Author: Fintech News Philippines

Maybank Philippines has officially launched its Islamic banking unit, becoming the first commercial bank in the country to offer Shariah-compliant financial services. The unit began operations on 14 August, following the approval of its license from the Bangko Sentral ng Pilipinas (BSP) in July. This marks the second Islamic banking unit (IBU) to be licensed in the Philippines, with CARD Bank being the first in June 2023. An IBU is a dedicated division within a conventional bank that operates under Shari’ah principles, as outlined by BSP regulations. Maybank held a soft launch for the new unit on 25 July 2024,…

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Land Bank of the Philippines (LandBank) has expanded its loan offerings to support businesses and individuals affected by natural disasters, aiming to expedite recovery and rebuilding efforts. The bank’s Community Assistance and Reintegration Support Plus (CARES+) programme now provides loans to farmers, fishers, cooperatives, micro, small and medium enterprises (MSMEs), corporations, and electric distribution utilities. These loans can be used for working capital, capital expenditures, and the repair or acquisition of disaster-damaged equipment and facilities. Electric distribution utilities may also utilise the loan as short-term working capital to cover increased generation and distribution costs. In addition, LandBank is offering an…

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BillEase, a digital consumer finance platform in the Philippines, has secured a strategic investment from TPG’s The Rise Fund. The sum was not disclosed. This investment marks the beginning of BillEase’s Series C equity round, with existing investor Burda Principal Investment also participating. China International Capital Corporation Limited (CICC) acted as the exclusive financial advisor to BillEase during the Series C process. BillEase offers various financial services such as personal loans, e-wallet top-ups, prepaid load, gaming credits, and bill payment. It also includes a buy now, pay later (BNPL) option with interest rates and deals available from over 10,000 merchants…

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CSC Holdings, a Hong Kong-listed company, is set to acquire a 26.8% stake in Citystate Savings Bank (CS Bank) in the Philippines for 736 million pesos (approximately US$13 million). Founded in 1997, CS Bank operates a network of 34 branches across the Philippines. The bank provides a range of services, including cash management, corporate and retail banking, as well as treasury operations. According to the South China Morning Post, this move marks CSC Holdings’ strategic entry into Southeast Asia’s financial market, particularly within the underdeveloped banking sector of the Philippines. CS Bank, a licensed thrift bank focused on savings deposits…

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Philippines digital banks have seen remarkable growth, collectively amassing over PHP 80 billion in deposits by June, according to a report by the INQUIRER.net. This increase, nearly tripling their depositor base compared to the previous year, highlights the rising popularity of digital banking services in the country. Since the introduction of the Digital Banking Framework in December 2020, six digital banks have been established in the country. Among them are Tonik, Maya Bank, Overseas Filipino Bank (OFBank), UNObank, UnionDigital Bank, and GoTyme Bank. Recent figures from the Bangko Sentral ng Pilipinas (BSP) indicate that these six digital banks have expanded…

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Exchange-traded funds (ETFs) are popular investment vehicles for retail and institutional investors alike. ETFs offer diversified exposure to various asset classes at low costs. With the right strategies, ETFs can be traded profitably to enhance overall investment returns. This article explores some proven approaches to profitable ETF trading. Understanding ETFs and Their Trading Dynamics An ETF is a basket of securities that tracks an underlying index or benchmark. ETFs trade on exchanges just like stocks and experience price fluctuations throughout the trading day based on supply and demand. Their share price closely follows the net asset value (NAV) of the…

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Payments giant Visa has launched its first transit project in the Philippines, enabling contactless payments on modern jeepneys in Cebu and Mandaue City. This initiative is part of a pilot project, with plans to expand to more modes of transit in the coming years. This initiative aims to enhance the travel experience for both local commuters and tourists, offering a wider range of payment options. The project, a collaboration between Visa, Good Transport Solutions Inc. (GTSI), and GHL, allows passengers to pay their fares using Visa cards on 120 modern jeepneys in Cebu and 20 in Mandaue City. This move…

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Filipino digital bank GoTyme has onboarded 1.7 million new customers in the first half of 2024, bringing its total user base to 3.7 million since its launch in November 2022. The rapid growth positions the bank on track to achieve its target of five million customers by the end of the year. PhilStar reported that GoTyme Bank has accumulated PHP 17.3 billion in total deposits during the same period. GoTyme Bank President and CEO Nathaniel Clarke underscored the bank’s ambition to become the fastest-growing bank in the Philippines in terms of new customers added monthly by year-end. He noted that…

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The Bangko Sentral ng Pilipinas (BSP) and the National Bank of Cambodia (NBC) have signed a Memorandum of Understanding (MOU) to strengthen cooperation between the two central banks. The MOU is intended to establish a framework for deeper bilateral ties, with a focus on central banking, payment connectivity, digital financial innovation, banking supervision, and human resource development. Both central banks have a history of cooperation on regional and bilateral levels, and this agreement is seen as a continuation of those efforts. The signing took place on 19 August 2024, in Siem Reap, Cambodia, with BSP Governor Eli M. Remolona, Jr.…

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The Bangko Sentral ng Pilipinas (BSP) has released its Sustainability Report 2023, highlighting major steps in sustainable finance. These include the introduction of regulatory incentives and the release of sustainable finance taxonomy guidelines. The report also features research on how climate change affects monetary policy and the banking system. BSP also announced that it has established a sustainability office, under the Strategy, Innovation, and Sustainability unit, which will guide the central bank’s inclusive sustainability agenda. The BSP’s sustainability strategy is aligned with national climate goals, such as the National Adaptation Plan 2023-2050 and the Philippine Energy Plan 2023-2050. The central…

