The Land Bank of the Philippines (LANDBANK), through its digital arm Overseas Filipino Bank (OFBank), is contemplating the introduction of digital loans. This initiative was revealed by LANDBANK President and Chief Executive Officer, Lynette V. Ortiz, at a recent central bank event. Lynette pointed out the importance of a robust risk framework when offering lending, acknowledging the challenges faced by many digital banks in this area. “We are actually considering that (digital loans). We’re looking at it. As of right now, the loans of OFBank are mostly salary loans. But we are taking a serious look and making sure first…

The Philippines has indicated plans to introduce a regulatory framework for artificial intelligence (AI) within the Association of Southeast Asian Nations (ASEAN). This was announced by the Speaker of the Philippine Congress, Martin Romualdez, at the World Economic Forum held in Davos. Drawing upon preliminary legislation drafted within the Philippines, the Speaker said this endeavour will aim to standardise AI regulations across the ASEAN member states. Set to be unveiled during the Philippines’ tenure as ASEAN chair in 2026, this initiative reflects the country’s commitment to prioritising digitisation and cybersecurity within its economic policy framework. Romualdez underscored the critical role of…

Digital banks are currently reaching out to the Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, in an effort to create collaborative relationships and develop an open banking environment. The purpose of this engagement is to increase borrower engagement and bolster awareness of the functioning of digital banks specifically, with the BSP involvement focused on enhancing access to financial services for the unbanked and underserved communities, a significant step towards achieving broader financial inclusion in the country. This initiative seeks to simplify the provision of various financial services, encompassing payments, remittances, and banking, irrespective of geographical constraints. The recent…

The Bangko Sentral ng Pilipinas (BSP) is currently finalising a blueprint for instant cross-border payments, which promises to be a competitively priced option in the multinational remittance market. BSP Deputy Governor Mamerto E. Tangonan announced that the BSP is working on the cross-border payments blueprint, and that this scheme will be completed by this year. The central bank aims to implement cross-border payment connectivity within the next two years, keeping pace with its peers in the Association of Southeast Asian Nations (ASEAN). In March of last year, the BSP, along with four other central banks in the region, declared their…

GCash, a mobile wallet service, recently addressed queries regarding its new insurance product, Send Money Protect, amidst concerns from online merchants. This feature, aimed at enhancing the security of money transfers, is focused on protecting users against online scams and fraud. The fintech firm also clarified that Send Money Protect is not a service for transaction refunds or reversals. This clarification follows some online sellers expressing reluctance to accept payments via GCash with this feature activated. In a statement to GMA News Online, GCash explained that Send Money Protect is essentially a personal cyber insurance. It is designed to guard…

Globe-backed fintech GCash has recently unveiled Send Money Protect (SMP), an in-app embedded insurance feature aimed at bolstering security for users’ money transfers against fraud. This development addresses growing concerns over mounting digital transaction scams in the Philippines. For PHP 30, SMP offers users thirty days of enhanced protection for their Express Send transactions, promising coverage up to PHP 15,000 in the case of being scammed. Introduced initially in a beta version in October 2023, SMP is a stride forward in the commitment of GCash, Philippines largest e-wallet, to facilitate safer digital financial interactions and combat fraud with an embedded…

Virtual asset service provider Moneybees has broadened the physical availability of its cryptocurrency exchange offerings in a collaboration with PSulit Money Changer, with the inauguration of JK BitcoinHub at Molito Commercial Complex in Alabang, Muntinlupa City. This move forms part of a larger strategy to enhance accessibility to the cryptocurrency market in the Philippines. Jay Ricky Villarante, Chairman and CEO of Moneybees, remarked on the significance of this partnership. He stated, “The opening of JK BitcoinHub, operated and managed by PSulit, will help increase access to crypto markets. Our collaboration with PSulit Money Changer, a highly regarded entity in the…

BillEase, a Philippine consumer finance app, has partnered with Razer Merchant Services (RMS) to integrate its payment solutions into RMS’s merchant network, aiming to expand the Buy Now, Pay Later (BNPL) services in the region. This collaboration comes as the Philippine e-commerce sector is expected to see a significant rise in BNPL spending, from US$100 million (₱5.62 billion) in 2021 to US$900 million (₱ 50.55 billion) by 2026. Through this partnership, Razer Merchant Services merchants will offer diverse instalment options of BillEase, including ‘Pay Later’ and ‘Pay Monthly’ plans with competitive interest rates. Lee Li Meng, CEO of Razer Fintech…

UnionBank of the Philippines has recently selected Informatica’s intelligent Master Data Management (MDM) SaaS for transitioning its operations to the cloud, aligning with the bank’s digital transformation strategy. This change signifies a shift from UnionBank’s previous on-premises solution to a more cloud-oriented approach. The decision comes in the wake of UnionBank’s acquisition of Citibank’s retail banking business in the Philippines, expanding its customer base to over twelve million, including more than a million from Citibank. The bank says the expansion necessitates enhanced systems to manage customer information efficiently, addressing needs such as improved customer onboarding, multi-channel engagement, and regulatory compliance.…

Tonik Digital Bank, Inc. has recently appointed Maria Lourdes “Long” Pineda as the non-executive Chair of its Board of Directors. Maria, with a background in financial inclusion and banking, was previously the President of Tonik since 2019. Her career, spanning nearly three decades, includes various roles across the financial sector in the Philippines and other emerging markets in Asia and Latin America. Maria’s journey began in an investment bank, followed by a position in a government agency focused on grassroots lending. She then ventured into entrepreneurship and subsequently returned to banking, serving as a compliance officer in her family-owned rural…

