Banking
A Look at BSP’s Integrated Strategy To Boost Sustainable Finance
The Bangko Sentral ng Pilipinas (BSP) has embraced the responsibility of championing sustainability in the Philippine financial system. As a central bank, the BSP recognises the urgent need to address climate change and other environmental risks to safeguard price stability,
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BSP to Incentivise Sustainable Green Financing in the Philippines
The Bangko Sentral ng Pilipinas (BSP) intends to introduce further incentives to promote sustainable and green financing in the Philippines. These incentives, including an increased single borrower’s limit (SBL) and a zero reserve requirement rate, are part of the BSP’s
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Banks in the Philippines Face Fintech Threat, Warns McKinsey
Management consulting firm McKinsey & Co. has cautioned banks in the Philippines that they must adapt to the emerging and rapidly evolving landscape of digital finance or risk losing market share to emerging fintech providers. In a study entitled On
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Philippines, Japan Launch Credit Risk Model for SMEs’ Creditworthiness
The Bangko Sentral ng Pilipinas (BSP) and the Japan International Cooperation Agency (JICA) have teamed up to launch the Credit Risk Database (CRD) Scoring Model, aimed at improving the creditworthiness assessment of small and medium-sized enterprises (SMEs) in the Philippines.
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Two Filipino Fintech Leaders Recognised at SFF Global Fintech Awards
Two Filipino fintech companies’ leaders received awards at the recent Singapore Fintech Festival (SFF) Global FinTech Awards 2022 UNO Digital Bank Manish Bhai, Founder, CEO, was awarded the Top 10 FinTech Leaders award. Meanwhile, GeiserMaclang founder Cristina Amor Maclang walked
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New Challengers Pressure Incumbents to Improve Customer Experiences
In the Philippines, the market entry of new, digital-first challenger banks is shaking up the banking industry, forcing incumbents to put an emphasis on improving customer experiences to not only win new customers, but also retain existing ones. During the
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70% of Filipino Banks Find it Difficult to Keep up With Customer Expectations
Changing consumer expectations and a fast-evolving banking landscape are posing challenges for incumbents to keep up. Despite the realization that digital banking is the way forward, many Filipino banks are struggling to develop and implement innovative solutions, citing outdated legacy
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LANDBANK Unveils Digital Onboarding for Account Opening via Mobile App
The Land Bank of the Philippines (LANDBANK) has rolled out digital onboarding for its customers to enable them to open a savings account without the need to visit a physical branch. The state-run bank launched the digital onboarding system known
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FICO Survey Reveals Filipinos’ Rising Preference for Digital Banking Channels
A recent survey by global analytics software firm FICO has revealed that 56 percent of Filipino consumers prefer to use digital channels to engage with their bank during financial hardship. The poll was conducted in December 2020, during the height
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ING Banks: COVID-19 Is Causing Fillipinos to Save More
Dutch financial giant and all-digital bank in the Philippines, ING Bank, said that the rise of the “savings mentality” during the quarantine period can be sustained even after the COVID-19 pandemic in the Philippines. In a report by ING’s research
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