Tagged: Philippines

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

Digital Banking: Reserve Bank in the Philippines Is working on Virtual Bank Framework to Enable Greater Financial Inclusion

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, is reportedly looking into adopting a virtual banking framework so that it may be leveraged to enable greater financial inclusion. The new digital banking guidelines are being developed to support a regulatory environment… Read More

Asian Digital Banking Challenger Tonik Launches Very First Neobank in the Philippines, Offering Competitive Deposit Rates

Southeast Asia-based all-digital banking challenger Tonik has officially launched the first neobank in the Philippines. Tonik is regulated by the Bangko Sentral ng Pilipinas (BSP), the nation’s central bank. Tonik’s deposits will reportedly be insured by the Philippine Deposit Insurance Corporation (PDIC). The digital banking… Read More

O-City Provides Payments Tech in Partnership with Land Bank of the Philippines

BPC Technology’s payment division, O-City, is partnering with the Philippines’ Land Bank of the Philippines to pilot the country’s digital payments in Public Utility Vehicles such as buses and jeepneys. O-CITY is expected to ensure urban transit systems are interoperable and travelers can pay seamlessly… Read More

Philippines’ Securities and Exchange Commission Introduces Digital Payments Portal for Securely Paying Registration Fees

The Philippines’ Securities and Exchange Commission (SEC) has introduced its online payment system for firms so they can easily pay their registration fees. The new SEC Payment Portal is a web-based system that can accept payment for registrations, transaction fees, and penalties by simply using… Read More

PDAX Debacle: Modulus CEO Says Crypto Exchange Collapse is Just the Beginning

PDAX, a licensed crypto exchange operating in the Philippines, suffered an outage earlier this month. There have been multiple reports that traders were able to purchase Bitcoin at a steep discount during a time when BTC was trading at new all-time highs. A statement from… Read More

Philippines based Moneybees, an OTC Cryptocurrency Service, Launches New Outlets to Support Local Bitcoin, Ethereum Transactions

Moneybees, which claims to be the very first over-the-counter (OTC) cryptocurrency service in the Philippines, has announced that it’s launching three new outlets this month. The outlets are being opened to accommodate the growing demand for OTC transactions among Filipino cryptocurrency traders and investors, according… Read More

Multinational Digital Banking Group Tyme Secures $100M in Capital via Series B Round

Tyme, a multinational digital banking group based in Singapore, has reportedly secured $110 million in capital through a Series B funding round. Tyme is focused on bringing foreign investments into South Africa. TymeBank aims to establish the foundation for its business expansion across ASEAN region,… Read More

Philippines Reserve Bank Updates Regulatory Framework for Virtual Currency Exchanges as Crypto Industry Continues to Expand

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has reportedly reviewed and approved the applicable guidelines for virtual asset service providers (VASP) and other entities that facilitate financial services by using VASPs (also referred to as cryptocurrencies). The new guidelines have updated the… Read More

Fintech Finastra Partners Indian Multinational Firm HCL Technologies to Offer Treasury Management Services

Finastra, a financial services software and Cloud-enabled solutions provider, has confirmed that it will be teaming up with HCL Technologies, an India-based multinational tech firm, in order to offer treasury management technology via the Cloud to smaller banks based in Europe, North America, India, and… Read More

Fintech Funding: 13 $100 Million+ Mega-Rounds worth $2.7 Billion (in total) Completed by Fintechs so far in 2021

This month (January 2021) has already been huge in terms of Fintech fundraising, with notably 13 mega-rounds valued at $100 million (or more) having been completed to start off the new year. These companies have acquired approximately $2.746 billion in capital. This figure does not… Read More

Digital Banking Solution Provider CIMB Launches New Platform for Asian SMEs to Streamline Operations

CIMB Bank Berhad and CIMB Islamic Bank Berhad have introduced CIMB CNY Go Digital for SMEs. This new product should help Asian businesses that are still facing challenges due to the COVID-19 pandemic, including those companies that are struggling to offer certain services because of… Read More

Digital and Mobile-First CIMB Bank in the Philippines Reports 800% Increase in Customer Deposits, 3 Million+ Users

CIMB Bank Philippines, which aims to transform the Filipino banking experience with its all-digital, mobile-first bank, “offering 24/7 safe and secure banking, bank account opening in just 10 minutes through smartphones,” is reporting that it has managed to double its deposit customer base. Launched in… Read More

Fintech Alliance in the Philippines and Private Business Entities are Supporting Corporate Recovery and Tax Incentives for Enterprises Bill

The Fintech Alliance in the Philippines, which aims to support the nation’s economic and social development goals, has teamed up with 43 other private business organizations in the country in order to express their support for the Corporate Recovery and Tax Incentives for Enterprises (CREATE)… Read More

Alternative Credit Solution Provider FinScore Partners UnionBank to Provide Online Lending Services

UnionBank in the Philippines has teamed up with FinScore, an alternative credit scoring solution provider that’s powered by advanced analytics and the latest telco data. Through the partnership, both organizations will aim to promote market efficiencies and help consumers access a wide range of digital… Read More

Rizal Commercial Banking Corporation’s Digital Banking Solution, DiskarTech, Is Now Number 1 Fintech App in the Philippines

DiskarTech, which is Rizal Commercial Banking Corporation’s (RCBC) digital banking platform, has become the number 1 finance or Fintech app in the Philippines to have launched services in 2020 across distribution platforms in terms of total downloads, according to App Annie (a provider of analytics… Read More

Southeast Asia Region Experienced Significant Digital Commerce Growth and Online Payments Adoption by Consumers: Report

The economies of Southeast Asian countries performed quite well in 2020 despite the COVID-19 outbreak and related challenges. The Asian Development Bank (ADB) has projected a contraction of 3.8% for the region during 2020, which doesn’t seem too bad when compared to the Eurozone’s at… Read More

Philippines based Digital Wallet GCash Reaches PHP 1 Trillion in Total Transactions During the Past Year

Philippines-based digital wallet GCash reportedly reached PHP 1 trillion (appr. $20.8 billion) in total transactions for the year 2020, which represents a 254% year-over-year (YoY) increase in transfers. Globe Fintech Innovations Inc. (Mynt), which manages GCash, is part of the portfolio firms of 917Ventures (one… Read More

Robocash Group Announces Buy Now, Pay Later Service “UnaPay” Launch in the Philippines

  Robocash Group, a Singapore-based fintech, announced on Tuesday it has expanded its Buy Now Pay service UnaPay in the Philippines. Founded in 2013, Robocash Group specializes in non-bank lending with a focus on consumer lending both online and offline and marketplace funding. “We provide a… Read More

Digital Payments Wallet GCash Chosen by Technical Education and Skills Development Authority in Philippines to Distribute Training Subsidies

Mobile payments wallet provider GCash has reportedly been chosen by the Technical Education and Skills Development Authority (TESDA) in the Philippines to distribute funding for training to local residents. TESDA has joined many other businesses and organizations that are using the GCash platform to carry… Read More

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