In an effort to tackle the increasing instances of financial fraud in the country, the e-wallet GCash has joined forces with the Cybercrime Investigation and Coordinating Center (CICC), a move designed to enhance real-time protection against cybercrime for the public. This collaboration, as explained by Ivan John E. Uy, the Secretary of the Department of Information and Communications Technology (DICT), aims to establish a swift incident response system. The CICC is an entity attached to the DICT, highlighting the government’s focus on combating cybercrime by partnering with GCash. Secretary Uy provided insight into the initiative, stating that it includes the…

Atome has collaborated with Mastercard to enhance the gaming experience for its users in the Philippines. This collaboration enables Atome Card holders to convert their Atome rewards points into gaming credits through the Mastercard Gamer Xchange (MGX). The initiative is a straightforward solution for consumers wishing to exchange rewards points for gaming credits across almost 4,000 popular gaming titles. The 2023 Global Digital Report by Meltwater and We Are Social identifies the Philippines as the top gaming nation worldwide, with more than 95% of Filipino internet users aged 16 to 64 participating in online gaming. Magic Tang, Atome’s Head of…

In December 2023, personal remittances from overseas Filipinos achieved a record high in the Philippines, reaching US$3.6 billion, an increase of 3.9% from the US$3.5 billion reported in December 2022. This growth, as detailed by the Bangko Sentral ng Pilipinas (BSP), was fuelled by enhanced remittances from both land-based workers engaged in contracts of a year or more and those in sea- and land-based roles with shorter contracts. Over the course of the year, personal remittances ascended to a record US$37.2 billion, marking a 3% rise from US$36.1 billion in the previous year. This elevation in remittances, accounting for 8.5%…

Following Valentine’s Day last week, Tonik Digital Bank has recently unveiled ‘Luv Stash,’ a novel savings product. This facility stands out in the market by allowing two individuals to jointly save whilst earning an interest rate of 4.5%. The idea behind ‘Luv Stash’ is to enhance the bond between partners through the pursuit of mutual financial objectives, offering an alternative to the conventional joint bank account. It encourages pairs to save together, thereby strengthening their partnership, according to the standalone digital bank’s statement. For Tonik customers keen on initiating a ‘Luv Stash’, the procedure entails setting up a savings goal…

GCash has announced its continuing global expansion by securing regulatory approval to extend its services to an additional ten countries, following approval from the Bangko Sentral ng Pilipinas (BSP). This expansion enables the service to facilitate smoother financial transactions for Filipinos residing both domestically and abroad, enhancing the ease of money transfers to and from the Philippines. The new countries in GCash’s service network include the United Arab Emirates, the Kingdom of Saudi Arabia, Kuwait, Qatar, South Korea, Taiwan, Singapore, Hong Kong, Spain, and Germany, adding to its existing presence in the United States, Canada, Italy, the United Kingdom, Australia,…

The Bangko Sentral ng Pilipinas (BSP) has reported on the ongoing expansion of digital payment technologies, noting their significant role in enhancing the delivery of financial services to unbanked populations and micro, small, and medium enterprises (MSMEs). This development is attributed to the execution of the BSP’s 2020-2023 Digital Payments Transformation Roadmap (DPTR), with contributions from both the public and private sectors. Deputy Governor Mamerto Tangonan remarked on the growth from a 1% share of digital transactions in total retail payments in 2013 to a 42.1% share in 2022, suggesting that the target of 50% could have been met by…

In light of forecasts predicting a rebound in the Philippine stock market in 2024, the financial application GCash has expanded its services to include GStocks PH, a stock investment feature developed in collaboration with AB Capital Securities Inc. (ABCSI) in 2023. This addition aims to provide GCash’s user base with the opportunity to diversify their investment portfolios by accessing companies listed on the Philippine Stock Exchange (PSE). The adjustment of global economic policies, particularly by central banks reducing interest rates as led by the US Federal Reserve, is expected to enhance the attractiveness of growth assets, including stocks. According to…

To mark its tenth anniversary, local market cryptocurrency exchange Coins.ph has initiated a program to offer 10% rewards on USDC holdings to its users during February under its HODL and Earn scheme. This initiative, running from the 1st to the 29th of February, allows users who maintain a minimum balance of 20 USDC in their wallets for a week to earn rewards, which are then directly credited to their Coins.ph wallets. The calculation of rewards is conducted on a weekly basis, based on the minimum balance from Monday to Sunday. Jen Bilango, the Country Manager of Coins.ph, remarked on the…

Brankas and NetGlobal Solutions Inc. have recently formalised a Memorandum of Agreement that facilitates a collaborative effort to expand the capabilities of NetGlobal Pay. This initiative focuses on enhancing the platform’s offerings to include QR Ph, pay-by-bank, and pay-by-wallet functionalities across its payment and e-wallet services. Through the integration of Brankas’ Direct API and Disburse API, the agreement aims to diversify the payment options available, extending beyond traditional credit and debit card transactions to include a variety of digital payment methods. The Direct API from Brankas is designed to support e-commerce transactions, enabling retail cash-ins, fund transfers, and management of…

Tonik Digital Bank and the Southeast Asian payment gateway Xendit have announced a new strategic partnership, set to enhance the range of financial services available to Tonik consumers by introducing secure and convenient options for managing financial transactions. Starting from February, Tonik customers will benefit from additional avenues for funding their accounts, including transfers from established banking institutions such as BPI, UnionBank, and GCash, with RCBC and Chinabank joining the list of compatible banks. The expansion continues into March, with over-the-counter transactions becoming available at locations such as 7-Eleven, Cebuana Lhuillier, M. Lhuillier, SM Payments, Palawan Express, LBC, and soon,…

