Tagged: Philippines

November 23, 2024 @ 5:40 pm By Michael Wong  |  

Philippine fintech startup Salmon is aiming to secure a thrift bank license for the Rural Bank of Santa Rosa as part of its strategic expansion in the country, according to company officials. The move is intended to transform the rural bank into a retail-oriented thrift… Read More

November 17, 2024 @ 9:08 pm By Michael Wong  |  

A group of prominent Philippine financial institutions has teamed up with Web 3.0 fintech firm JUST Finance to introduce PHPX, the first bank-collateralized Philippine Peso stablecoin. This initiative, led by UnionBank of the Philippines (UBX), RCBC, Cantilan Bank, and Rural Bank of Guinobatan, along with… Read More

November 6, 2024 @ 10:19 pm By Omar Faridi  |  

Thunes, which claims to be the “Smart Superhighway” to move money around the world, announced a new collaboration with GCash, the digital wallet in the Philippines. This initiative enables GCash users to top up their wallet balances directly within the app using funds from their… Read More

November 5, 2024 @ 7:15 am By Omar Faridi  |  

Wise (LSE:WISE), the tech company building the “best” way to move and manage the world’s money has been granted direct access to InstaPay, the Philippines’ real-time payment system, and can settle with the Bangko Sentral ng Pilipinas’ (BSP) real-time gross payment system, PhilPaSS Plus. Wise claims… Read More

October 20, 2024 @ 9:47 pm By Michael Wong  |  

Mitsubishi Corporation, backed by Warrent Buffett, is set to acquire approximately 6.5% of Global Fintech Innovations Inc (Mynt), the parent company of the Philippines’ major finance super app GCash, according to regulatory filings. In a disclosure to The Philippine Stock Exchange, conglomerate Ayala Corporation announced… Read More

October 13, 2024 @ 1:21 pm By Michael Wong  |  

Philippine digital banks aiming to tap the country’s large unbanked and underbanked population are facing significant risks associated with lending to these segments, Fitch Ratings reported. The Philippines, like several other Asia-Pacific markets, has lower credit and banking penetration compared to developed economies. Digital lenders… Read More

October 6, 2024 @ 2:32 pm By Michael Wong  |  

SBI Holdings Inc., a prominent Tokyo-based financial services conglomerate, has acquired a stake in UBX, a key player in digital transformation within the Philippines. This strategic investment aims to foster collaboration between the two firms to develop impactful digital solutions tailored to the specific needs… Read More

September 4, 2024 @ 8:02 pm By Omar Faridi  |  

BillEase, the digital consumer finance platform in the Philippines, today announced TPG’s The Rise Fund has signed definitive documentation to lead a significant strategic investment in the company. With the investment, The Rise Fund, the multi-sector strategy of TPG’s global impact investing platform, is leading… Read More

September 3, 2024 @ 11:05 pm By Michael Wong  |  

The International Finance Corporation (IFC), a member of the World Bank Group, has proposed an investment of up to $130 million in Asialink Finance Corp, a prominent lender to small and medium enterprises (SMEs) in the Philippines. The financing package, aimed at bolstering Asialink’s lending… Read More

August 31, 2024 @ 6:11 pm By Michael Wong  |  

The adoption rate of financial technology (fintech) in the Philippines is projected to rise significantly, with 79.5% of the population aged 15 and above expected to be using fintech mobile apps by the end of 2024, according to a new analysis by consumer credit service… Read More

August 25, 2024 @ 9:41 pm By Michael Wong  |  

The Philippines’ financial industry is poised to accelerate the development of non-financial applications within the embedded finance sector by over 42% annually, according to a recently released report by Fintech Alliance PH. The report highlights the growing influence of fintech in non-banking sectors such as… Read More

August 25, 2024 @ 5:00 pm By Omar Faridi  |  

Global Fintech Thunes noted that the Philippines is swiftly emerging as a fast-growing digital payments hub in Southeast Asia, fueled by significant advancements in its financial sector. Thunes explained in a blog post that government initiatives, particularly from the BSP, have driven “a surge in… Read More

August 24, 2024 @ 8:42 am By Michael Wong  |  

Ecofinance, a European financial technology company, has officially forayed into Southeast Asia by launching its operations in the Philippines. The firm introduced a new consumer brand, Honey Loan, as part of efforts to tap into the region’s burgeoning fintech landscape space, according to the announcement…. 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

August 10, 2024 @ 12:54 pm By Michael Wong  |  

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has announced the lifting of its moratorium on the issuance of new digital banking licenses, effective January 1, 2025. The decision, approved by the Monetary Board, will allow up to ten digital banks… Read More

August 9, 2024 @ 5:41 pm By Omar Faridi  |  

Philippines based digital bank, Tonik, announces its expansion to Cebu, bringing its full suite of customer-centric and innovative products to this region. This move underscores Tonik’s vision to “enhance financial inclusivity and provide accessible banking solutions to more Filipinos.” With this expansion, customers in Cebu… Read More

August 4, 2024 @ 3:56 pm By Michael Wong  |  

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines has revised guidelines to bolster the settlement of digital payments, ensuring the integrity and efficiency of the country’s payment system. This move aims to adapt to evolving payment landscapes and enhance the operational… Read More

July 31, 2024 @ 6:46 pm By Omar Faridi  |  

Tonik, the Philippines’ digital-only neobank, recently announced that it has achieved steady growth in its consolidated loan portfolio and revenue in the first half of 2024. In 2023, Tonik claims that it “became the first non-captive digital bank in the Philippines to achieve a major… 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

July 27, 2024 @ 1:00 pm By Michael Wong  |  

The central bank of the Philippines will resume accepting applications for digital banking licenses after a three-year moratorium, signaling a significant expansion in the burgeoning sector. Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said the number of available slots for new entrants will… Read More