Tagged: Philippines

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

Philippines: PLDT Launches Digital Payments Platform Digico

Philippine-listed network provider PLDT Inc. has announced the launch of Digico, a new digital venture created to harness the extensive data assets of the MVP Group of Companies. This initiative marks a significant move towards accelerating digital transformation and opening up new growth and value… Read More

Philippines: Bank Lending Accelerates, Driven by Major Industries and Consumer Credit

Philippine bank lending in January 2024 surged by 7.8 percent compared to the same month the previous year, signaling a robust acceleration from the 7.1 percent growth recorded in December 2023, according to preliminary data released on March 8, 2024. This increase in lending by… Read More

Tonik Digital Bank Introduces Multipurpose Loans for Consumers in the Philippines

Tonik Digital Bank, the Philippines’ first digital-only neobank, revamped the Big Loan, a multipurpose loan catering to a wider range of Filipinos’ financial needs. First launched in 2023, the Big Loan reportedly “offers borrowers up to P5 million with flexible, tailored repayment options, competitive interest… Read More

Personal Remittances from Overseas Filipinos Hit All-Time High in 2023

Overseas Filipinos (OFs) sent home a record $3.6 billion in personal remittances in December 2023, marking a 3.9 percent increase from the $3.5 billion reported in the same month in 2022, according to data released by the Bangko Sentral ng Pilipinas, the central bank of… Read More

Tonik Digital Bank Teams Up with Southeast Asian Payment Gateway Provider Xendit

Tonik Digital Bank announces its newest strategic collaboration with Southeast Asian payment gateway, Xendit. The partnership marks a significant milestone for both companies, “as they join forces to deliver secure, convenient, and customer-centric financial solutions.” The partnership with Xendit will further “enrich Tonik’s ecosystem by… Read More

Wise Expands into the Philippines, Appoints New Independent Director

Wise, the UK-based Fintech stealth bank that was formerly known as TransferWise, has officially expanded its operations into the Philippines with the launch of Wise Pilipinas. In a significant move to bolster its board, Wise Pilipinas has welcomed Isabel Ridad, founder of Monetize, as its… Read More

Tonik Digital Bank in the Philippines Announces Significant Leadership Transition

Tonik Digital Bank Inc. (TDB), the digital bank in the Philippines, announced a significant leadership transition. Long Pineda, President of TDB, will be retiring from her executive role and will “assume the position of non-executive Chairman of the Board of Directors of TDB.” In her… Read More

Philippines: Digital Banking Sector Eyes Growth Through Central Bank Collaboration

Digital banks are now seeking to engage with the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, to establish multilateral relationships and foster an open banking ecosystem. This initiative aims to attract more borrowers and support the operation of digital banks in… Read More

UnionBank of the Philippines to Adopt Informatica’s Intelligent Master Data Management (MDM) SaaS

Informatica (NYSE: INFA), an enterprise cloud data management leader, today announced that UnionBank of the Philippines, a universal bank in the Philippines, has chosen to adopt Informatica’s intelligent Master Data Management (MDM) SaaS as “the bank transitions from an on-premises solution to the cloud as… Read More

AllBank, JustPayTo Forge Partnership to Enhance Digital Payments in the Philippines

Financial firm AllBank and digital payment platform JustPayTo have announced a strategic partnership aimed at enhancing the digital payment ecosystem in the Philippines. In a statement, the two firms said their partnership seeks to revolutionize the way customers engage in cashless transactions, especially in the… Read More

Yield Guild Games Partners with Iskra to Introduce Questing Systems in Blockchain Gaming Hub

Philippine-based web3 gaming player Yield Guild Games (YGG) announced its collaboration with Iskra, a blockchain gaming hub and launchpad, to introduce innovative questing systems to its platform. Iskra, backed by industry giants such as LINE, Kakao, Wemade, and Netmarble, boasts over four million registered wallets… Read More

Fintech Startup Salmon Acquires Rural Bank in the Philippines

Southeast Asian Fintech company Salmon said it has secured approval from the Monetary Board of the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, to acquire a majority stake in the Rural Bank of Sta. Rosa (Laguna), a Filipino financial institution established in… Read More

Fintech Firm Salmon Becomes Licensed Bank in the Philippines

Salmon, a fintech working to improve access to credit, savings and investments for over 500 million underserved customers in Southeast Asia, announces that it has received regulatory approval from the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) in order to “acquire the controlling… Read More

Philippines: 90% of Filipinos Use Fintech Apps in Daily Transactions, Survey Shows

A recent survey conducted by high-impact research firm Capstone-Intel Corp. has revealed a significant trend in the Philippines: 90% of Filipinos now regularly use financial technology (fintech) applications for their daily transactions. This growing reliance on digital finance underscores the urgency for improvements in security… Read More

Netbank, an Embedded Finance Platform in Southeast Asia, Partners with Sprout Solutions, a Payroll Software Provider

Netbank, an embedded finance platform in Southeast Asia, is pleased to announce a transformative partnership with Sprout Solutions, the HR and payroll software provider in the Philippines. This collaboration marks a significant leap forward in “redefining the employee benefits landscape through the introduction of an… Read More

Philippines Startups Raise $36m from Crowdfunding in 3 Years

The Philippines’ Securities and Exchange Commission (SEC) has successfully driven the growth of the country’s crowdfunding sector, with funds raised approaching P2 billion (about $36 million) in the last three years. This surge in crowdfunding activity is a direct outcome of the SEC’s nationwide campaign,… Read More

Digital Lending in the Philippines Forecast to Hit $488.8m This Year

The digital lending market in the Philippines is poised for a significant expansion, with expectations to grow by 45.4%, reaching $488.8 million this year, from just $336 million a year earlier. This forecast, as per the latest report by PayNEXT360, a research and consulting firm… Read More

Binance Is Reportedly Operating without Authorization in the Philippines, Nation’s Securities Regulator Has Warned

The Philippines Securities and Exchange Commission (SEC) has reportedly issued an advisory against Binance for allegedly carrying out unauthorized business operations. This latest announcement from the Philippines comes shortly after the nation’s SEC stated that it would begin calling out unlicensed exchanges as part of… Read More

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