TONIK announced today that it closed a US$ 6 Million round of equity funding led by regional VC investors Insignia Ventures Partners and Credence partners. The funds raised will be used to launch its digital bank in the Philippines, targetting the start of commercial operations in 2020. Interestingly, one of its lead investors, Insignia Ventures Partners is also participating in a Razer-led bid for Singapore’s digital banking license. While TONIK drums up its status as the first digital bank in South East Asia, it is important to note that the Philippines does not have a separate digital banking framework like…

A Bangko Sentral ng Pilipinas (BSP) official has raised the need to check on whether financial technology (fintech) firms can indeed boost financial inclusion in the Philippines, citing the large number of Filipinos who remain unbanked. In her speech during the media launch of the “Fintech for Impact” partnership program between ING Bank, N.V. and the United Nations Children’s Fund (Unicef) in Makati City Wednesday, Bangko Sentral ng Pilipinas (BSP) Center for Learning and Inclusion Advocacy Managing Director, Pia Bernadette Roman-Tayag, said fintechs have continuously presented innovative financial services solutions using the latest technology. Roman-Tayag said people can now easily…

The Philippines is all set to cement its role as the next hotbed for fintech and tech innovation with all the necessary ingredients to tech up already present in the Southeast Asian country. A solid financial and business ecosystem with projected 6.2% GDP growth in 2020; an innovation-ready regulatory environment; a large, young, and increasing population with an internet penetration rate of 63% — most of them through mobile devices — the Philippines is certainly ripe for fintech growth. “We strongly believe that this is a pivotal moment for us to become more relevant and competitive in the global marketplace.…

CIMB’s digital-only banking arm in the Philippines and Jumio announced today the bank has picked the end-to-end identity verification provider to power its digital onboarding. According to their press statement, CIMB Bank PH’s mobile app integrates Jumio’s AI-driven identity verification technology to provide a “safe, secure and fast digital onboarding experience”— what used to take 15 minutes with a video KYC process now takes less than five minutes, resulting in an increase in conversions and happier customers. Jumio’s identity verification solution uses machine learning, AI, certified liveness detection and face-based biometrics to ensure the person behind a digital transaction is…

The Board of Directors of the Rizal Commercial Banking Corp. (RCBC) has approved the creation of cloud-based digital bank with a rural bank license as disclosed with the Philippine Stock Exchange on Tuesday. Once regulatory approvals are secured, RCBC’s virtual bank will become the Philippines’ first digital bank deployment by a local universal bank. So far, three entities with digital banking operations have been given a green light by the Bangko Sentral ng Pilipinas, namely ING, CIMB and Tonik, all owned by regional companies. The new digital bank will be run by Lito Villanueva, RCBC executive vice president and chief…

With a population of over 100 million people and rising Internet and mobile penetration rates, the Philippines is poised to see its fintech industry boom. The sector has witnessed significant growth over the past couple of years on the back of government support and efforts coming from regional tech players as they look to tap into the country’s many opportunities in the field of digital financial services. Players like Indonesian ride-hailing giant Go-Jek, its Singaporean competitor Grab as well as Hong Kong’s Oriente have all built a presence in the Philippines’ fintech sector, while China’s tech firms Alibaba and Tencent…

Bank of the Philippine Islands (BPI), Banco de Oro (BDO), Rizal Commercial Banking Corporation (RCBC), Metrobank and the Philippine National Bank (PNB) and UnionBank of the Philippines are the six banks in the Philippines charging the lowest ATM fees, while Security Bank and ChinaBank are the two charging the most ATM fees, according to a research by Yugatech. The research, which analyzes Filipino banks’ ATM fees that apply to basic, savings and debit accounts, found that BPI, BDO, RCBC, Metrobank and PNB all provide free balance inquiries and free ATM withdrawals at their respective ATMs. They also all offer free…

Finastra announced today that TONIK, a licensed digital-only bank in Philippines, has selected Fusion Essence in the cloud to power its end-to-end core banking capabilities. According to the parties involved, the move will support TONIK as it launches its retail deposit and customer loans services in the Philippines, giving it agility and the ability to scale quickly. Greg Krasnov, Founder & CEO at TONIK, said, “The banking sector in the Philippines is ripe for digital disruption. The country has high internet usage, the majority of Filipinos are unbanked and research shows half of the people who do have bank accounts…

The FinTech Alliance.ph has mobilized the entire Philippine digital industry to quickly assist the victims of the recent Taal volcano eruption which is still at alert level 4 or ‘hazardous eruption’ imminent in the coming days. Ashfall reached more than 100 kilometers including Metro Manila leading to the closure of Manila’s main international airport for a day and suspension of work and classes. An estimated 15,000 villagers had been moved to evacuation centres which could further swell to hundreds of thousands more being brought to safety. Two initiatives under the #helptaaldigital campaign were launched by the Alliance. The first is…

A financially-backed property fintech firm on Wednesday launched an online mortgage broker platform in the Philippines that makes the property loan application process easier and more efficient. The platform, Nook, will enable Filipinos to conduct entire property search, do loan comparisons, and experience a seamless loan application process online. In a press briefing Wednesday, Nook’s chief executive officer Chris Elder said finding out online if one is qualified for a home loan from partner banks takes only three minutes. Elder said the platform will then provide information and bank requirements. “We will work with the bank to get your loan…

