Virtual Banking

How Will Branch Banking Evolve in the Digital Age?

With digital adoption spiking up in recent years coupled with Bangko Sentral Ng Pilipinas’ recent introduction of the digital banking framework, industry pundits have been examining the relevance of branch banking and whether it will survive the digital age. A

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Voyager’s PayMaya Bags Sixth Digital Bank License From BSP

Bangko Sentral ng Pilipinas (BSP) has awarded the sixth digital banking license to Voyager Innovations (Voyager), through its financial technology arm PayMaya Philippines. PayMaya had previously raised US$167 million from the likes of Philippines telecoms PLDT, global investment firm KKR,

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Tonik Ventures Into the Consumer Lending Market With ‘Quick Loan’ Offering

Philippines’ neobank Tonik announced that it has launched a Quick Loan product on its platform marking its venture into the consumer lending market in the country. Tonik said that its all-digital Quick Loan is designed to serve the unbanked and

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BSP Will No Longer Be Accepting Digital Bank Applications

Bangko Sentral ng Pilipinas (BSP) announced that it will no longer be receiving applications for new digital banks including banks wanting to convert their status from 1st September 2021. Digital bank applications sent in to BSP until 31 August 2021

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Tonik Issues Numberless Physical Debit Card

Tonik, a Filipino digital bank that was recently licensed by the Bangko Sentral ng Pilipinas (BSP), has launched the physical debit cards for its clients. Customers can now order physical debit cards through the app, and use these cards at

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Gokongwei-Tyme Partnership ‘GOtyme’ Clinches Fifth Digital Bank License From BSP

GOtyme, a partnership between Filipino conglomerate Gokongwei Group and Singapore-headquartered digital banking group Tyme, has secured the fifth digital bank license from the Bangko Sentral ng Pilipinas (BSP). GOtyme is expected to launch in the second quarter of 2022 and will

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Unionbank Becomes the Fourth Bank To Receive Philippines Digital Banking License

The Union Bank of the Philippines, which is part of a conglomerate led by Aboitiz Equity Ventures, is set to form the fourth digital-only bank in the country, according to a Philstar Global report. The UnionBank’s digital banking application was

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Netbank Partners Three Alternative Lenders to Expand Its Lending Operations

Philippines neobank Netbank has formed partnerships with 3 alternative lenders; Global Mobility Services (GMS), New Cross Credit Gate PH Inc. (Uploan) and Inclusive Financial Technologies, Inc. (Blend PH). This move will allow these lenders to expand their lending without needing

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PayMaya Raises $167m from PLDT, Tencent and IFC; Eyes Digital Banking License

Philippines digital and financial services firm Voyager Innovations announced that it raised US$167 million through its financial technology arm, PayMaya Philippines. This investment includes US$121 million in fresh funding and US$46 million from previously committed funds. Participating in the funding

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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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