Tag "digital banks"
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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Digital Banks Engage with BSP to Drive Growth and Foster Open Banking
Digital banks are currently reaching out to the Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, in an effort to create collaborative relationships and develop an open banking environment. The purpose of this engagement is to increase borrower engagement
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Digital Banks Navigate Lending Challenges Amid Deposits Growth, BSP Reports
The Bangko Sentral ng Pilipinas (BSP) has recognised challenges faced by digital banks in lending and payment collection. BSP Governor Eli M. Remolona, Jr. highlighted the struggles these online banks face in effectively managing loans, despite their success in amassing
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Uphill Climb for Philippines Digital Banks to Shift Banking Status Quo
In the Philippines, the emergence of digital challenger banks has been a promising development, particularly given the country’s significant unbanked population. Fitch Ratings observes that while these digital banks have seen rapid growth since their introduction, their overall market share
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How Competitive Are Interests Rates Offered By Philippines’ Digital Banks?
In the Philippines, digital banking challengers are making competitive strides against traditional banks, luring customers with high-yield savings accounts and term deposit products that pay up to 10% per annum (p.a.). The figure represents more than double the national average
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Philippines Project to be Among Fastest Growing Neobanking Adoption in Next 5 Years
Between 2022 and 2027, the Philippines and Mexico are expected to see the fastest rise in neobanking adoption, owing to the current relatively low usage, supportive regulatory landscape and favorable demographics, according to a new analysis by Hungarian fraud prevention
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