Tyme Group, known for GoTyme in the Philippines, has announced its annualised revenue run rate reaching approximately US$160.7 million in 2023. This financial milestone is a testament to the remarkable success of its flagship South African operation, TymeBank, which now stands as the world’s fastest profitable standalone digital bank, the group claims. This places the group’s TymeBank among the rare cases in the digital banking sector globally, with a recent study by global consultancy Simon-Kucher revealing that less than 5% of digital banks worldwide achieve profitability. TymeBank’s rapid ascent in the industry is further highlighted by its classification as one…

Tonik Digital Bank recently updated its Big Loan product, aiming to address a broader range of financial requirements for small businesses in the Philippines. This enhancement is part of Tonik’s efforts to support the growing needs of small and medium enterprises (SMEs) in the region. The Big Loan from Tonik now provides entrepreneurs with a loan amount of up to five million pesos, featuring flexible repayment options and competitive interest rates. The process of applying for this loan has been streamlined for efficiency. In addition to financial support, Tonik claims that it offers personalised guidance throughout the loan process, facilitated…

GCash, a leading e-wallet player in the Philippines, is gearing up for its initial public offering (IPO) in the latter half of the year, contingent on market conditions. Oscar A. Reyes, Jr., president and chief executive officer of G-Xchange, the entity operating GCash, shared insights into the company’s preparations and market expectations during a recent press briefing. Oscar highlighted the company’s readiness for the IPO, noting the timing hinges on market receptivity. Acknowledging the current market’s lack of optimism, he stated, “We’re preparing internally so that we can be ready for this year; it is a question of the market,”…

The Bangko Sentral ng Pilipinas (BSP) recently integrated OmniPay, Inc. into its PhilPaSSplus system, marking it as the first non-bank electronic money issuer (EMI) to participate in the BSP’s Real Time Gross Settlement (RTGS) payment system. This inclusion underlines OmniPay’s status as the inaugural non-bank EMI licensed and overseen by the BSP. Assistant Governor Mary Anne P. Lim of the BSP commented on this development, stating, “Giving non-bank electronic money issuers access to the RTGS system is in accordance with the National Payment Systems Act, authorising the BSP to determine the institutions that are allowed to participate in payment systems…

Salmon, a fintech company focused on enhancing financial accessibility in Southeast Asia, has recently been granted regulatory approval by Bangko Sentral ng Pilipinas (BSP) to acquire a controlling interest in the Rural Bank of Sta. Rosa (Laguna), a long-standing financial institution in the Philippines since 1963. This move will see Salmon owning 59.7% of the bank, a significant step in the company’s expansion in the region. The acquisition means Salmon will join a select group of fintech firms that operate licensed banking institutions in Southeast Asia. The deal aligns with the BSP’s Rural Bank Strengthening Program, initiated in 2022, which…

In a strategic move to position itself as a technology-enabled bank in the nation, Security Bank is significantly increasing its investment in information technology (IT) and human resources (HR). The bank’s President and CEO, Sanjiv Vohra, emphasised the importance of this initiative in a statement to The PhilSTAR, highlighting that, “We are in a multi-year phase of investments in technology and people to improve customer experience and prepare us for future growth,” The bank’s expenditure on technology, relative to its total revenue, has reached 12.6% in the period from January to September of the previous year. This financial commitment is…

The Bangko Sentral ng Pilipinas (BSP) and the Bankers Institute of the Philippines (BAIPHIL) have recently strengthened their collaboration. At the BSP Head Office in Manila, the two institutions signed a memorandum of understanding (MOU), marking a new chapter in their longstanding partnership. BSP Governor Eli M. Remolona, Jr. emphasised the importance of this collaboration, stating, “The collaboration of BSP and BAIPHIL will go a long way in reaching out to our common stakeholders by providing support to banks toward productivity enhancement through research, information exchange, and education.” Echoing these sentiments, BAIPHIL President Racquel B. Mañago highlighted the objectives of…

Blockchain-enabled financial services platform Coins.ph has recently announced its expansion into the Australia market, slated for 2024. This announcement follows the company’s Australian division successfully securing a Digital Currency Exchange registration from the Australian Transaction Reports and Analysis Centre (AUSTRAC), a prerequisite for providing cryptocurrency exchange services in Australia. This strategic move marks a significant step in Coins.ph’s commitment to extending its international footprint and enhancing the availability of regulated and compliant digital asset services. Wei Zhou, CEO of Coins.ph, commented, “Coins.ph is primed for global expansion. Our journey began nearly a decade ago in the Philippines, and since then,…

The International Finance Corporation (IFC), a member of the World Bank Group, has recently set forth a proposal to invest US$7 million in Fintech Holdings Ltd, which operates three of its subsidiaries under the brand name Salmon in the Philippines. According to an IFC investment disclosure notice, Salmon utilises next-generation technology and data-driven strategies to enhance the accessibility and convenience of financial services “by offering a wide range of credit and deposit products, which will include cash loans, revolving credit lines, point-of-sale financing, credit cards and debit cards”. The proposed investment of up to US$7 million in equity by IFC…

Rural bank Netbank has recently established a partnership with Sprout Solutions, a HR and payroll software provider in the Philippines. This joint venture introduces a new salary advance service, designed to enhance the employee benefits arena. The new service dubbed Instacash will feature Sprout’s payroll software with NetBank’s platform, aiming to address the inefficiencies found in traditional salary advance procedures, and simplify the loan application process for employees, making it more user-friendly. Netbank, which is operating with a full banking license, is intended to provide a white-label solution that the company says will aid Filipino fintechs in their growth and…