TONIK Financial announced today that its subsidiary in the Philippines has received Notice of Approval for a new banking license from the Central Bank of the Philippines. The license will enable Tonik to provide a full range of retail banking services, focused primarily on retail deposits and consumer loans, through what they claim is the first digital-only branchless bank licensed platform in the Philippines, starting in 2020. TONIK believes that Philippines banking sector is ripe for a digital disruption, and will follow the lead of other markets globally, where digital-only “neobanks” have rapidly captured millions of customers and attracted over…

Signet Properties officially launches Flint, a tech-enabled real estate crowdfunding platform in the Philippines. Co-presented by SeedIn Technology and RE/MAX Premier Manila, it is touted as the next best thing not just for Filipinos, but also foreigners who wish to invest in real estate properties in the Philippines, any time. Andre Mercado, Signet Properties CEO said, “We are most excited about this latest innovation because it will finally provide opportunities for anyone who is hesitant or is overwhelmed with the process of investing in Philippine properties.” In the Philippines, the traditional real estate process follows a certain way: buyer hunts…

Albay Representative Joey Salceda on Monday filed a measure providing a regulatory framework for virtual banking to boost the financial inclusion thrust pursued by the Bangko Sentral ng Pilipinas. Salceda, chairman of the House Committee on Ways and Means, filed House Bill 5913, which aims to expedite the rollout of critical anti-poverty measures and help achieve the country’s inclusive growth goals. He said virtual banks are able to provide financial services at much more favorable rates, as they do not incur such expenses as establishing and securing branches and maintaining automated teller machines (ATMs). “The opportunity for regulation is clearly…

Yuchengco-led Rizal Commercial Banking Corp. (RCBC) introduced many firsts in its revitalized mobile banking app with enhanced user interface and other new online banking features to optimize digital customer experience. Among these new features include the multi-currency foreign exchange or buy-and-sell supporting 6 currencies such as, Euro, British Pound, Hong Kong Dollar, Japanese Yen, Singapore Dollar, and US Dollar; online time deposit placement up to P10 million or US$ 200,000; and online and mobile government payments via PESONet in partnership with the Land Bank of the Philippines. Highlights of the new RCBC mobile app include the push and pull payments…

Today the World Wide Fund for Nature (WWF) Philippines, UnionBank of the Philippines, and TX, announced the launch Tracey, an app for fisherfolk that will use blockchain technology for documenting and verifying catch and traceability data. The provided data can then be used by financial institutions, such as UnionBank, to conduct credit assessments, enabling them to provide microloans to fisherfolk. Susan Roxas, Fisheries and Finance Lead for WWF’s Coral Triangle Program, explains: Small fishers in many coastal countries remain poor, despite the high-value fish they catch, like yellowfin tuna. The innovative and disruptive collaboration between WWF, TX and UnionBank will mean fisherfolk will get…

Rizal Commercial Banking Corporation has achieved exponential growth for its mobile point-of-sale (mPOS) implementation generating 515% and 622% year-on-year growth on transaction volume, from US$ 6.5 million in 2018 to US$ 41 million, and on transaction count, from 111,000 to 811,000 from the same period last year, respectively. “We are very pleased with this achievement as it validates our goal to scale up inclusive digital finance among the unbanked and underserved sector, especially since 52% of the cash withdrawal transactions were from conditional cash transfer beneficiaries nationwide. These were in 4th to 6th class cities and municipalities such as in…

Rizal Commercial Banking Corporation (RCBC) announced that it has adopted the national QR (quick-response) code standard that would simplify and facilitate interoperable payment transactions. “This is another milestone in further promoting the government’s National Retail Payment System in accelerating interoperability across bank and non-bank financial institutions allowing Filipinos flexibility and convenience in sending and receiving money for payments,” RCBC President and CEO Eugene S. Acevedo said. “Our vision is to have more market vendors, jeepney, and tricycle drivers accepting digital payments through QR code linked to transaction accounts,” Bangko Sentral ng Pilipinas Governor Benjamin Diokno said. Diokno said the use…

UnionBank of the Philippines has been stealing headlines for quite a bit recently with various tech-related announcements. There a lot of bright spots in the Philippines fintech ecosystem even though they are not as heavily reported on as some of its South East Asian counterparts. UnionBank, in particular, is a good example of how some of the players with the country are innovating to stay ahead. The bank has been providing the financial services community with its API Developer Portal since 2017, enabling fintechs and innovative companies to tap into its banking services and other functionalities. Acting as the interface…

CIMB Bank Philippines surpasses their targets for expanding their consumer base in the country, successfully signing up over a million Filipinos to its all-digital mobile banking platform in just 10 months. This makes CIMB Bank Philippines the fastest-growing all-digital bank in ASEAN, solidifying its position as a market leader in digital banking both in the Philippines and in the region. Aligned with their vision of financial inclusion and financial freedom, CIMB Bank Philippines has committed to making banking more simple, transparent, and hassle-free through the CIMB Bank PH mobile app using advanced technology capabilities to provide a safe and secure…

Digital Wallet Corporation (DWC) today announced its entry to the Philippines through the acquisition of a licensed remittance and foreign exchange company, Speed Money Transfer Philippines, Inc. (SMTP) with operations in the Philippines and Australia. With this acquisition, SMTP is renamed Digital Wallet Philippines, approved by the Bangko Sentral ng Pilipinas. DWC will expand its mobile wallet technology, Smiles Mobile Remittance (Smiles), through Digital Wallet Philippines. SMTP’s customers will benefit from the convenience of using DWC’s mobile wallet services to receive and transfer funds, both domestically and internationally, at any time through the Smiles mobile phone application. Eiji Miyakawa, Founder…