Tagged: Philippines

March 7, 2020 @ 4:48 pm By Omar Faridi  |  

The Philippines, an Asian country with a GDP of over $300 billion and a population of more than 100 million, is preparing to welcome its first all-digital bank, Tonik Financial, which was established in Singapore in 2018. Tonik has acquired a banking license from the… Read More

February 29, 2020 @ 1:28 pm By Omar Faridi  |  

Germany-based Wirecard, a global internet technology firm and financial services provider, is teaming up with Union Bank in the Philippines in order to enhance the efficiency and the convenience of its banking services for corporate clients in the country. A memorandum of understanding (MoU) was… Read More

February 27, 2020 @ 9:28 pm By Omar Faridi  |  

Singapore-based neobank Tonik Financial Pte. Ltd. has acquired $6 million in funding as it plans to officially introduce its services in the Philippines during the third quarter of this year. Tonik has received seed funding from Fintech venture developer Forum. The digital bank has also… Read More

February 20, 2020 @ 12:27 am By Omar Faridi  |  

NICE Actimize, a NICE company (Nasdaq: NICE) business offering autonomous financial crime management solutions, has reportedly been chosen by TONIK, an Asian pure-play regulated digital bank, to develop its Essentials anti-money laundering platforms and also to assist in the creation of secure banking environments for… Read More

February 19, 2020 @ 8:20 pm By Omar Faridi  |  

ASEAN Exchanges, a group which consists of six major exchanges based in Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam, have reportedly chosen to integrate Refinitiv’s digital solutions onto their online platform. The solution offers critical data and insights to institutional and retail clients, and assists… Read More

February 3, 2020 @ 8:21 am By Omar Faridi  |  

Jumio, an established provider of artificial intelligence (AI)-enhanced end-to-end identity verification and authentication services, has teamed up with CIMB Bank Philippines’ all-digital bank to offer a convenient and user-friendly digital onboarding solution to Filipinos. Having completed its first full year of business operations, CIMB Bank… Read More

January 20, 2020 @ 2:47 pm By Omar Faridi  |  

Singapore-headquartered neobank Tonik Financial Pte. Ltd. has reportedly been awarded an operational license from the Bangko Sentral ng Pilipinas (BSP), in order to offer financial services in the Philippines. The license will allow Tonik, via its local division Tonik Digital Bank Inc., to offer a… Read More

January 10, 2020 @ 1:01 am By Omar Faridi  |  

Tonik, a neo banking startup, is planning to launch a digital-only bank in the Philippines after acquiring an online banking license from the nation’s reserve bank. Seed funded and established by Fintech venture developer Forum, Tonik’s management is preparing to introduce the new platform within… Read More

December 30, 2019 @ 9:54 am By Omar Faridi  |  

ING is teaming up with the United Nations Children’s Fund Office of Innovation, in order to test a global program in the Philippines, which aims to identify and invest in various Fintech firms that are developing solutions that could help disadvantaged youth and families in… Read More

December 27, 2019 @ 3:49 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) of the Philippines has stripped Robocash Finance Corp.’s authority to operate as a financing company for running several branches without the necessary license. According to the SEC, the Corporate Governance and Finance Department (CGFD) issued the order of revocation… Read More

December 23, 2019 @ 7:21 am By Omar Faridi  |  

The majority of Filipinos still do not actively use online banking services with many locals preferring to visit traditional brick and mortar locations. However, an entire generation of new users in the country is now using digital banking platforms. Europe-based Global bank ING, a financial… Read More

October 27, 2019 @ 11:32 am By Cali Haan  |  

A former vice mayor of the Philippine city Cagayan de Oro has been arrested for his alleged involvement in an investment scam in Cebu, and is also known for being “visible” at events hosted by another scheme called Freedom Traders Club (FTC), which sold a… Read More

October 16, 2019 @ 10:31 am By Omar Faridi  |  

Southeast Asia’s internet and e-commerce economy is growing steadily due to the widespread use of mobile phones. The region’s middle class has also been growing, according to a recent report compiled by Google, Temasek and Bain & Company. Published earlier this month, the e-Conomy SEA… Read More

September 19, 2019 @ 7:11 am By Cali Haan  |  

Officials from the Cagayan Economic Zone Authority (CEZA) have suspended three cryptocurrency exchanges licensed to operate in designated zones only but found to be operating in Metro Manila. Golden Millennial Quickpay, Liannet Technology Ltd and Asia Premier are all under suspension, “…until they transfer to… Read More

September 17, 2019 @ 2:16 am By Cali Haan  |  

On a tip from authorities in China, police in the Philippines have arrested 277 people they believe pervaded a cryptocurrency scam that defrauded at least 1000 Chinese nationals, Business Inquirer reports. The scheme reportedly emanated from a company called Golden Millennial Quickpay Inc. Ltd., an offshore… Read More

June 11, 2019 @ 5:43 pm By Cali Haan  |  

Philippine Central Bank (Bangko Sentral ng Pilipinas or BSP) personnel urged caution regarding the use of cryptocurrencies this week and promised to continue to address the risks posed by them, The Philippine Star reports. Governor Benjamin Diokno said he is wary of cryptocurrencies given that they… Read More

June 3, 2019 @ 8:26 am By JD Alois  |  

BitMEX Ventures, the investment arm the BitMEX crypto exchange (HDR Global Trading Ltd), has invested in Philippine Digital Asset Exchange (PDAX), a cryptocurrency exchange based in the Philippines. Terms of the investment were not disclosed. In a release, BitMEX said its investment will help strengthen… Read More

May 17, 2019 @ 4:13 am By Cali Haan  |  

Asia Business Law Journal (ABLJ) has published a comprehensive article on the current state of crypto law in Asia. Here, we provide a summary of the most salient point presented by ABLJ from each region. Philippines According to the International Monetary Fund (IMF), Global growth… Read More

April 7, 2019 @ 8:13 pm By Cali Haan  |  

An on-the-ground investigation by London news outlet Financial Times has shown that several payment referral partnerships maintained by German payments giant Wirecard in the Philippines are either insubstantial or dubious. On Friday, it was revealed that a top accounting executive with the firm had departed…. Read More

March 25, 2019 @ 8:16 am By Samantha Hurst  |  

Peer to peer lender Robo.cash announced on Monday it has funded €2.4 million of Philippine loans. Robo.cash reported that this is the highest volume of financed loans among all loan originators of Robocash Group for the first three months after the integration with the P2P… Read More