Virtual Banking

Neobank Netbank Joins the Mastercard Fintech Express to Become a Card Issuer

Netbank announced that it will join the Mastercard Fintech Express programme which gives it access to a vast range of the latter’s digital-first products and enabling it to issue debit and credit cards under its partners’ brands. Through the initiative,

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Philippines Central Bank Cracks Down on Entities Posing as Digital Banks

The Bangko Sentral ng Pilipinas (BSP) has issued a circular to put a stop to any entities that are misrepresenting themselves as digital banks in their marketing activities. While BSP has only recently granted its first batch of licenses, several

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Philippines Central Bank BSP Issues Digital Bank License to UNObank

The Bangko Sentral ng Pilipinas (BSP) has granted the third digital bank license to Singapore headquartered fintech DigibankASIA, one of the primary incorporators of UNObank. In the past few months, BSP has granted the other two licenses to state-owned Overseas

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Neobank Tonik Secures Digital Banking License

Neobank Tonik announced that it has secured a digital bank license from the Bangko Sentral ng Pilipinas (BSP) as it has been operating under a rural banking license since 2019. A year later, BSP had issued a framework on the

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Neobank Netbank Officially Kicks Off With a Rural Banking License

Netbank, a banking as a service platform in the Philippines, has been launched by an experienced team of international and Filipino bankers. Much like its counterpart Tonik, Netbank is a fully regulated bank operating under a rural banking license. The

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BSP Deputy Governor: Digital Bank License a Game Changer for Financial Inclusion

As the Philippines begins awarding its first digital banking licenses, incumbents are gearing up for a new era in banking, ramping up their digital capabilities to address market shifts and changing customer expectations. During a virtual panel discussion with Fintech

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Neobank Tonik Bags US$17 Million in Pre-Series B Funding Round Backed by Sequoia

Philippines neobank Tonik announced that it has raised US$17 million in a Pre-Series B funding round. The round comes on the heels of Tonik’s public launch in March 2021, which saw it secure over US$20 million (1 billion pesos) in

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FICO Survey Indicates Growing Awareness of Identity Theft Among Filipinos

FICO, a global analytics software firm, did a recent survey on identity proofing and digital banking which showed that identity theft is a tangible threat for people in the Philippines. This survey was conducted in January 2021 by an independent

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State-Owned OFBank Clinches Philippines’ First Digital Banking License

Overseas Filipino Bank (OFBank), a wholly owned subsidiary of the Land Bank of the Philippines (LANDBANK), has digital only bank to secure a license under Bangko Sentral ng Pilipinas (BSP)’s newly revised digital banking framework. OFBank was issued a digital

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BSP Highlights Role of Digital Banks as Key Financial Inclusion Enabler

The Bangko Sentral ng Pilipinas (BSP) considers the digital banking framework as a key building block in promoting financial inclusion. The framework aims to enable a regulatory environment that fosters responsible innovation, promotes cyber resilience, and expand the digitalisation of

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