Tag "Bangko Sentral ng Pilipinas (BSP)"
PESONet and InstaPay Digital Transactions Surge in Q1 2024, Hitting P3.81 Trillion
In the first quarter of 2024, the combined transaction value of PESONet and InstaPay in the Philippines reached P3.81 trillion, showing a 33% increase, a third more from the P2.87 trillion collected in the corresponding period the previous year, according
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BSP Cancels Nikko Mart Registration Amid Oversight on Money Service Businesses
The Bangko Sentral ng Pilipinas (BSP) has recently revoked the registration of Nikko Mart, a money changer and foreign exchange dealer, as part of its ongoing efforts to oversee money service businesses (MSBs) more stringently. This revocation marks the first
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BSP Introduces Payment Manual To Sets Standards for System Participants
In an effort to consolidate and clarify the regulatory framework of the Philippines’ National Payment System (NPS), the Bangko Sentral ng Pilipinas (BSP) has introduced its first-ever Manual of Regulations for Payment Systems (MORPS). According to the central bank, the
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Fintech Alliance.PH and BSP Deepen Commitment to Philippines Digital Finance
The Fintech Alliance.PH, the Philippines’ fintech organisation, engaged with the Bangko Sentral ng Pilipinas (BSP), signalling a strengthened partnership to bolster the nation’s digital financial ecosystem. This courtesy visit was an avenue to reflect on the fintech industry’s growth, spotlighted
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Neobank Zed Unveils “No-Fee” Credit Card in the Philippines
Zed, a credit-led neobank, has introduced what is described as the country’s first credit card that will do away with several common charges. This card uniquely features no foreign transaction fees, interest, or annual charges — it is being billed
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6 Banks Revealed in Project Agila CBDC Pilot Concluding by End-2024
In a recent press briefing, Deputy Governor Mamerto Tangonan disclosed that the Bangko Sentral ng Pilipinas (BSP) is poised to complete the trial phase of Project Agila, a wholesale Central Bank Digital Currency (CBDC) initiative, by the end of 2024.
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BSP Studying the Role of Generative AI in Banking and Financial Services
Commenting on the integration of technology within the financial sector, the Bangko Sentral ng Pilipinas (BSP) has revealed its ongoing investigations into the implications and necessary safeguards for the use of generative artificial intelligence (AI) in banking. Under the guidance
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Only Two of Six Philippine Digital Banks Are Profitable, Says BSP
Recent insights from the Bangko Sentral ng Pilipinas (BSP) have cast light on the challenging environment facing the Philippines’ digital banking sector. According to Melchor Plabasan, Director at the BSP, among the six digital banks operational within the nation, only
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BSP Aiming to Launch Instant Cross-Border Payment Service by 2026
The Bangko Sentral ng Pilipinas (BSP) has outlined plans to introduce an instant cross-border payment service by 2026, aiming to simplify the process of sending remittances to the Philippines. BSP Governor Eli M. Remolona, Jr. highlighted this initiative during a
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BSP Finalising Revised Framework for Money Service Businesses
The Bangko Sentral ng Pilipinas (BSP) is on the verge of finalising a comprehensive new framework to bolster the regulatory standards for Money Service Businesses (MSBs) within the Philippines. This initiative seeks to adapt and refine the regulatory environment, addressing
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