service allows for direct fund transfers from a US bank account to a BPI account in the Philippines. It utilises the BPI mobile app or its online platform. The fee structure for the new service is a fixed US$1 for transfers below US$250. Transfers of US$250 and above are free of charge. BPI states that its service transfers funds within seconds and allows users to…

Western Union, on October 1, launched a new mobile application in the Philippines that allows users to send funds abroad and, for the first time in any of its global markets, also request money from overseas. The new app enables consumers in the Philippines to send money to Western Union’s global network, which includes bank accounts, digital wallets, and retail locations for cash payout. To fund these transfers, users can pay online within the app using the national QR code payment method, ‘QR Ph’. A key new function is the ability to request funds. A user in the Philippines can…

The Department of Budget and Management (DBM) has officially adopted blockchain technology in the government budgeting process to enhance transparency and accountability in public financial management. In partnership with BayaniChain and ExakIT Services, the DBM has launched a public portal, blockchain.dbm.gov.ph, that records key budget documents on a blockchain. The new platform makes records of Special Allotment Release Orders (SAROs) and Notices of Cash Allocation (NCAs) tamper-proof and allows the public to inspect how the DBM authorises and releases funds. The Department of Budget & Management Undersecretary Goddes Hope “Sasa” Libiran described blockchain as more than just a buzzword. “It’s…

FinTech Alliance.PH, a trade organisation for financial technology companies and startups in the Philippines, has officially welcomed 17 new members. The induction and oath-taking ceremony took place during the recent Manila Tech Summit held in Taguig and was led by Department of Trade and Industry (DTI) Secretary Cristina Aldeguer-Roque. The new cohort includes a diverse range of companies from the banking, payments, and technology sectors. Among the new members are several notable financial institutions, including GoTyme Bank Corporation, Philippine National Bank, and Salmon Bank (Rural Bank) Inc.. Payment and technology firms such as iPay88, Visa Worldwide Pte. Limited, NTT Data,…

State-owned Development Bank of the Philippines (DBP) opened a Branch Lite Unit in Pozorrubio, Pangasinan, on September 26 to bring banking services closer to residents in underserved areas. The new mini-branch is located in the town’s Community Building and is the first of its kind in the province, which already has regular DBP branches in Dagupan and Urdaneta City. The new branch offers essential services including deposits, withdrawals, loan applications, and financial advisory. It aims to serve residents, farmers, micro, small, and medium enterprises (MSMEs), and beneficiaries of local government programmes in Pozorrubio and neighbouring towns. DBP First Vice President…