Globe Fintech Innovations, Inc. (Mynt) operated GCash has disclosed its performance metrics for the year 2023, revealing a notable increase in disbursement of loans. The online banking platform reported disbursing loans totalling P118 billion (approximately US$2.11 billion), more than doubling from the P50 billion (US$895 million) disbursed in 2022. This information was shared during a media briefing by Globe Telecom Inc. yesterday. The platform facilitated access to credit for over 3.9 million unique borrowers throughout the last year, with a considerable number of these individuals belonging to the lower socio-economic brackets. This development indicates GCash’s role in enhancing financial accessibility…

The Securities and Exchange Commission (SEC) has recently enacted measures against CryptoAsset Trading OPC by revoking its certificate of incorporation and levying a fine. This step was taken in light of the firm’s engagement in unauthorised investment solicitations, which strayed from its legally registered purpose of trading goods. Originally, CryptoAsset Trading OPC was sanctioned solely to engage in the purchase, sale, and distribution of various goods. However, subsequent investigations uncovered that the enterprise had ventured into the realm of offering investment securities to the public without securing the requisite permits and licences, thereby breaching its declared business aims as per…

GCash has entered into a strategic partnership with Axie Infinity and Ronin, aiming to facilitate access to blockchain-based gaming, also referred to as Web3 gaming, in the face of challenges brought about by recent cryptocurrency regulations. This collaboration is intended to offer Filipino gamers a practical and regulated avenue for engaging with Web3 games, especially considering the difficulties encountered by users of the cryptocurrency exchange platform Binance. The partnership combines the capabilities of GCash, utilised by over 80% of internet users in the Philippines for a variety of financial services, with Axie Infinity, a front-runner in the Web3 gaming space…

Bureau, a firm specialising in identity decisioning and fraud prevention, has recently extended its operations into the Philippines and Indonesia. The company says this move underlines its dedication to tackling the challenges associated with fraud and risk prevention in the rapidly evolving digital-first markets of Southeast Asia (SEA). In a statement, the company pointed out how the regional digital economy has been characterised by swift expansion and the ongoing evolution of regulatory compliance, presenting both opportunities and notable challenges for fintechs and digital banks. Consequently, there is a pronounced need for robust fraud prevention strategies. To address the threat of…

In the current business landscape, where efficiency is increasingly important, many companies, especially in the financial sector, struggle with the demands of manual data entry, often leading to time and resource constraints. AND Global, a fintech company based in Singapore, has recently introduced a new intelligent document processing platform called mindox. This AI-powered platform aims to address challenges in financial document processing. Initially launched in the Philippines, mindox has plans for global expansion. How does the mindox platform work mindox is built around three primary functions: data extraction, data processing, and data analysis. This system is designed to automate the…

Quezon City has officially introduced the Paleng-QR Ph Plus programme, a development that marks a significant move towards enhancing the efficiency of payment systems through digital means in the city. The programme was inaugurated in mid-January at the Project 4 Public Market, with the ceremony attended by key figures including Mayor Josefina “Joy” G. Belmonte, Department of the Interior and Local Government (DILG) Undersecretary Felicito A. Valmocina, and Bangko Sentral ng Pilipinas (BSP) Acting Director Mynard Bryan R. Mojica. Paleng-QR Ph Plus is the result of a partnership between the BSP and DILG, designed to encourage the use of QR…

The Philippine System of Identification (PhilSys) has introduced an authentication service, PhilSys Check, to improve the security of transactions through a digital signature in a QR code on PhilID cards and ePhilIDs. This service is accessible via a website for various users and is complemented by fingerprint biometric authentication at Civil Registry System facilities in the National Capital Region for verifying the identity of document requesters. Philippine Statistics Authority (PSA) Undersecretary Claire Dennis S. Mapa, PhD, noted the implementation of these services as a step towards achieving the objectives of PhilSys, including improved service delivery and the prevention of fraudulent…

Wise, the UK-based fintech organisation formerly known as TransferWise, has expanded its operations into the Philippines, introducing Wise Pilipinas. This development marks an extension of Wise’s international presence, particularly in Southeast Asia. Isabel Ridad, founder of Monetize, has been appointed as the Independent Director and Chairman of Wise Pilipinas, bringing her experience in the fintech sector to the role. Founded in 2011 by Kristo Käärmann and Taavet Hinrikus, Wise has made strides in facilitating cross-border payments. The company serves over 16 million users globally, handling approximately nine billion pounds in transactions each month. Wise’s services enable users to manage money…

COVID-19 has upended businesses and traditional scopes of work across the world. On the flip side, the pandemic has also created new job prospects and lucrative opportunities in the face of digital change. With the rise in technological advancements further triggered by the pandemic, industry leaders are now seeking updated information technology competencies to fuel development and raise productivity. The Singapore Management University’s (SMU) Master of IT in Business (MITB) programme opens up diverse opportunities for students looking to make an impact in a post-COVID economy. With four specialisation tracks namely Financial Technology & Analytics, Analytics, Artificial Intelligence and Digital…

In a recent engagement, Anurag Pandey, General Manager of additiv Asia Pacific, and Clarence Bondoc, Philippine Sales Director, met with representatives from SwissCham Philippines to discuss their concept of embedded finance. additiv, with a focus on enhancing brands and financial businesses, aims to integrate financial services seamlessly into various environments. This embedded finance approach is intended to deliver tailored financial experiences at the point of need, drawing from a wide range of partners in an open ecosystem. The representatives from additiv showed interest in joining SwissCham Philippines, aligning with the Chamber’s ongoing projects and initiatives. The move signals a potential…