Thought Machine, a cloud-native banking technology company, has empowered Nikel, a fintech startup that unlocks credit for millions in Southeast Asia, to streamline its lending process and develop new products more quickly. Founded in 2018, Nikel which rebranded from Impact Credit Solutions, offers small businesses access to loans through their digitally embedded lending platform. They offer banks and other companies a digital lending solution covering everything from loan origination to underwriting to collections. With many small businesses moving online, they required bespoke loan products to meet their specific needs. Thus, in order to offer these products online, orchestration between many…

Philippines-based fintech Salmon announced the launch of Salmon Credit, its first credit line product with built-in QR Ph payment options. Filipinos will now be able to make payments at more than 600,000 QR Ph-enabled merchant locations across the country. Salmon Credit grants customers flexible access to credit without requiring a separate loan application for each purchase. The Salmon app will guide applicants through the credit application process via in-app hints and prompts. Salmon’s AI/ML-powered credit engine assigns credit limits tailored to each customer’s financial situation. Customers will be able to either instruct Salmon to disburse the funds to any Instapay-enabled…

Rizal Commercial Banking Corporation’s (RCBC) community-based financial service ATM Go recorded PHP 7.5 billion (US$ 132.1 million) in transactions. The service has been growing rapidly, with a 43% year-on-year increase in transaction volume and a 527% increase in the number of terminals. The RCBC ATM Go leverages mPOS devices to provide full banking services which include deposits, withdrawals, bank transfers, and account management to geographically isolated and disadvantaged areas (GIDAs) which have low to no bank and ATM presence. Its single-sim powered mPOS devices are capable of receiving dual telco signals from telecommunications service providers SMART and Globe. The solution…

UnionBank of the Philippines is set to launch Bitcoin trading on its mobile app in the fourth quarter of 2023, having obtained a license from the Bangko Sentral ng Pilipinas (BSP) this month. The bank is said to be the first and only universal bank in the Philippines with a full virtual asset service provider (VASP) license. The PhilStar Global quoted UnionBank’s President and CEO Edwin Bautista saying, “By obtaining this license, we are not only paving the way for even more groundbreaking opportunities, but also enhancing our digital capabilities and further transforming the way our customers interact with us.”…

‍Cross border payments company Parallax announced that it has raised US$4.5 million in a seed funding round led by Dragonfly Capital. Founded by Mika Reyes and Alex Kuang, Parallax provides near instant international payments. The firm is focused on providing freelancers, remote workers and other global professionals better payments for their recurring payroll, invoices and salaries. Parallax’ initial product allows users outside of the U.S. to open a USD virtual account to receive USD with just their passport. Parallax said that it can support and onboard individuals from over 150 countries. The fundraise was also joined by Circle Ventures (issuers of…

Netbank, a Filipino embedded finance platform, has partnered with Indonesian fintech unicorn Akulaku to offer affordable and convenient loans to Filipinos. The partnership will integrate Akulaku’s users into Netbank’s “Loans as a Service” model, which will help the Indonesian fintech expand its range of loan services and reach more Filipinos. These offerings will especially cater to the needs of individuals and small businesses. “Our partnership with Akulaku is a critical path in the development of Netbank. We are proud to be able to provide a reliable and efficient source of funding to a major lender, which will allow the…

The Philippines’ Securities and Exchange Commission (SEC) has allowed crowdfunding portals to act as registrars of qualified institutional and individual buyers. This means that crowdfunding intermediaries and funding portals will no longer be reliant on third party institutions to assist potential investors with their application as qualified buyers. Previously, only banks, brokers, dealers, investment houses, and investment company advisers were allowed to act as registrars. “Recognising crowdfunding portals as eligible to act as registrar of qualified buyers will facilitate the process for qualified investors in accessing alternative investment opportunities, without the need to reach out to several different institutions. …

The Philippine Dealing System Holdings (PDS Group) has partnered with STACS, an ESG data and technology solutions company, to use the latter’s ESGpedia platform to support corporate sustainability and ESG reporting for businesses and issuers in the Philippines. Covering over 5 million sustainability data points, ESGpedia is a digital platform that simplifies various ESG standards and frameworks, providing an easy and guided sustainability journey for companies. It also includes digital tools to automatically convert operational data to GHG emissions, allowing companies to gain insights into their carbon footprint. Through this partnership, PDS Group is promoting ESGpedia for use by its…

Philippines telecoms service provider Globe and insurtech bolttech have launched a new programme that allows the former’s postpaid and platinum customers to switch their mobile devices easily, with no questions asked. The Gadget Xchange programme offers a variety of benefits, including quick and easy device and screen replacements, the freedom to switch between different device brands, styles, and colors, and a 12-month warranty for device replacements and 3-month warranty for screen replacements. Device switch or replacement services can be requested at any time through an online platform with free pick-up and doorstep delivery. Service plan fees start at PHP89 per…

The Bangko Sentral ng Pilipinas (BSP) has selected Hyperledger Fabric as the distributed ledger technology (DLT) for its wholesale Central Bank Digital Currency (CBDC) pilot project, Project Agila. Formerly known as Project CBDCPh, Project Agila aims to test the use of CBDC technology to enhance the country’s large-value payment system. Project Agila will test enabling inter-institutional fund transfers even during off-business hours or when PhilPaSSplus is unavailable. The pilot project will involve seven participating financial institutions: BDO Unibank, China Banking Corp., Land Bank of the Philippines, Rizal Commercial Banking Corporation, Union Bank of the Philippines, and Maya Philippines. Meanwhile, observing…

