At the 2023 United Nations Climate Change Conference (COP28) in Dubai, Finance Secretary Benjamin E. Diokno underscored the need for innovative financing mechanisms to address the growing costs associated with climate action, highlighting the significance of blended finance in escalating climate action in developing countries like the Philippines. Secretary Diokno’s discussion centred on aligning finance and investments with national climate plans, systematically allocating financial resources, and engaging the private sector in funding climate-smart infrastructure. These approaches were deemed as crucial for achieving the targets of the Paris Agreement, which aims to limit the global temperature rise. The Philippines, adhering to…

Discussions about risk decisioning platforms often center around onboarding and loan origination. However, investing at the start of the journey is just one aspect of the puzzle. Growth relies not only on attracting new customers but also on maximising the value of existing ones. While sophisticated, automated onboarding/origination solutions are crucial, it’s equally vital to focus on the tools used for the entire decision-making process. Having a strategy-friend, end-to-end solution for decisions throughout the customer journey is invaluable. Eliminating siloed systems and easily sharing intelligence enables more accurate and faster decisions, reducing risks, and maximising growth. This enables organisations to…

The Rizal Commercial Banking Corporation’s (RCBC) recently launched banking app ‘RCBC Pulz’ has enabled Filipinos from around the world to establish bank accounts using any international mobile number. This initiative is specifically designed for the more than twelve million Overseas Filipino Workers (OFWs), providing them with access to a variety of digital banking services. The RCBC Pulz application, available for download from the Google Playstore and the Apple App Store, streamlines the account setup process, with a valid Philippine passport and personal information for registration. Security is a priority, with RCBC validating users via a one-time-password sent to their international…

In the Philippines, the emergence of digital challenger banks has been a promising development, particularly given the country’s significant unbanked population. Fitch Ratings observes that while these digital banks have seen rapid growth since their introduction, their overall market share remains small. They are not expected to substantially alter the competitive dynamics of the Philippine banking sector in the medium term, nor significantly impact the ratings of established banks. As of the end of June 2023, the collective market share of challenger banks in terms of system deposits in the Philippines was under 0.4%. This figure, alongside the relatively low…

FinScore, a Philippines-based alternative credit scoring provider, has developed a new tool named CrediView, which aims to enhance the credit assessment process beyond traditional methods. CrediView grants banks and lenders access to a borrower’s recent loan inquiries across more than 40 financial institutions in the Philippines. This capability offers financial institutions enhanced insights into an individual’s borrowing history, facilitating a more precise assessment of their creditworthiness. Similar to a “credit bureau inquiry service”, CrediView is an add-on to FinScore’s telco scoring model which provides insights based on 400+ variables, including top-up patterns, voice and mobile data usage, duration of calls,…

The Philippines is witnessing a rise of its fintech industry, a growth that’s been driven by a growing digital-savvy population, the cohesive efforts of both governmental and private entities, and booming usage of digital financial services — to get a sense of its future it’s helping to look at some of the top emerging fintechs from the region and it’s overall landscape. A new report produced by Fintech News Philippines in collaboration with Fintech Alliance.ph and supported by Alibaba Cloud delves into this growth, highlighting regulatory efforts by the central bank and policymakers to foster a digital financial ecosystem, the…

Since undergoing digital transformation in 2021, mobile banking platform OwnBank has been reintroduced in the Philippines market with several financial services within its app, including one of the highest savings interest rate in the market so far, of up to 8% annually. Originally founded in 1956 as Own Bank, The Rural Bank of Cavite City, Inc., OwnBank is offering the attractive interest rates to new users for opening a seven-day Time Deposit account. After the seven days, users will have the option to transfer their funds to two  of its other savings products, either OwnBank Time Deposit or Own It.…

Digital solutions platform Globe Group is set to replicate the success of its fintech arm, GCash, which is the country’s main finance super app and the only double unicorn. Ernest Cu, President and CEO of the Globe Group, said the company’s pivot into a full-fledged techco aims to provide disruptive solutions to problems that Filipinos confront day-to-day. In a recent interview on the sidelines of the 2023 Singapore Fintech Festival (SFF), Ernest outlined the company’s transformation into a full-fledged tech company with a mission to provide innovative solutions to everyday problems faced by Filipinos. Discussing the rise of GCash, Ernest…

Salmon has announced the appointment of Franchette Chingcuanco-Cardona as its Chief Marketing Officer (CMO) for the Philippines. Franchette Chingcuanco-Cardona brings her experience and a proven track record in various areas of marketing, particularly in the fintech and financial services domain. Her career journey includes roles at organisations such as GCash, UnionBank of the Philippines, and Wing Bank, a Cambodian financial services provider. Before joining Salmon as CMO, Franchette held the position of First Vice President and Marketing Group Head at BDO Network Bank (BDONB), a subsidiary of the Philippines’ largest bank. In this role, she was responsible for overseeing comprehensive…

The Asian Development Bank (ADB) has announced a commitment of US$10 billion in climate finance to support the Philippines between 2024 and 2029. The announcement was made by ADB President Masatsugu Asakawa during a high-level dialogue on financing coalitions at COP28 in Dubai, with the aim of assisting the Philippines in fulfilling its climate action obligations under the Paris Agreement. In his statement, Masatsugu emphasised the pivotal role of Asia and the Pacific in addressing climate change, with the Philippines being particularly susceptible to its effects. He stated, “I am pleased to announce that ADB will program US$10 billion in…

