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…

In a recent address at the “What’s Halvening? Token Tales and Toasts” gathering in Rockwell, Makati City, PDAX CEO Nichel Gaba shed light on the platform’s preparedness for the anticipated Bitcoin halving. This process is integral to the cryptocurrency sector, and notably affects market trends due to its impact on the rate at which new Bitcoins are introduced to the market. PDAX CEO Nichel recollected the cryptocurrency exchange’s past experiences with Bitcoin halving, noting, “When Bitcoin started going up in price, and customers started coming to our platform. That was a real test of our platform five years ago. That’s…

Super app GCash has announced an enhancement of its partnership with the global online payment giant PayPal. This collaboration is set to benefit the Philippines’ freelancer and e-commerce entrepreneur community by introducing an improved ‘PayPal Cash-In’ feature within the GCash app. This development, heralded during a meeting at the GCash headquarters in Taguig between representatives of both companies, promises to elevate the cash-in experience for users. By connecting their PayPal and GCash accounts and completing a single cash-in transaction, users are granted a significantly increased wallet limit. This adjustment aims to offer a streamlined, efficient, and secure cash-in process, underlining…

State-operated Land Bank of the Philippines (Landbank) is setting its sights on minimising traditional over-the-counter transactions by encouraging its customers to utilise its digital services. Lynette Ortiz, President and CEO of Landbank, articulated the bank’s objective to usher clients towards its digital banking services, which encompass the Landbank mobile banking application, the iAccess online retail banking channel, and the Link.BizPortal, a web-based payment platform for retail customers. To streamline operations at physical branches, a selection of Landbank locations have been outfitted with an automated queuing management system complemented by a teller interface, aimed at reducing the processing times for in-person…

Stables, an Australian firm specialising in digital wallet and payment solutions, has announced the introduction of international remittance services, catering primarily to the financial exchange between Australia and the Philippines. Stables’ clientele, who are spread across more than 130 countries, will be enabled to transmit funds in either Australian Dollars or Philippine Pesos to a network of over 140 million recipients across the two nations, with the entire process underpinned by stablecoin technology. Stables is entering the market against the backdrop of the Philippines status as a key destination for remittances within Southeast Asia, receiving over US$40 billion dollars annually,…

UBX, the digital subsidiary of the Aboitiz Group, has disclosed its plans to launch a stablecoin pegged to the Philippine peso, utilising the Polygon PoS blockchain technology. This initiative is aimed at enhancing the efficiency and cost-effectiveness of remittance processes within the Philippines, a sector that significantly contributes to the nation’s economy. The development of this stablecoin is a strategic response to the vital role remittances play in the Philippine economy. With overseas Filipino workers remitting approximately US$37.2 billion in 2023, as reported by the BSP, the impact of these funds on the country’s gross domestic product is substantial. John…

In a significant development, the Philippines’ Securities and Exchange Commission (SEC) has escalated its actions against the unlicensed operations of Binance, the globally renowned leading cryptocurrency exchange, until recently. This move comes after the SEC’s decision, during their meeting on 12 March, to seek the National Telecommunications Commission’s (NTC) aid in restricting access to Binance’s website and other online platforms. The decision was motivated by Binance’s engagement in offering investment and trading services without acquiring the necessary authorisation from the regulatory body. Emilio B. Aquino, the Chairperson of the SEC, highlighted the potential risks to Filipino investors’ funds as a…

In an effort to streamline and economise the transfer of its tokens to the Ronin blockchain network, Yield Guild Games (YGG) has joined forces with the cryptocurrency exchange Coins.ph. This collaboration aims to alleviate the financial burden for those involved in YGG’s Guild Advancement Program (GAP) by facilitating a more cost-effective route for token transfer from Polygon to Ronin. This initiative is of particular relevance to the extensive YGG community in the Philippines, which numbers over 92,000 members, offering them a more straightforward and less costly means of managing their tokens. The Philippines has emerged as a hub for web3…

In an effort to consolidate and clarify the regulatory framework of the Philippines’ National Payment System (NPS), the Bangko Sentral ng Pilipinas (BSP) has introduced its first-ever Manual of Regulations for Payment Systems (MORPS). According to the central bank, the MORPS document is intended as a reference for participants within the NPS and the wider public, detailing the regulations that oversee the operation of the NPS, including services, processes, procedures, and participant responsibilities. The MORPS summarises a variety of payments-related policy and regulatory issuances by the BSP, in line with the broader provisions of key legislations such as Republic Act…

