Author: Fintech News Philippines

Over a thousand attendees joined the annual summit organised by Fintech Alliance Ph, an association for fintech and digital innovators in the Philippines. This year’s theme, “AI Unlocked: Shaping Our Digital Future,” focused on the impact of artificial intelligence on various sectors including finance, infrastructure, regulations, digital marketing, labor force, education, and healthcare. The summit began with remarks from Founding Chairman Lito Villanueva, who emphasised the importance of addressing issues like deep fakes, digital security, and workplace evolution. “Together, we renewed our commitment to make finance accessible to all Filipinos and propel the country toward becoming an AI-ready nation.” Villanueva…

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Netbank, a rural bank specialising in embedded finance, has entered into a loan channelling agreement with local fintech Salmon. The agreement, facilitated through Salmon’s financing arm, Sunprime Finance Inc., will enable Salmon to allocate its consumer loans to Netbank. These loans will be recorded on Netbank’s balance sheets and secured through a First Loss Default Guarantee (FLDG) by Salmon. This move aims to expedite the growth of Salmon’s loan portfolio and expand its product offerings across its network of approximately 2,000 locations nationwide. Netbank’s loan channelling solutions, backed by FLDG, allow partner fintechs to access funding for loan book growth…

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The Bangko Sentral ng Pilipinas (BSP) has unveiled its Financial Services Cyber Resilience Plan (FSCRP) to bolster the defense of banks and other financial institutions against cyber threats. The plan outlines a comprehensive strategy to enhance the resilience of the financial services sector against cyber threats, detailing high-level goals and essential strategies to maintain the integrity and security of the country’s financial ecosystem. The Anti-Financial Scamming Act (AFASA), which was signed into law on 20 July 2024, plays a crucial role in the FSCRP’s implementation. Authored by Senator Villar and Congressman Tieng, AFASA aims to enhance information sharing and collaboration…

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Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash, has secured new strategic investments from Ayala Corporation and Mitsubishi UFJ Financial Group (MUFG), raising its valuation to US$5 billion. This development more than doubles its previous US$2 billion valuation from 2021. It is worth noting that Mynt had reported a net income of PHP 6.7 billion in 2023. The investment comes as Globe explores a dual Philippines-US listing for GCash amidst 2025 IPO plans. Ayala, through its subsidiary AC Ventures Holdings, Inc. (ACV), will increase its investment in Mynt by acquiring an additional 8% stake. Meanwhile, MUFG, through its…

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B2B e-commerce platform GrowSari has raised US$5 million from Oppenheimer Generations, according to regulatory filings accessed by DealStreetAsia. The family office of former De Beers chairman Nicky Oppenheimer invested through Kaishi Ventures, a Singapore-based entity majority-owned by Oppenheimer Generations. Founded in 2016 by Reymund Rollan, Shivapratim Choudhury, Andrzej Ogonowski, and Siddhartha Kongara, GrowSari offers a digital retail distribution platform that connects informal SME retailers with FMCG manufacturers and wholesalers. The platform operates in 220 municipalities across Luzon, providing a range of services including bill payments, telco reloads, wallet top-ups, and procurement services for retail goods and medicines. GrowSari, though registered…

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GCash has announced the introduction of PayPal’s stablecoin, PayPal USD (PYUSD), to the Philippine market. This development allows users and freelancers that utilise the PayPal platform to send PYUSD tokens with low transaction fees to GCrypto, the in-app feature of GCash powered by the Philippine Digital Asset Exchange (PDAX). GCrypto users can now buy, sell, and hold PYUSD tokens directly within the GCash app, without having to go through the PayPal platform. Stablecoins like PYUSD are designed to maintain a stable value by being pegged to fiat currencies such as the US dollar or other stable assets like gold. This…

