Virtual Banking

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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Tonik Strengthens Finastra Partnership as It Surpasses 1 Million Users

Philippines’ digital bank Tonik announced that it has renewed its partnership with financial services software and cloud solutions provider Finastra. Through this partnership, Finastra’s Essence core banking platform will continue to power Tonik’s end-to-end banking operations. Essence is cloud-enabled and

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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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The Philippines’ Up-and-Coming Online and Digital Banking Services

In the Philippines, changing customer behavior and evolving market dynamics in the banking sector have led to increased demand and usage of online banking services in recent years. Bangko Sentral ng Pilipinas (BSP) deputy governor Mamerto Tangonan shared during a

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Fitch Owned Research Firm Shares Positive Outlook for Philippine Fintech Sector

Business Monitor International (BMI), a research firm owned by Fitch Group that provides country risk and industry analysis, is bullish on the Philippines’ fintech sector, arguing that despite risks present in the domestic scene, including rising inflation, a weak regulatory

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Maya Bank Makes Strides With 2.3M Users, PHP 25B Deposits

Philippines digital bank Maya has signed on 2.3 million users, pulled in PHP25 billion in deposits as well as disbursed over PHP10 billion in loans as of June 2023 since its launch in April 2022, according to a report by

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UnionBank Injects PHP 900 Million Capital into UnionDigital Bank

UnionDigital Bank (UD), the digital banking subsidiary of Union Bank of the Philippines, has secured PHP 900 million (US$ 16.2 million) from its parent bank. The capital infusion is still subject to Bangko Sentral ng Pilipinas’ (BSP) regulatory approval. The

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The Philippines is Fertile Ground for Digital Banking Growth

Recognising the need to foster fintech innovation to achieve financial inclusion goals, regulators in the Philippines are laying the groundwork for digital financial services and digital-first business models, introducing new digital banking licenses, creating a real-time payments system, and establishing

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AWS and Mambu Share Their Guide to Cloud Migration for Incumbent Banks

In today’s rapidly evolving economic environment, businesses need to be able to adapt quickly to changing market and consumer demands. This is especially true for traditional banks and financial institutions experiencing pressure to offer the same level of agility as

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Tonik Surpasses One Million Customers Since Launch

Philippines’ digital bank Tonik announced that it has onboarded over one million customers since its inception. Tonik said that its seamless onboarding process, wide range of financial products, and innovative services have played a significant role in driving its growth.

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