Tagged: Philippines

Philippines: Central Bank Emphasizes Digitalization in Rural Bank Operations

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

Brankas and Global Finteq to Launch Lending as a Service Platforms in the Philippines

Brankas and Global Finteq announced a partnership to launch one of the first Lending-as-a-Service (LaaS) platforms in the Philippines. Established banks, rural banks, and even non-traditional financial institutions are “now able to lend at scale as existing loan products can now exist outside of the… Read More

Payments Startup BayaniPay Eyes Global Expansion After $3 Million Fundraise

BayaniPay, a US and Philippines-based global payments automation process provider announced that it has raised an additional $3 million in funding to expand its international payment capabilities. This capital injection, led by Wavemaker Partners, PTGB, and Talino Venture Studios, will be used to finance the… Read More

Philippines: SME Lender Asialink Receives $71m from PE Firm Creador

Asialink Finance Corp, a provider of financial solutions to small and medium enterprises (SMEs) in the Philippines, has announced secured P4 billion (about $71 million) from Malaysian private equity firm Creador. This strategic infusion of funds will see Creador acquiring an 18% stake in Asialink,… Read More

Digital Lending Usage in Philippines Surges 37%

Filipinos’ reliance on digital financial services intensified in 2023, with users spending a cumulative 1.3 billion seconds, or 42 years, on digital lending applications, marking a 37-percent surge from the previous year, a report by consumer credit service Digido revealed. According to the study, personal… Read More

Fintech Elevate’s New Funding to Streamline USD Payments for Filipino Freelancers

Elevate, a Fintech startup supported by Y Combinator, has announced a successful $5 million funding round to bolster its operations in the Philippines, bringing its total raised since 2021 to $10 million. This recent influx from backers such as Y Combinator, Goodwater, Global Founders Capital,… Read More

Philippines Fintech Beppo Acquires Tax Platform JuanTax, Five Bookkeeping Firms

Philippines-based fintech startup Beppo has completed a pre-seed funding round, enabling the acquisition of JuanTax, a Bureau of Internal Revenue (BIR)-accredited tax platform, and five pioneering bookkeeping firms. The funding round, for an undisclosed amount, was led by Wavemaker Partners with participation from angel investors…. Read More

Digital Commerce Market in Philippines to Surge By Nearly 20% in 2024 – Research Report

The Philippines e-commerce market is growing at a fast pace and is expected to surge by 19.6% in 2024, driven by growing consumer preference for online shopping and strong internet penetration, finds GlobalData, a data and analytics company. GlobalData’s E-Commerce Analytics reveals that Philippine e-commerce… Read More

Philippines’ First Crowdfunding Platform Investree PH to Cease Operations by 2025

Filinvest Development Corp. (FDC) announced that its subsidiary, f(dev) Digital Innovations and Ventures Inc., along with partner Investree Singapore Pte. Ltd., have agreed to wind down the operations of Investree PH Inc., the Philippines’ first crowdfunding platform. In a disclosure to the stock exchange, FDC… Read More

Philippines: Digital Lender Maya Bank and WeFund Ink $48m Loan Deal

Digital lender Maya Bank and WeFund Lending Corp., through Lightning Financing Co., have signed a P2.75-billion ($48 million) loan channeling agreement aimed at enhancing credit accessibility for unbanked and underserved communities in the Philippines. “We are proud to work with WeFund, and this initiative is… Read More

US, UK, Philippines Are Reportedly Leading Interest in Small Cap Cryptocurrency Tokens

The US, UK, and the Philippines are reportedly leading overall interest in small cap cryptocurrency tokens, according to an extensive update from CoinGecko. According to the research report from CoinGecko, the most degen country in crypto is the US, which “represented 16.8% of global interest… Read More

Philippines’ Central Bank Tightens Regulations on Financial Crime Reporting

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

Salmon Partners with ECPay to Enhance Financial Access in SE Asia

Salmon Group Ltd, a Fintech group in Southeast Asia, has announced a strategic partnership with ECPay, a provider of electronic payment systems in the Philippines. This collaboration aims to broaden financial accessibility for over 500 million underserved individuals in the region, particularly those without traditional… Read More

Fintech Startup BillEase Secures $5m to Expand Digital Finance in Philippines

BillEase, a buy now, pay later (BNPL) app and consumer finance platform in the Philippines, announced a $5 million investment from Saison Investment Management Private Limited (SIMPL), the offshore lending arm of Saison International Pte. Ltd. This funding is part of an expansion that doubles… Read More

Philippine Digital Banking Sector Draws Over $700m Since 2021

The Philippine digital banking sector has attracted more than $700 million in investments from both global and local sources since 2021, demonstrating robust investor confidence and a rapidly growing market, according to a statement released by the Digital Bank Association of the Philippines (DiBA PH)…. Read More

Philippines SEC Reportedly Orders Apple and Google to End Support for Binance Services from App Stores

The Securities and Exchange Commission (SEC) in the Philippines has announced that it wants Google and Apple app stores to remove the Binance app. The Securities and Exchange Commission (SEC) in the Southeast Asian country is reportedly working with tech giants Google and Apple for… Read More

Investment Platform TWINO Announces Suspension of Lending Operations in APAC Region

Investment platform TWINO is announcing the suspension of lending operations in the Asia-Pacific region. TWINO says that it is reaching out to provide clients “with an important update regarding TWINO Group’s lending operations in Vietnam and the Philippines, part of the joint venture with VIA… Read More

Tether and Coins.ph in Philippines Launch Initiative to Support Financial Education Focused on Bitcoin and Stablecoins

Tether Operations Limited, which claims to be one of the largest companies in the digital asset industry, and Coins.ph, a digital asset exchange in the Philippines, announced that they are joining forces to promote financial education of blockchain technologies, Bitcoin, and Stablecoins, in the region…. Read More

Philippines: Germany’s DEG Backs Smile API’s Fintech Expansion

Financial inclusion data provider Smile API has successfully closed a funding round with DEG‘s Up-Scaling program, a venture supported by the German Development Finance Institution. This initiative, co-financed by the German Ministry for Economic Cooperation and Development, channels investments into innovative Fintech and greentech ventures… Read More

Tonik Digital Bank Appoints Ex- BAP Head Cesar Virtusio to Key Role in the Philippines

Tonik, the digital bank in the Philippines, announces the appointment of Mr. Cesar O. Virtusio as a new Independent Director on the Board of its regulated bank subsidiary, Tonik Digital Bank Inc. Mr. Virtusio, an experienced professional in the Philippine and foreign banking and finance… Read More

Send this to a friend