
Virtual Banking
Fintech Takes Lion’s Share of Philippines Tech Funding for Second Consecutive Year
The Philippines’ fintech industry is blossoming on the back of surging funding activity, a conducive regulatory environment, and rapid adoption of digital financial services, a new report by the Boston Consulting Group (BCG) and Foxmont Capital Partners shows. In 2021,
Read MoreTonik Aims to Roll Out BNPL and Crypto Products in the Next Year
Philippines’ neobank Tonik marks its first year of operations in the country after securing a digital bank license from the Bangko Sentral ng Pilipinas (BSP) in June last year. Since its public launch, Tonik recorded PHP 1 billion (US$ 20
Read MoreTonik Pulls in US$131 Million From Series B Fundraise Led by Mizuho Bank
Philippines’ digital bank Tonik announced that it closed a US$131 million Series B equity funding round led by Japan’s Mizuho Bank which has been active in the country since 1981. Other significant new investors in the round included Prosus Ventures
Read MoreRCBC’s DiskarTech App Recorded 5-Digit Growth in Transactions Last Year
Rizal Commercial Banking Corporation (RCBC) has witnessed a five-digit growth in both transaction volume and value through its digital platforms as of 2021. The bank’s financial inclusion app DiskarTech has reached over five million downloads in less than two years
Read MoreTonik Taps Google Cloud to Build its Digital Bank
Philippines’ neobank Tonik announced that it is has built on Google Cloud’s advanced platform to deliver its financial services in just 10 months. The bank had leveraged Google Cloud’s expertise in scalable infrastructure, application programming interface (API) management, machine learning (ML)
Read MoreTonik Surpassed US$100 Million in Consumer Deposits in Less Than a Year
Philippines’ digital bank Tonik announced that it has surpassed PHP 5 billion (US$100 million) in consumer deposits 8 months after its launch of commercial operations. Tonik had previously secured PHP 1 billion (US$20 million) in consumer deposits within a month
Read MoreFintech Philippines Report 2022 Highlights the Rise of Crypto and Advent of Digibanks
In the Philippines, the fintech sector is developing at a rapid pace, fueled by booming digitalization, a favorable regulatory landscape, and ongoing effort by the government to help boost financial inclusion, a new report jointly produced Fintech News Philippines and
Read MoreRCBC’s Diskartech Streamlines Onboarding Proccess
Rizal Commercial Banking Corporation’s (RCBC) mass-market super app DiskarTech recently launched its new streamlined onboarding process and expanded the number of acceptable IDs for faster account verification. From an original set of seven acceptable IDs required for the app’s digital
Read MoreVeteran Banker Angelo Madrid to Head PayMaya’s Digital Bank as President
Philippines digital and financial services firm Voyager Innovations has appointed seasoned banker Angelo Madrid as President of Maya Bank, its digital banking arm that will be operated by its fintech spin-off PayMaya. The appointment comes on the heels of the
Read MoreHow 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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