The Bank of the Philippine Islands (BPI) has decided to divest from digital bank GoTyme, selling its entire stake acquired following the merger with Robinsons Bank Corp (RBC). This involves offloading 752,056,290 common shares, with the transaction valued at roughly P902.47 million. This move, approved by BPI’s board of directors on 20 March and pending approval from the Bangko Sentral ng Pilipinas (BSP), is attributed to a lack of sufficient alignment in collaborative efforts, as per Eric Roberto M. Luchangco, BPI’s Chief Finance Officer and Chief Sustainability Officer. Following the merger’s completion on 1 January, BPI inherited a 20% interest…

The banking industry stands at the brink of a major transformation, driven by rapid technological advancements and changing customer expectations in a dynamic digital landscape. This transformation is not without its challenges, as banks grapple with the critical task of bridging the gap between traditional banking services and the demands of a digital-first customer base.  Factors such as the unbanked population, system outages, cybersecurity threats, and the rise of fintechs pose significant barriers to this connection, underscoring the urgent need for banks to fortify their operational resilience (OpRes) and Information Technology resilience (ItRes).  In this context, the notion of resilience…

Rizal Commercial Banking Corporation (RCBC) has announced a significant expansion of its RCBC ATM Go network, reportedly establishing it as the Philippine bank with the broadest mobile point-of-service merchant network. According to the bank, this expansion extends across all 82 provinces, achieving a claimed 100% nationwide coverage and reinforcing its commitment to enhancing financial service accessibility. RCBC reports that its network now provides coverage in 99% of the country’s cities and 80% of municipalities, marking a pivotal achievement in its effort to democratise access to banking services. The bank aims for complete coverage in all municipalities within the next four…

GCash, the leading mobile wallet in the Philippines has made its app available to overseas Filipinos in 16 countries across Asia, Europe, and North America. The service, now known as GCash Overseas, enables Filipinos in those 16 new countries to download and utilise the GCash app, regardless of having Philippine SIMs or SIM cards from those nations. GCash Overseas is available in the United States, Canada, the United Kingdom, Spain, Italy, Germany, Qatar, Kuwait, Japan, South Korea, Taiwan, Singapore, Hong Kong, and Australia. This expansion is in response to the growing demand for financial services among the Filipino diaspora, which…

The Fintech Alliance.PH, the Philippines’ fintech organisation, engaged with the Bangko Sentral ng Pilipinas (BSP), signalling a strengthened partnership to bolster the nation’s digital financial ecosystem. This courtesy visit was an avenue to reflect on the fintech industry’s growth, spotlighted in the 2023 Philippine Fintech Report. BSP Governor Eli Remolona Jr. and Fintech Alliance.PH agreed to further their collaboration to augment the Digital Payments Transformation Roadmap. This plan targets the digitisation of 50% of retail payments and aims to bring 70% of adult Filipinos into the formal financial system by the end of the previous year. The meeting highlighted the…

Zed, a credit-led neobank, has introduced what is described as the country’s first credit card that will do away with several common charges. This card uniquely features no foreign transaction fees, interest, or annual charges — it is being billed as a “no fee” credit card, and possibly indicating a shift towards more accessible financial services for the financially underserved in the Philippines. Reflecting a sizable amount of interest, Zed has initiated an early access programme, and according to the bank, has since witnessed over twenty thousand sign-ups in just two weeks. Founded by Danielle Cojuangco Abraham and Steve Abraham,…

Core banking systems serve as the backbone of financial operations and customer interactions for banks worldwide. They facilitate critical transactions like loan management, withdrawals, and deposits in real-time. However, maintaining such a system comes at a hefty cost. Financial institutions (FIs) are spending up to US$100 billion annually on technology to remain competitive. Modern all-in-one platforms offer efficiency improvements, scalability, comprehensive data analytics, robust security measures, and cost savings. The necessity for digital transformation The COVID-19 pandemic and increased competition have accelerated digital transformation in Asia-Pacific FIs. Customers increasingly rely on digital channels, prompting banks to allocate more resources to…