Virtual Banking

RCBC Receives US$460M Strategic Investment From SMBC

Sumitomo Mitsui Banking Corporation (SMBC) has increased its stake in Rizal Commercial Banking Corporation (RCBC) from 4.999% to 20.0%, providing an injection of PhP 27.126 billion (approximately US$ 460.78 million) in capital. SMBC’s strategic investment is said to be part

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UnionBank’s Crypto Services Pilot Goes Live on METACO’s Harmonize

Digital asset technology provider METACO announced that UnionBank has gone live on its flagship platform to pilot the launch of crypto services for its clients. UnionBank leverages Harmonize, METACO’s digital asset custody and orchestration platform, as a fully managed service

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UnionDigital Bank Now Uses Thought Machine’s Digital Banking Platform

UnionDigital Bank, the digital banking subsidiary of Union Bank of the Philippines, today announced its partnership with cloud-native banking technology company Thought Machine and has deployed its core banking engine Vault Core. Thought Machine’s core technology has enabled UnionDigital Bank

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BSP Lays Out Prudential Requirements for Philippines’ Digital Banks

The Bangko Sentral ng Pilipinas (BSP) has approved the second set of guidelines for digital banks following the release of the digital bank framework in December 2020. The approved guidelines set out the BSP’s supervisory expectations with regard to corporate

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Maya Bank Hits 650,000 Customer Milestone 3 Months After Launch

Maya Bank announced that it has reached a 650,000-customer milestone just three months after launch and that it has P5 billion which is approximately US$89 million in deposit balance as of end-July 2022. The bank launched its services to the

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GoTyme Bank Launches New Visa Debit Card, Aims for 10 Million Clients in 5 Years

Gokongwei Group‘s digital bank GoTyme, interbank network BancNet, and Visa have formed a partnership to introduce the GoTyme Visa ATM Debit Card. This will allow cardholders to conduct Visa transactions worldwide and make ATM withdrawals when traveling outside the country.

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Tonik Users Can Now Pay Their Bills Seamlessly via the BillsPay Feature

Philippines’ digital bank Tonik has enabled the BillsPay feature for its users to seamlessly pay their bills on time via its app through a partnership with Bayad, a multi-channel payment platform in the country. Users can now settle their dues

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BSP Green Lights All Six Digital Banks to Launch Full Operations

The Bangko Sentral ng Pilipinas (BSP) has issued Certificates of Authority (COA) to all the six licensed digital banks in the country, allowing them to pursue full operations. The most recent recipients were UnionDigital Bank and GoTyme Bank, which obtained

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Tonik Enables Real-Time Fund Transfers up to PHP 50,000 With InstaPay

Philippines digital bank Tonik announced that it has integrated InstaPay services on its mobile app to enable real-time fund transfers. Tonik said in a statement that it is the first licensed digital bank in the country to fully implement InstaPay

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Rise of Super-Apps Puts Pressure on Incumbents

In Asia, bigtechs and new digital banking challengers are rapidly gaining ground, forcing incumbent banks to rethink their business strategy and become a part of the super-app ecosystem, a new report by Finextra, in association with Infosys Finacle and OneSpan,

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