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The banking industry is undergoing a rapid transformation, driven by technological advancements and changing customer expectations. While many banks have embarked on digital transformation journeys, a common misconception persists: that transformation is a one-time event with a clear endpoint. The reality is far more complex. The competitive landscape, marked by the rise of neobanks and fintech disruptors, necessitates continuous innovation and adaptation. Continuous Transformation is a Necessity, Not a Choice However, challenges such as customer acquisition, trust, and legacy system dependencies hinder progress for many traditional banks. Mambu’s insightful new report, titled “The End of Transformation,” highlights this ongoing challenge.…

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Qatar-based digital wallet Ooredoo Money has introduced a new feature in its app to support its Filipino customers, by enabling direct payments to the Philippines Social Security System (SSS). This development is intended to enhances the app’s functionality for Filipinos in Qatar, in collaboration with DT One, a B2B provider of non-cash micropayments and prepaid digital value services. With this feature, Filipino customers in Qatar can manage their SSS contributions conveniently from their phones, bypassing traditional banking methods. Mirko Giacco, CEO of Ooredoo Fintech, remarked, “The introduction of SSS payments on the Ooredoo Money app, developed in partnership with DT One,…

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Marking its third year, Ignite by Igloo has been launched in the Philippines by the regional insurtech company Igloo. Ignite by Igloo is a digital platform aimed at assisting sales intermediaries in selling insurance products more effectively. Already available in Vietnam and Indonesia, the app includes over 42 products across nine categories from leading insurers, and has gained recognition in Vietnam as Mobile App of the Year at the Insurance Asia Awards. With the launch of Ignite in the Philippines, Igloo says it aims to support intermediaries in the country with essential digital tools to enhance productivity and contribute to increasing…

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As the monsoon season descends on the Philippines, the fintech firm and virtual credit wallet Mocasa is advising the public on how to prepare a calamity fund. A calamity fund is intended to provide financial relief during natural disasters, which often strike with little to no warning. It is essential to assess the potential risks in one’s area, including typhoons, flooding, and earthquakes, to determine the expenses needed when such incidents occur, and such a fund can help ensure that people have the necessary resources to recover. Mocasa recommends setting aside three to six months’ worth of living expenses in…

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Atome Financial anticipates significant growth in the Philippines’ buy now, pay later (BNPL) market this year, attributed to the country’s low credit card penetration rate and the increasing digitalisation. An Atome spokesperson highlighted to Business World, “The BNPL industry in the Philippines is poised for substantial growth, driven by increasing consumer adoption of mobile-first digital financial services, a growing middle class and young, mobile-savvy internet population.” Industry data shows credit card penetration in the Philippines stood at around 2% in 2022, while debit card ownership is almost ten times higher. Atome commented, “Cash is still the most prevalent mode of…

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Starting at the low annual charge of just P145, Filipinos will be able to avail themselves and safeguard against major health risks with the introduction of Oona Critical Illness insurance from Oona Philippines. This new product provides coverage for three significant health threats: cancer, heart attack, and stroke, which are among the leading causes of illness and death in the country. Oona Philippines stated that individuals may access myoona.ph to purchase insurance, select the critical illness protection they want, and answer four questions about themselves. The insurance plan has a coverage range from P100,000 up to P500,000. The cash will…

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DigiCo, a digital entity owned by businesses led by Manuel V. Pangilinan (the MVP Group), has finalised separate agreements to acquire a 10% interest in Bayad Center and 100% of Multipay Corporation for a yet undisclosed amount. “Having both online and offline solutions, Bayad and Multipay are uniquely positioned to accelerate the country’s shift to digital payments,” the DigiCo Chairman said in a disclosure to the Philippine Stock Exchange. Manuel noted that these companies would improve the payment experience for Filipino consumers and provide partners with integrated solutions. DigiCo is owned by PLDT Inc., Manila Electric Company (Meralco), and Metro…

