Virtual Banking
Philippines Launches Overseas Filipino Bank, a Government Owned Digital Bank
The national government, spearheaded by the Department of Finance (DOF) and the Land Bank of the Philippines (LANDBANK), announced this week the launched the Overseas Filipino Bank (OFBank) as a digital-only bank that allows clients to complete bank transactions anytime
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RCBC Named Best Digital Bank in Philippines
The Rizal Commercial Banking Corporation (RCBC) was recognized yesterday as the “Best Digital Bank in the Philippines” by a Hong Kong-based institutional investment magazine. This year’s edition of the Annual Alpha Southeast Asia Best FI Awards deliberated on the performance
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Philippines’ Digital-Only Bank Tonik Raises $21M Series A Led by Sequoia India and Point72
Tonik Financial Pte Ltd (“tonik”) announced today that it closed a $21M round of Series A equity funding. The round was led by blue-chip VC investors Sequoia India and Point72 Ventures, with a significant participation from previous VC investors Insignia
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Philippines Central Bank Governor Says 50% of Payment Transactions Will Be Digital by 2023
At least half of retail payment transactions will be shifted to digital in three years. This according to Bangko Sentral ng Pilipinas Governor Benjamin Diokno in a digital forum hosted today by the Fintech Alliance.ph. Along with this commitment, Diokno
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Digital Banking Transactions Continue Surge In Philippines as Quarantine Enters Week 3
From the first three days of the enhanced community quarantine (ECQ), new enrolments in RCBC Online Banking continued to rise. The bank registered last Thursday, March 26, a new high of new enrolments in one day. The daily average of
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More Filipinos Turn to Digital Banking Amidst COVID-19 Lockdown
Rizal Commercial Banking Corp. (RCBC) logged a 259% increase on new sign-ups on its online banking service in the first three days of the implementation of the enhanced community quarantine (ECQ). Bank data show a daily average of 1,116 new
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TONIK Raises US$6 Million, Eyeing to Launch Digital Bank in Philippines by 2020
TONIK announced today that it closed a US$ 6 Million round of equity funding led by regional VC investors Insignia Ventures Partners and Credence partners. The funds raised will be used to launch its digital bank in the Philippines, targetting
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CIMB Picks Jumio’s Digital Onboarding Solution for its Digital-Only Bank in Philippines
CIMB’s digital-only banking arm in the Philippines and Jumio announced today the bank has picked the end-to-end identity verification provider to power its digital onboarding. According to their press statement, CIMB Bank PH’s mobile app integrates Jumio’s AI-driven identity verification
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RCBC’s New Digital Bank to Focus on Philippines’ Underserved Markets
The Board of Directors of the Rizal Commercial Banking Corp. (RCBC) has approved the creation of cloud-based digital bank with a rural bank license as disclosed with the Philippine Stock Exchange on Tuesday. Once regulatory approvals are secured, RCBC’s virtual
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Philippines Digital Bank TONIK Picks Finastra to Power Its Core Banking
Finastra announced today that TONIK, a licensed digital-only bank in Philippines, has selected Fusion Essence in the cloud to power its end-to-end core banking capabilities. According to the parties involved, the move will support TONIK as it launches its retail
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