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…

Rizal Commercial Banking Corporation (RCBC) has sealed a partnership with LenddoEFL for faster and more convenient financial account opening for Filipinos through an end-to-end digital verification and authentication solution. In Philippines, Know Your Customer (KYC) processes have always required a face-to-face or real-time online interview to onboard bank customers. “With digital KYC, consumers, particularly those who are unbanked, can open deposit accounts, apply for loans online, take out new insurance policies, do money transfers, and pay more than 2,000 billers through RCBC’s DiskarTech virtual bank in less than five minutes, anytime, anywhere. This is simply commoditizing customer convenience in an…

Philippines’ Securities and Exchange Commission issued a statement prohibiting another batch of 13 online lending operators from further engaging in lending activities. The regulator issued an immediate cease and desist to the owners and operators from promoting and facilitating unauthorised lending activities. Under Philippines regulations, a lending company must be granted approval from the SEC to operate, and anyone found in violation of the law may face a fine ranging from 10,000 pesos (566 USD) to 50,000 pesos (2614 USD) or imprisonment of six months to 10 years or both. Authorities further found that online lending operators have gained access…

In line with its thrust of ensuring the efficiency of payment systems in support of inclusive economic development, the Monetary Board has approved a policy requiring the adoption of a National Quick Response (QR) Code Standard for payments. The QR technology has emerged as a convenient and cost-efficient means of moving funds from one account to another. However there have been concerns raised recently by the creator of QR codes regarding its security. The adoption of a QR Code Standard on a national scale is expected to bring more Filipinos as well as micro and small enterprises onboard the financial…

CIMB Bank Philippines has partnered with Singapore-based fintech CredoLab to extend financial products to underbanked customers in the Philippines, starting with personal loans. CIMB Bank Philippines uses CredoApp (CredoLab’s white-label mobile application) to instantly score applicants, including “thin-file” customers who lack sufficient or any traditional credit bureau data. With CredoLab’s artificial intelligence-based credit scoring capabilities, Filipinos can apply for a credit loan of up to P1,000,000 even in the absence of fulfilling traditional banking requirements. Within 10 minutes, Filipinos can enjoy in-principle approvals on their personal loans through the CIMB App and without having to step foot into or queue…

Philippines’ fintech startup PayMongo recently announced that it has raised US$ 2.3 Million in its seed round. PayMongo’s investments round sees participation from an impressive list of investors including Stripe, PayPal’s co-founder Peter Thiel, Tinder’s co-founder Justin Mateen, Y Combinator, Founders Fund, Global Founders Capital, Soma Capital, and other angel investors. The Manila-based startup’s key focus is to simplify online payments, seemingly drawing inspiration from its investor, Stripe. In a media statement, PayMongo said that they have onboarded over 1,000 business since their inception in June 2019 and they claim that they have seen transaction growth at an average of…

On 25 & 26 September at SMX Convention Center Manila, Pasay City, Seamless Philippines 2019 will open its doors, bringing together the entire Philippines’ commerce & finance ecosystem to innovate, transform and disrupt. On the morning of 25 September, Guest-of-Honour, Mr Ephyro Luis B. Amatong, Commissioner, Securities and Commission will kickstart the keynote plenary session. The session will also feature insights from Christopher James Payne, President, Veritaspay and Angelica I. Sarmiento, Director IV, Department of Finance. That afternoon will bring keynotes about Driving innovation in banking by Lito Villanueva, EVP and Chief Innovation and Inclusion Officer of RCBC and Facebook’s…

Asia Kredit announced today a partnership with Lazada Philippines which will enable Lazada shoppers to purchase and apply for monthly payment installments on the Lazada Platform through AsiaKredit’s eShopaLoan. Filipino consumers will now have the option of paying for purchases made via the Lazada online marketplace and LazMall in fixed monthly installments. Loans range from Php 4,000 (US$75) to as much as Php 20,000 (US$380) over a repayment period of six months. eShopaLoan finances products within the Php 5,000 (US$95) to Php 50,000 (US$955) price range. To utilise the eShopaLoan option, Lazada customers can download the AsiaKredit pera247 app and…

227 Chinese nationals were arrested in Pasig City, Philippines, on suspicion of running a crypto investment scam targetting would be investor back in China. This was according to local media, The Inquirer. The 227 Chinese nationals all had Cagayan Economic Zone Authority (CEZA) visa, which meant that they were only permitted to work within the special economic zone in Cagayan. The raid was reportedly conducted on Grapefruit which is a service provider of Golden Millenial Quickpay, an offshore cryptocurrency company licensed in the Cagayan Economic Zone Authority (CEZA). CEZA’s license does not permit for entities to provide services onshore, which…