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The Bangko Sentral ng Pilipinas (BSP) and the Department of Labour and Employment (DOLE) are urging labour and employer sector leaders to transition to digital wage payments, highlighting the benefits of safe and efficient payroll solutions. During the 2nd Financial Inclusion Forum for the Labour and Employers Sector, discussions emphasized the advantages of digital wage payments for both employees and employers. Currently, around 70 percent of private sector salaries in the Philippines are still paid in cash, according to the 2021 Financial Inclusion Survey by the BSP. Digital wage payments are seen as a key driver of financial inclusion. Studies…

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Payment processing platform PayMongo has unveiled its latest offering—the PayMongo Wallet—designed to streamline digital transactions for small and medium enterprises (SMEs) across the Philippines. In a statement to the INQUIRER.net, PayMongo CEO Jojo Malolos emphasized that the PayMongo Wallet aims to transform financial transactions for SMEs by providing a seamless, secure, and inclusive solution. “PayMongo Wallet streamlines online business operations and enhances financial management, helping Filipino SMEs thrive in the digital age,” Malolos said. Recognising that SMEs form a significant portion of the local business landscape, Malolos noted that the new wallet is tailored to support these enterprises as they…

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Investagrams Inc. has announced a new partnership with the Philippine Digital Asset Exchange (PDAX) to enhance accessibility to cryptocurrency trading for Filipinos. PDAX, a platform focused on promoting financial inclusion in the Philippines, offers users a secure and user-friendly environment to buy and sell digital assets. Investagrams, a social financial platform in the country, provides tools, educational resources, and market insights to help users start and grow their investment journeys. This collaboration allows Investagrams users to access PDAX’s cryptocurrency trading platform directly, enabling them to diversify their portfolios by trading digital assets such as Bitcoin and Ethereum. The integration streamlines…

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State-owned Credit Information Corporation (CIC) has inked an agreement with ADVANCE.AI to establish a new credit bureau in the Philippines. ADVANCE.AI, known for its expertise in digital identity verification, KYC/KYB, and risk management, is expected to begin operations in the fourth quarter of 2024. The primary focus of this new credit bureau will be fintech companies, digital banks, and thrift banks, which play a key role in promoting financial inclusion and innovation within the Philippine financial landscape. This development follows CIC’s earlier decision to grant ADVANCE.AI a Special Accessing Entity (SAE) license. The license was awarded after a competitive tender…

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Singlife Philippines has launched the Singlife Super Boost Programme, a new life insurance initiative that allows customers to earn up to 15% per annum in net interest on their Singlife Account, with interest earnings credited monthly. The Singlife Super Boost Programme is open to both new and existing customers who secure policies through the Singlife Plan & Protect App or the Singlife Shop. To qualify, customers need at least one active policy, with interest earned calculated daily and credited monthly to their Singlife Account. For account balances up to PHP 500,000, customers can earn a 5% per annum net interest…

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Filipino digital bank Maya has disbursed a total of PHP 47 billion (approximately US$819 million) in loans to over a million borrowers by the end of June, according to a report by PhilStar. Since its launch in April 2022, Maya Bank has rapidly expanded its unsecured lending services, with 59 percent of its clients experiencing their first-ever bank loan through Maya. The bank attributes its success to an AI-driven credit scoring model that utilises payments and alternative data, enabling fast and scalable lending. Maya Bank also reported a significant increase in deposit balances, growing by 32 percent to reach PHP…

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Philippine-based BNPL (Buy Now, Pay Later) and consumer finance startup BillEase achieved profitability in 2023. This was driven by robust growth in its customer base and a significant expansion in merchant partnerships, according to regulatory filings. Jin Chan Invest, the Singapore-registered parent company of BillEase, reported a net profit of US$5.95 million for the year ending 31 December 2023, marking a sharp turnaround from a net loss of US$342,364 recorded the previous year. As reported by DealStreetAsia, the company’s revenues soared by 75%, reaching US$55.29 million, compared to US$31.52 million in 2022. Additionally, gross profit experienced substantial growth, rising to…

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Martha Sazon, CEO of GCash, told Bloomberg that the Filipino e-wallet is considering applying for a digital bank license after the Bangko Sentral ng Pilipinas (BSP) lifted its moratorium. Last week, BSP announced that it will lift the moratorium on granting new digital banking licenses starting 1 January 2025. This will allow up to ten digital banks to operate in the Philippines. Sazon emphasised that “nothing is definite at the moment.” Since the introduction of the Digital Banking Framework in December 2020, six digital banks have been established, including Tonik, Maya Bank, Overseas Filipino Bank (OFBank), UNObank, UnionDigital Bank, and…

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Bangko Sentral ng Pilipinas (BSP) will lift the moratorium on granting new digital banking licenses starting 1 January 2025, allowing up to ten to operate in the country. This move aims to leverage the benefits of digital banks while managing associated risks. Since the introduction of the Digital Banking Framework in December 2020, six digital banks have been established in the country. Among them are Tonik, Maya Bank, Overseas Filipino Bank (OFBank), UNObank, UnionDigital Bank, and GoTyme Bank. The new decision will permit four additional licenses, available to both new applicants and existing banks seeking conversion. Prospective digital banks will…

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Philippines-based mobile e-wallet GCash is still eyeing an initial public offering (IPO), but the timing depends on improvements in market conditions, CEO Martha Sazon said Wednesday (1 August), according to Bloomberg News. Sazon’s comments came as GCash parent Globe Telecom reported its quarterly earnings, and days after the mobile payments company’s valuation more than doubled to US$5 billion following new investments from Mitsubishi UFJ Financial Group (MUFG) and Ayala Corporation. Through its subsidiary AC Ventures Holdings, Inc. (ACV), Ayala will increase its investment in Mynt by acquiring an additional 8% stake. Meanwhile, MUFG, through its subsidiary MUFG Bank, Ltd., will…

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