Tag "Bangko Sentral ng Pilipinas (BSP)"
BSP and CDA to Step up Digital Payments Oversight
The Bangko Sentral ng Pilipinas (BSP) and the Cooperative Development Authority (CDA) signed an agreement to work together to oversee cooperatives that offer electronic money and payment services, including ATM deployment. The agreement sets out how the BSP and CDA
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Governor Remolona: BSP Hopes to Issue More Digital Bank Licenses Soon
The Bangko Sentral ng Pilipinas (BSP) is considering lifting the three-year moratorium on digital bank licenses, which has been in place since August 2021, according to PhilStar Global. The report quoted BSP Governor Eli Remolona Jr. saying that there are
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BSP Picks Hyperledger Fabric for CBDC Pilot Project
The Bangko Sentral ng Pilipinas (BSP) has selected Hyperledger Fabric as the distributed ledger technology (DLT) for its wholesale Central Bank Digital Currency (CBDC) pilot project, Project Agila. Formerly known as Project CBDCPh, Project Agila aims to test the use
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BSP, Philippines Embassy in Riyadh Team Up to Promote Islamic Banking
The Bangko Sentral ng Pilipinas (BSP) has joined forces with its embassy in Riyadh, Kingdom of Saudi Arabia to develop Islamic banking and finance in the Philippines. Assistant Governor Atty. Arifa A. Ala shared the major milestones in the development
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BSP Retains Cap on Credit Card Transactions at 3% per Month
The Bangko Sentral ng Pilipinas (BSP) will be retaining the cap on credit card transactions at 3% per month or 36% per year. The maximum add-on rate on installment loans will also stay at 1% per month. Meanwhile, the maximum
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INDX3.0 Puts Spotlight on Financial Inclusion for Equitable Growth in the Philippines
Financial inclusion has increasingly gained recognition as a pivotal driver of economic development, fostering empowerment and equitable national growth. It goes beyond the mere accessibility of financial products; genuine financial inclusion necessitates the thoughtful design, seamless accessibility, and tailored responsiveness
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IMF Cautions Against CBDC Risk Posed to Banks in the Philippines
Felipe M Medalla, former Governor of Bangko Sentral ng Pilipinas (BSP), earlier this year stated that the central bank of the Philippines had started a pilot wholesale central bank digital currency (CBDC) project, a major capacity-building exercise for both the
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BSP Joins UN-Backed Principles for Responsible Investment
The Bangko Sentral ng Pilipinas (BSP) announced that it has joined the United Nations-supported Principles for Responsible Investment (PRI). Developed in 2015, the PRI is a global network of public and private institutions committed to incorporating environmental, social, and governance
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How 6 Licensed Digital Banks in the Philippines Have Progressed
In the dynamic landscape of the Philippine fintech sector, 2023 has emerged as a pivotal year, signifying the nation’s determined stride toward enhanced financial inclusion and digital transformation. Digital banking in the Philippines is progressively making its mark, with significant
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Financial Inclusion in the Philippines: The Synergy of Fintech and Rural Banks
In the Philippines, financial inclusion remains a pressing issue, particularly in rural areas where access to financial services is limited. This lack of access can perpetuate a cycle of poverty that is difficult to overcome. The traditional rural banking sector
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