Payment processing platform PayMongo has recently entered into a strategic partnership with Robinsons Bank (RBank), to advance digital payment solutions targeted for small and medium enterprises (SMEs). According to a statement this collaboration is poised to address the digital commerce challenges faced by SMEs, offering efficient online transaction solutions through the integration of PayMongo’s technological capabilities and RBank’s financial expertise. Jojo Malolos, CEO of PayMongo, remarked on the significance of the RBank partnership, highlighting the company’s commitment to aiding SMEs in their digital evolution. He stated, “Our goal is to empower SMEs in their digital transition. Partnering with RBank as…

Standard Chartered Bank has appointed Mike Samson as the new Chief Executive Officer (CEO) for its operations in the Philippines. This decision marks him as the second Filipino to hold this position within the bank. Currently overseeing the Client Coverage for the Philippines and the ASEAN region at Standard Chartered, Mike is set to begin his new role alongside his current one this month, subject to the approval of the Bangko Sentral ng Pilipinas (BSP). Mike’s career spans 28 years, according to a Standard Chartered statement quoted in the Manila Bulletin, during which he has gained experience in various sectors…

The Philippines’ wealthtech sector, which somehow still remains at a nascent stage of development, is poised to witness strong growth in the mid- and long-term, driven by booming demand for digital financial services, growing wealth and economic development, and rising adoption of new technologies, a new report by Urs Bolt, a wealth management professional and wealthtech advisor, says. The report, titled Navigating Prosperity: Unveiling the Future of Wealthtech in the Philippines, explores the current state and future prospects of wealth management in the Philippines, outlining the rise of digital platforms and the importance of user experience design, and providing an…

In a notable advancement for the Philippine cryptocurrency sector, crypto exchange PDAX has collaborated with the Bureau of the Treasury of the Philippines (BTR), Landbank of the Philippines, and the Development Bank of the Philippines (DBP) to launch the country’s inaugural tokenised treasury bonds (TTBs). The landmark development was announced during the Bureau of the Treasury’s 126th anniversary celebration. The BTR allocated PHP 15 billion (equivalent to US$270 million) in these maiden tokenised treasury bonds, which were primarily targeted at institutional investors. These bonds boasted a coupon rate of 6.5% per annum, with bids received totaling PHP 31.426 billion, a…

Kenneth Stern, the former General Manager of Binance in the Philippines, has officially parted ways with the company. This development follows an advisory by the Philippines’ Securities and Exchange Commission (SEC), which warned that Binance is not authorised to offer securities in the country and is not registered as a corporation there. Stern’s departure initially came to light through an update on his LinkedIn profile, but Binance indicated to Tech in Asia that his role there might have ended in July 2023. The news of the Stern departure comes amidst a challenging period for Binance in the Philippines. In response…

UnionBank of the Philippines is significantly enhancing its investment in its digital banking division, UnionDigital Bank Inc., with a capital boost of P1.8 billion (US$32.5 million). This move, ratified by the bank’s board on November 24, aims to bolster UnionDigital’s ongoing operations and fuel its growth trajectory. The decision to augment the financial foundation of UnionDigital likely reflects the commitment of UnionBank to improving its digital banking services. This is not the first instance of UnionBank amplifying its digital arm’s capital base; in June 2022, the bank had previously channelled an additional P2 billion, followed by a further P900 million…

The Securities and Exchange Commission (SEC) of the Philippines has recently issued an advisory concerning the online cryptocurrency exchange Binance. The SEC has stated that Binance is not authorised to sell or offer securities to the public within the Philippines. The advisory comes after the SEC discovered that Binance has been engaging in promotional activities on various social media platforms, encouraging Filipinos to use its services for investment and trading. The cryptocurrency exchange is facing a series of legal and regulatory challenges in various jurisdictions, as well as significant outflows of funds from its platform, ever since Binance pleaded guilty…

In the Philippines, fintech, e-commerce and logistics are prominent sectors in the entrepreneurial landscape. These industries, referred at as the “iron triangle”, have been instrumental in innovation and are now fueling growth in emerging areas such as entertainment, healthtech and gaming, a new report by Philippines-based venture cpaital (VC) firm Gobi-Core Philippine Fund says. The report, titled the Philippine Startup Ecosystem Report: Founders Edition 2023 and co-presented by Alibaba Global Initiatives, provides a look at the country’s growing entrepreneurial landscape and startup scene, highlighting the “iron triangle” sectors at the core of this ecosystem. These sectors, according to the report,…

Small and medium enterprises (SMEs) are vital in driving economic growth, particularly in developing countries, as they significantly contribute to the GDP and play a key role in job creation. According to the Asian Development Bank, SMEs make up 98% of all businesses and provide jobs for 66% of the labour force in Asia, but they represent only 38% of the region’s GDP. In fact, the World Bank estimates that 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority. While most governments have been introducing policies to support…

Philippines’ cryptocurrency exchange Coins.ph revealed that its TradeDesk service has surpassed a trading volume of US$1 billion in 2023. TradeDesk, launched in November 2022, caters to high net worth individuals and institutional clients, offering a personalised over-the-counter trading experience in cryptocurrencies and foreign currencies. Its client base ranges from digital asset companies to import-export businesses, remittance providers, and e-commerce merchants. The service provides institutional liquidity and reducing transaction costs, along with same-day settlement for cross-border transactions. The service offers a wide range of digital assets, including USDT, USDC, BTC, and ETH, and also deals in major foreign currencies such as…