Philippines e-wallet GCash has removed more than 4 million accounts linked to fraudulent activities in 18 months, according to a report by Philstar.com. The company said it is taking steps to protect its users from fraud, including blocking malicious sites and raising its cybersecurity walls. The report quoted Reyes saying, “When it comes to outside of the app, there really are a lot of bad actors in the market who try to take advantage of consumers. They do a lot of social engineering. They do a lot of stalking [and] phishing to get personal information from you.” G-Xchange’s President and…

The Bangko Sentral ng Pilipinas (BSP) has joined forces with its embassy in Riyadh, Kingdom of Saudi Arabia to develop Islamic banking and finance in the Philippines. Assistant Governor Atty. Arifa A. Ala shared the major milestones in the development of the Philippines’ Islamic banking and finance ecosystem during a briefing session for stakeholders in Saudi Arabia. She also emphasised the vast opportunities for investments and potential benefits in terms of wider reach and greater financial inclusion that an expanding Islamic banking and finance industry can bring to the country and Filipinos abroad. “The business model of Islamic banking is…

The Philippines’ Securities and Exchange Commission (SEC) is drafting revised guidelines for sustainability reporting by publicly listed companies (PLCs). The new guidelines will aim to ensure consistency and uniformity in the sustainability measures reported by PLCs, as well as enhance the quality of the information disclosed. The revised guidelines will take into consideration global sustainability standards such as IFRS S1 and IFRS S2 among others which have been endorsed by the International Organization of Securities Commissions earlier his year. The SEC has seen a steady increase in the submission of sustainability reports by PLCs since it issued the first set…

Philippines e-wallet GCash its credit affiliate Fuse Lending, a consumer and business lending marketplace, have rolled out ‘GCash Sakto Loans’. This new nano loan offering is designed to help Filipinos borrow small amounts of money conveniently without any paperwork. GCash Sakto Loans is available to GCash users who are not yet eligible to borrow through GLoan and GGives. Borrowers can borrow amounts as small as PHP 100 up to PHP 1000, with a processing fee from PHP 6.50. There is no interest charged on the loan, and it can be repaid either after 14 or 30 days. The loan is…

Ant Group, the operator of Alipay+, has announced that four mobile wallets are now accepted in the Philippine; AlipayHK (Hong Kong SAR), Kakao Pay (South Korea), Touch ‘n Go eWallet (Malaysia), and Alipay (Chinese mainland). This means that tourists from these regions can now use their local mobile wallets to make payments in the Philippines, without having to carry cash or use a foreign credit card. Alipay+ is currently accepted by merchants in Manila and Cebu, the two most visited cities in the Philippines. The acceptance of these new mobile wallets comes as travel to the Philippines is recovering as…

Philippines e-wallet GCash will start charging a PHP5 convenience fee for every cash-in transaction from Bank of the Philippine Islands (BPI) and UnionBank starting in the fourth quarter of 2023, according to a report by Philstar Global. GCash’s President and CEO Martha Sazon was quoted saying that the convenience fee is still lower than the PHP25 charged by traditional banks, adding that the fee is necessary to cover its rising costs. She reassured users that GCash will continue to subsidise part of the operating cost for its cash-in transactions as it aims to keep its services affordable for the public.…

Philippines’ consumer fintech Salmon has made it easier for its customers to repay their loans. Salmon launched repayment channels with five institutions, including MLhuillier and SM Bills Payment Centers (SM Stores), that will provide new loan repayment locations. The fintech has added 3,070 new in-person repayment locations, a 56% increase from 5,500 7-Eleven and Cebuana Lhullier stores, already available to customers before the new partnerships were signed. Customers can generate a reference number or barcode in the Salmon app and then use it to make payments at these locations. Alternatively, customers can make also payments online and will be redirected…

The fintech industry in the Philippines has witnessed significant growth and development in recent years, driven by a combination of factors including increasing smartphone penetration, a young and digitally-savvy population as well as supportive regulatory changes designed to promote digital payments and improve financial inclusion. The Filipino fintech ecosystem grew by nearly 40% between 2018 and 2022, rising from just 208 companies to 289, according to a 2022 report by UOB, PwC Singapore and the Singapore Fintech Association. As of late-2022, 91% of the consumers polled in the country were aware of embedded finance – the highest rate among Southeast…

Manila-based fintech Salmon has grown rapidly in its first year of operations. From launching its first point-of-sale lending product four months after inception, rolling out its proprietary app, and securing partnerships with leading retailers across the Philippines – the fintech is steadily moving towards its goal of becoming Southeast Asia’s top credit-led neobank. Salmon, headquartered in Manila, is quick and nimble thanks to its data-driven approach. Its proprietary credit engine enables Salmon to calculate risks and approve consumer loans quickly. In addition to using facial recognition to help verify customer identity, Salmon plans to adopt other technologies made possible by…

In Southeast Asia, the Philippines is emerging as a hub for fintech innovation, fueled by growing consumer adoption of digital financial services and increased deployment of innovative technologies by banking incumbents. As the country’s fintech landscape rapidly evolves, a series of online and in-person events are being scheduled to allow industry stakeholders to connect, build meaningful business relationships and learn about the latest trends, challenges and opportunities shaping the fintech ecosystem. Today, we look at the top 13 upcoming fintech events taking place in the coming months in the Philippines. For this list, we focus on the most highly anticipated…