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The Bangko Sentral ng Pilipinas (BSP) will resume accepting applications for the country’s digital banking license after three years, a move that opens up the industry to more players as it navigates the path to profitability. The number of slots for digital banking license applications available remains unclear, but BSP Governor Eli Remolona Jr. informed the Philippine Daily Inquirer that a circular on this matter will be released “soon.” This decision follows the BSP’s initial assessment of current players, including UNO Digital Bank, UnionDigital Bank, GoTyme, Overseas Filipino Bank of state-run Land Bank of the Philippines, Tonik Digital Bank, and…

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Rizal Commercial Banking Corporation (RCBC) has introduced its latest vehicle loan product, the RCBC Auto Loan FlexiLite. According to Atty. Ramil de Villa, head of RCBC’s Consumer Lending Group (CLG), this offering is part of the bank’s strategic initiative to broaden its consumer lending portfolio and foster growth in the consumer sector. Ramil described the new product as a “breakthrough” in auto loans, highlighting about the RCBC Auto Loan FlexiLite, “Designed to provide unparalleled flexibility, this product allows customers to enjoy lower monthly amortizations without the need for a downpayment,” he said. The new RCBC auto loan product is set…

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The Bangko Sentral ng Pilipinas (BSP) is set to introduce its Request to Pay (RTP) and Direct Debit facilities this year and next to advance the adoption of digital payments in the Philippines. BSP Deputy Governor Mamerto Tangonan, in a recent press briefing, announced that the central bank aims to launch the RTP Cash-in Service in the latter half of this year. This service will enable e-money users to top up their accounts using any bank or e-wallet platforms seamlessly. Deputy Governor Tangonan also revealed plans for a second RTP use-case for e-commerce, scheduled for release next year. He noted…

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The Bangko Sentral ng Pilipinas (BSP) is progressing towards issuing its own central bank digital currency (CBDC), codenamed Project Agila, sooner than anticipated, with the proof-of-concept phase expected to conclude by the end of this year. BSP Deputy Governor Mamerto E. Tangonan confirmed that the CBDC could likely be launched in the earlier part of BSP Governor Eli M. Remolona Jr.’s six-year term, which runs from 2023 until 2029. “The governor is very early in his term and we’re already about to conclude proof of concept,” he stated. Deputy Governor Tangonan emphasised the importance of ensuring the usability and management…

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GCash, the mobile wallet of Globe Telecom Inc., has joined forces with Taptap Send and other international partners to enhance financial transactions for Filipinos both locally and abroad. The collaboration with Taptap Send, an app specifically designed for Overseas Filipino Workers (OFWs) in the UAE, the UK, the US, Canada, and select European countries, aims to provide quick, affordable, and secure money transfers. Taptap Send claims it offers zero transaction fees and competitive exchange rates for those remitting money back to the Philippines. Oscar Ren-Ren Reyes, president and chief executive of G-Xchange Inc., the operator of GCash, emphasised the importance…

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The financial sector is on the edge of a major transformation powered by continuous technological advancements. At the recent Huawei HiFS Frontier Forum 2024 in Shenzhen, industry leaders discussed how cloud, network, storage, and computing infrastructures can strengthen financial systems’ resilience. The forum’s theme, “Boost Resilience, Reshaping Smarter Finance Together,” encapsulates the industry’s collective ambition to navigate the challenges of an uncertain future through technological excellence and collaborative innovation. This gathering comes at a pivotal moment. Traditional banking boundaries are dissolving, and the definition of financial services is evolving unprecedentedly. The imperative for digital transformation As we hurtle towards 2030,…

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The Bangko Sentral ng Pilipinas (BSP) has reported a significant rise in the share of digital payment transactions to total monthly retail payments in the Philippines, increasing from 42.1% in 2022 to 52.8% in 2023, according to its 2023 Report on E-Payments Measurement. This growth in digital transactions aligns with the BSP goal of digitalising 50% of payment volumes under its Digital Payments Transformation Roadmap 2018-2023. “We take pride in this achievement as proof that our pursuit of a cash-lite economy has consistently been progressing. We owe this to our citizens who are the foremost beneficiaries of a safe, efficient,…

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