The fintech revolution is in full swing, and the Philippines is rapidly emerging as a hotspot for innovation in digital banking, payments, and financial services. This surge is fueled by a young, digitally savvy population, with internet penetration reaching over 70%. Consequently, the country is attracting increasing global investor interest, evidenced by the significant growth in fintech funding, which saw a notable increase in recent years. This is all due to its burgeoning startup ecosystem and the Philippine government’s proactive support for financial technology, demonstrated by initiatives aimed at fostering digital financial inclusion. As we move into 2025, staying informed…

The Philippines’ banking sector is made up of various financial institutions, including universal and commercial banks, thrift banks, rural banks, digital banks, and electronic money issuers, each with varying transfer fees. These institutions serve as the backbone of the country’s financial ecosystem, enabling individuals and businesses to transfer funds efficiently across different entities. Under the supervision of the Bangko Sentral ng Pilipinas (BSP), these financial institutions ensure regulatory compliance and financial stability. As of the latest disclosures from BSP Supervised Financial Institutions (BSFIs) on 31 January 2025, the Philippines has approximately 35 commercial and universal banks, 14 thrift banks, 16…

I’ll be the first to admit, I’m not a banker. What I am, however, is an enthusiastic saver who enjoys exploring different savings options and finding the best ways to make my money work for me. Over the years, I’ve realised that choosing where to save is just as crucial as the act of saving itself. A good savings strategy isn’t just about setting money aside. For me at least, it’s about maximising returns while ensuring accessibility and security. For those of us who prioritise saving, the real question isn’t whether we should save, it’s how and where we should…

The Philippines stands at the brink of a groundbreaking financial transformation, where technology and innovation hold the key to rewriting the country’s economic story. Yet, beneath this promising horizon lies a sobering reality: 44% of the bankable population—those aged 15 and older—remains unbanked or underbanked Such disconnect stifles not only economic growth but also personal empowerment, leaving millions without access to essentials like credit, investment opportunities, or even basic banking services Barriers such as geographic isolation, digital illiteracy, and high transaction costs magnify this financial divide. However, amid these gloomy skies, a ray of sunshine filled with rainbows still awaits,…

The fintech industry is reshaping the financial landscape in 2024, driving innovation and fostering financial inclusion in unprecedented ways. With its burgeoning digital economy, the Philippines has emerged as a key player in this global movement. From the surge of digital banking to groundbreaking advancements in stablecoins and anti-fraud measures, the fintech sector is tackling long-standing challenges while creating new opportunities. Let’s explore the top stories shaping the fintech ecosystem in the Philippines in this eventful 2024. Digital Banking: A Revolution in Deposits and Challenges Ahead To kick things off on the top fintech stories in 2024 within the Philippines,…

The Philippines is gearing up for a potential surge in digital banks (digibanks). With the Bangko Sentral ng Pilipinas (BSP) hinting at granting more licenses in 2025, the number of players could soon exceed ten. While this expansion aims to boost financial inclusion and innovation, a critical look at the current landscape reveals a potential pitfall on where or not there will be an over-reliance on incumbent-led digital banks. A Homogenous Playing Field? The six existing digital banks in the Philippines – Tonik Digital Bank, GoTyme Bank, Maya Bank, Overseas Filipino Bank, UNObank, and UnionDigital Bank – have undoubtedly made strides in addressing…

Southeast Asia currently find themselves in the midst of a serious challenge in financial crime (fincrime). Countries like the Philippines, Singapore, Malaysia, Thailand, and Vietnam are witnessing an escalation in illicit activities, driven partly by their banks’ limited use of artificial intelligence (AI) in combating threats such as money laundering and also fraud. A recent report by SymphonyAI, in corporation with Regulation Asia uncovered the challenges and opportunities in addressing these vulnerabilities, spotlighting the urgent need for AI adoption in the region’s financial systems. Rising Financial Crime Is A Regional Concern Financial crime in Southeast Asia is growing more complex…