Tagged: bsp

Central Bank of Philippines and Local Payments Sector Introduce Digitalization, Financial Inclusion Initiatives

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

Digital Banking: Bangko Sentral ng Pilipinas Awards Virtual Bank License to Voyager Innovations

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

Central Bank in the Philippines and French Development Agency to Support Financial Inclusion Initiatives

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

Digital Banking Platform Tonik Introduces Physical Debit Cards for Consumers in the Philippines

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

Philippines Reserve Bank Will No Longer Accept Digital Banking Applications from September 1, 2021

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

Digital Assets: Union Bank of Philippines Partners with Hex Trust to Offer Crypto-Asset Custody Services

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

Digital Banking: GOtyme Acquires Virtual Bank License to Offer Financial Services in the Philippines

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

Digital Banking: Union Bank of Philippines to Launch Fourth Virtual Bank in Southeast Asian Nation

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

Regulators in Philippines Concerned about Virtual Currency Investment Risks, but Local Stock Exchange Wants to Offer Crypto Trading

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

Digital Banking: Philippines based Tonik Acquires Virtual Bank License from Bangko Sentral ng Pilipinas

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

Digital Banking: Philippines based OFBank Acquires the Country’s First Virtual Bank License

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

New Digital Banking Framework Approved by Regulators in the Philippines

​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

Another Digital Bank to Launch in the Philippines, as Government Aims to Offer Virtual Banking Services to Filipinos Working Abroad

An increasing number of transactions are being conducted online by the residents of the Philippines due to COVID-19. The nation’s government has confirmed that it will launch a branchless bank that will offer services to Filipinos working and living abroad. The digital bank will also… Read More

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