Tagged: Philippines

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

June 23, 2024 @ 6:51 pm By Michael Wong  |  

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

June 22, 2024 @ 10:32 pm By Omar Faridi  |  

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

June 15, 2024 @ 7:15 pm By Michael Wong  |  

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

June 9, 2024 @ 5:44 pm By Michael Wong  |  

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

June 8, 2024 @ 6:34 pm By Michael Wong  |  

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

June 8, 2024 @ 1:32 pm By Michael Wong  |  

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

June 2, 2024 @ 6:47 pm By Michael Wong  |  

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