Tagged: bsp

July 26, 2026 @ 12:22 am By Michael Wong  |  

Cash remittances sent home by overseas Filipinos rose 2.0% in May from a year earlier to $2.71 billion, extending steady growth that continued to support household income and domestic demand, central bank data accessed by CrowdFund Insider showed. The increase brought cash remittances in the… Read More

May 30, 2026 @ 8:31 am By Michael Wong  |  

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, and the Insurance Commission highlighted the potential of bundling parametric insurance with credit in enhancing lending to climate-exposed sectors. Parametric insurance provides automatic payouts once predefined weather thresholds are met. When bundled with… Read More

August 18, 2024 @ 7:47 pm By Michael Wong  |  

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, along with the Department of Labor and Employment (DOLE) held the 2nd Financial Inclusion Forum for the Labor and Employers Sector on July 30 at the BSP’s Manila Head Office. The discussions centered… Read More

July 29, 2024 @ 5:26 am By Michael Wong  |  

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, is poised to significantly advance the digital payments landscape in the country with the upcoming introduction of its Request to Pay (RTP) and Direct Debit facilities. Announced by BSP Deputy Governor Mamerto Tangonan… Read More

June 23, 2024 @ 6:51 pm By Michael Wong  |  

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, highlighted the importance of digitalization in enhancing rural bank operations during the Rural Bank Strengthening Program (RBSP) Technology and Innovation Forum. BSP Governor Eli M. Remolona, Jr. said the forum aimed to address… Read More

May 6, 2024 @ 8:57 pm By Michael Wong  |  

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has issued new regulations mandating that banks and other financial institutions report significant incidents related to money laundering, terrorism financing, and proliferation financing within 24 hours. The directive, outlined in a circular signed… Read More

July 25, 2023 @ 10:17 pm By Omar Faridi  |  

Bangko Sentral ng Pilipinas (BSP) reports that personal remittances from Overseas Filipinos (OFs) reportedly “reached US$2.78 billion in May 2023, higher by 2.9 percent than the $2.70 billion registered in the same month last year.” The increase in personal remittances in May 2023 was “due… Read More

December 8, 2021 @ 10:16 pm By Omar Faridi  |  

As open finance continues to evolve as an international movement, it’s critical for various world  regions to compare different implementation methods before selecting the best or most appropriate system. The Open Banking Exchange, the international unit of Open Banking Europe, has been established to guide… Read More

September 29, 2021 @ 12:50 am By Omar Faridi  |  

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, and the payment systems sector are preparing to introduce various initiatives that are set to promote payments digitalization and financial inclusion in the Southeast Asian nation. Benjamin E. Diokni, BSP Governor, stated (during… Read More

September 26, 2021 @ 8:48 pm By Omar Faridi  |  

Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, awarded the sixth virtual banking permit to Voyager Innovations via its Fintech division PayMaya Philippines. PayMaya had acquired $167 million in capital from Philippines-based telecom firms PLDT, international investment company KKR, Chinese technology company… Read More

September 20, 2021 @ 8:37 pm By Omar Faridi  |  

Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, and the Agence Française de Développement (AFD), the French Development Agency, have committed to a grant facility agreement of 700,000 Euros (appr. PHP 41.3 million) in order to support the Philippines’ financial inclusion efforts,… Read More

August 23, 2021 @ 10:08 pm By Omar Faridi  |  

Philippines-based Tonik, a virtual banking platform that was recently awarded an operational license by the Bangko Sentral ng Pilipinas (BSP), has introduced a physical debit cards for its customers. Tonik bank clients are now able to order physical debit cards via an easy-to-use app, and… Read More

August 22, 2021 @ 10:29 pm By Omar Faridi  |  

Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, recently confirmed  that it will no longer be accepting applications for new virtual banks including firms seeking to  convert their current status, starting from September 1, 2021. Virtual banking applications sent to the nation’s… Read More

August 19, 2021 @ 8:29 pm By Omar Faridi  |  

The Union Bank of the Philippines (UnionBank) has teamed up with crypto-asset custodian Hex Trust in order to test out its digital asset custody services – which are compliant with the guidelines provided by the Bangko Sentral ng Pilipinas (BSP), the nation’s reserve bank. Through… Read More

August 18, 2021 @ 4:09 pm By Omar Faridi  |  

GOtyme, which is a joint initiative between Philippines-based conglomerate Gokongwei Group and Singapore’s virtual banking group Tyme, has reportedly acquired the fifth digital banking permit from the Bangko Sentral ng Pilipinas (BSP), the nation’s central bank. GOtyme is set to introduce its services during Q2… Read More

July 24, 2021 @ 3:26 pm By Omar Faridi  |  

The Union Bank of the Philippines, which is part of a conglomerate that is led by Aboitiz Equity Ventures, will be launching the fourth all-digital banking platform in the Southeast Asian country. This, according to a Philstar Global report. The UnionBank’s virtual bank application has… Read More

July 13, 2021 @ 10:44 pm By Omar Faridi  |  

The Philippine Stock Exchange (PSE) is currently seeking regulatory approval to begin offering cryptocurrency trading, PSE President and CEO Ramon Monzon thinks that the bourse can offer an ideal platform for facilitating digital currency trading because of its robust trading infrastructure and established customer safeguard… Read More

June 10, 2021 @ 1:00 am By Omar Faridi  |  

Philippines-based virtual bank Tonik recently revealed that it has managed to acquire a digital banking license from the Bangko Sentral ng Pilipinas (BSP), the nation’s central bank. Before receiving this license, Tonik had been offering services under a rural banking license (since 2019). BSP has… Read More

April 5, 2021 @ 11:17 pm By Omar Faridi  |  

Overseas Filipino Bank (OFBank), which is a wholly-owned subsidiary of the Land Bank of the Philippines (LANDBANK), has managed to acquire an operational license following the introduction of the Bangko Sentral ng Pilipinas’ (BSP) updated virtual banking guidelines. OFBank was reportedly provided a digital banking… Read More

November 29, 2020 @ 7:30 pm By Omar Faridi  |  

​The Monetary Board in the Philippines has reportedly approved the recognition of digital banking platforms as a new bank category that’s separate and distinct from the traditional bank classifications. Regulators in the country have defined digital banks as an institution or entity that provides financial… Read More