Top 5 Fintech Philippines News of the Week (CW 18)by Fintechnews Singapore May 5, 2018
Fintechnews.PH picks every Friday for you the top 5 Fintech Philippines News of the week:
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Here we go:
UnionBank Taps FIS to Digitize Lending Processes
UnionBank of the Philippines (UnionBank) has tapped fintech firm FIS to digitize its commercial lending processes utilizing the US-based company’s suite of risk management, compliance and analytics solutions.
Included in the re-engineering plan are origination and credit assessment, liquidity and capital charge of loans and portfolios, data management and reporting. FIS technology promises to enable the bank to take advantage of advanced third-party data analytical tools through the use of open application programming interfaces.
FIS’ risk management solutions is also expected to help the bank comply with regulatory requirements, such as Philippine Financial Reporting Standards (PFRS), as well as proactively manage its enterprise risk through an integrated platform across asset liability management, liquidity risk and capital management.
Maybank to Enhance Biz Model as it Targets ‘Digitally Connected’ Filipinos
Malaysia-based lending firm Maybank is mulling to enhance its business model as it aims to grow its Philippine market share without adding more staff or brick and mortar branches, said Maybank Philippines president and CEO Choong Wai Hong in an interview.
Choong said they are looking into re-positioning some of its outlets to reach more banking communities, while encouraging consumers to go digital at the same time. Maybank has 30 branches in Metro Manila out of its total 74 branches nationwide.
Choong sees the digital space to pave the way for a bigger market share, which can be achieved by tapping the 60 million smartphone users in the country.
The lender may not be looking at augmenting its 1,300 staff in the next 2 years, but Choong said the company is future-proofing its workforce.
ADB, IMF, BSP Convene to Help Improve Financial Inclusion
Asian Development Bank (ADB), International Monetary Fund (IMF), and Bangko Sentral ng Pilipinas (BSP), co-hosted a seminar during its 51st Annual Meeting in Manila and discussed how fintech can help solve financial inclusion problems in the country.
Panelists at the seminar “New Technologies in Finance: Opportunities and Challenges for Asia” included IMF deputy managing director Mitsuhiro Furusawa, BSP governor Nestor Espenilla, chair professor at Korea National Diplomatic Academy Oh-Seok Hyun, and director of social impact and public regulatory affairs for the IOTA Foundation Julie Maupin.
Panelists discussed how fintech, including new innovations like distributed ledger technologies, virtual currencies, machine learning, and big data, can improve financial inclusion. The lack of access to financial services is widely viewed as a key challenge for Asia’s poor households and smaller firms. About two billion people in the world still do not have access to finance and half of them live in Asia and the Pacific.
Globe GCash Now Accepts PRN-Based SSS Payments from Employers
All employers registered in the Social Security System (SSS) can now use mobile wallet service GCash in paying contributions of their employees using the Payment Reference Number (PRN), which serves for real-time posting of contribution payments.
SSS President and Chief Executive Officer Emmanuel F. Dooc said that nearly one million employers, including household employers, will benefit from the mobile wallet service powered by Globe Telecom.
The GCash facility is a free mobile application exclusive to Globe or Touch Mobile prepaid users and postpaid subscribers. To pay through GCash, employers must use the system-generated PRNs, which they can obtain from the My.SSS portal in the SSS website. For every successful transaction, GCash users will receive a text confirmation indicating the payment details, employer ID Number, applicable payment period and PRN.
LTFRB Accredits Ride-Hailing Company Micab
The Land Transportation Franchising and Regulatory Board (LTFRB) approved last April 30, the accreditation of another ride-hailing company Micab Systems Corporation, the Rappler reported.
Based on Micab’s Accreditation Number 2018-TNC-005, the LTFRB allows the company to operate for two years. As an app for booking taxis, Micab is the 5th ride-hailing company approved this year, joining Hype, Hirna, Go Lag, and Owto. They are expected to challenge Grab, which now dominates the local market after it bought Uber’s operations in Southeast Asia.