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…

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…