Cryptocurrency exchange Coinbase has upgraded its Wallet service, introducing features that significantly simplify and accelerate the process of sending money globally. This enhancement enables users to transfer funds via a variety of platforms, including widely-used messaging apps like WhatsApp, iMessage, Telegram, and popular social media platforms such as Facebook, Snapchat, TikTok, and Instagram, in addition to email. The new service aims to bypass traditional banking hurdles like routing and bank account numbers, high wire transfer fees, and lengthy processing times. Users can now generate a link in Coinbase Wallet, available in 20 languages and over 170 countries, and share it…
Author: Fintech News Philippines
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Digital banking services provider CIMB Bank Philippines has ended the year 2022 with a strong performance on both its deposits and lending portfolios. CIMB Bank PH reached its all-time high cash-in transaction value of PHP 128 billion in 2022, 68% higher versus PHP 76 billion in 2021 while growing its lending disbursements by 167% to 38 billion from 14 billion year to year. Vijay Manoharan, CEO of CIMB said that the company’s commitment to financial inclusion and providing greater value to customers greatly contributed to many Filipinos shifting to digital banking last year. “2022 has been a year of unprecedented…
Revolut, a global financial super app with more than 20 million customers worldwide, has launched an in-app educational module to help its Singaporean users learn more about the specific risks, nature and characteristics of cryptocurrencies. The new ‘Learn’ feature is said to provide education courses and warnings in language that is clear, concise and easily understandable. ‘Crypto Basics‘ is the first of two courses and helps educate customers on what cryptocurrencies are compared to fiat money; the meaning of a ‘decentralised system’; cryptography; the mechanics of the blockchain technology; and the risks associated with crypto investments. The second course is…
The decline of branch banking is not something new and industry observers have been touting the end of branches for decades now. But with the pandemic drastically shifting customer behaviours, regulations enabling digital financial services, a wave of new disruptors — will it be the final nails in the coffin for branch banking? Research indicates that switching intent is increasing amongst consumers and access to better digital banking services and personal financial management (PFM) is a key driver. Join our webinar to learn more: How banks can form deep and mutually beneficial relationships with customers in a digital world Accelerate…
With the Philippines introducing a digital banking framework, market observers are anticipating a wave of innovations brought on by this new breed of banks. But how does one build a digital-first bank from scratch that caters to the unique circumstances of the Philippines? Join experts from world-leading technology companies as they walk us through the essential tips in building a successful digital bank. Key topics Designing a bank for the digital-first generation Building a modern, modular and scalable technology architecture Translating technology into business goals Speakers: Riddhi Dutta, Regional Head for ASEAN & India, Backbase Manish Bhai, CEO, UNOBank, Philippines…
2019 saw a boom for the Philippines’ digital payments space, where e-money transactions jumped to 36% to reach PHP 760 billion in value, the strongest rise across all payments transaction types. E-money transactions growth surpassed credit card and debit card transactions, which rose by 18% and 15% to reach PHP 1,229 billion and PHP 451 billion, respectively. This shows a shift in the way Filipinos transact, given that this data is from pre-COVID-19, it is likely that by the end of 2020, the compiled data will reflect an even more substantial spike in the growth of e-money transactions. Fintech startups…
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno will lead the virtual launch of the Digital Personal Equity and Retirement Account (PERA), said the regulator in a media statement issued earlier today. PERA is a voluntary retirement account that can be a supplementary source of retirement benefits in addition to state-sponsored retirement programs implemented by the Social Security System or Government Service Insurance System. PERA is structured to encourage Filipinos to invest in long-term retirement saving products while enjoying certain tax incentives. Its digitalization is seen to enable PERA-accredited banks and financial institutions to provide convenient and affordable retirement…
With over 2 million mobile app downloads in two months, Rizal Commercial Banking Corporation (RCBC) has pushed for digital adoption, recording more than 1.43 million new accounts onboarded digitally during the lockdown. An estimated 610,000 DiskarTech basic deposit account holders went through the three-minute electronic know-your-customer (KYC) verification from over 2 million who downloaded the mobile app. About 822,720 DiskarTech Lite restricted transactional accounts received emergency cash grants from the government’s social amelioration program. The funds are disbursed on-site through the help of RCBC-DiskarTech’s payout partners composed of rural banks, payment centers, pawnshops, and sari-sari stores (the local term for…
Igloo, Singapore-headquartered insurtech firm, announced partnerships with Union Bank of the Philippines and Indonesia’s Akulaku to offer micro-insurance policies. Akulaku is one of Indonesia’s most well-funded fintech startups who is best known for their “buy now, pay later” service. Igloo will be offering a whole suite of personal accident (PA) products on UnionBank’s API Marketplace and Akulaku’s platforms. The products were designed for the lower-income households and is said to be “easy to purchase, simple to understand, and most importantly, highly affordable with 3, 6, 9, and 12 month plans”. Igloo, a full-stack insurtech firm, employs big data, dynamic risk…
Rizal Commercial Banking Corporation (RCBC) and the Department of Trade and Industry (DTI) has partnered to create DiskarTech’s NegosyanTech programme to digitalise community-based microenterprises in every barangay nationwide through partnership and ecosystem building. More than 1.3 million sari-sari stores (a Tagalog word that locals use for convenience stores) and market vendors, as well as an estimated 7 million informal and unregistered home-based microbusinesses stand to benefit from this programme. With the use of DiskarTech, Micro, Small and Medium Enterprises (MSME) will now be able to accept digital payments through their own unique QR codes. These digital payments will be deposited…
DiskarTech, powered by Rizal Commercial Banking Corporation (RCBC), has reached one million downloads just 38 days from its market launch. It was also ranked second overall amongst mobile apps in the country by Google Play Store and Apple Store and has now since moved to first place. DiskarTech said it recorded 1.3 downloads per second last week when it reached 100,000 daily downloads in late July. Its monthly active user (MAU) rate was recorded at over 70%, which is apparently higher than the industry average of 10% to 20%. MAU is among the key performance indicators that measures customers doing…
Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, has created a committee to look at the feasibility and policy implications of issuing its own digital currency, governor Benjamin E. Diokno said on July 29. “We have to first look into the findings of the group before making any decisions,” Diokno said, quoted by the Manila Bulletin. “I expect the technical working group to submit their report next month,” he added. Although he doesn’t believe cryptocurrencies will ever replace banknotes or coins, central bank digital currencies (CBDCs), on the other hand, could very well become the next form of fiat…
DiskarTech, Rizal Commercial Banking Corporation’s (RCBC) virtual bank has claimed the top spot among free finance apps in Google Play for Android users in the first month since its launch. As for users of iOS devices, DiskarTech ranks second among free finance apps on the App Store, overtaking those that have been available for years in the market. “In a crowded field of e-wallets, online banking, and similar apps, Filipinos have warmly welcomed the entry of DiskarTech which stands out as the most inclusive of all. I think what makes this first Taglish inclusion super app a hit is due…
The Philippine Bureau of the Treasury (BTr), together with Union Bank of the Philippines (UnionBank) and Philippine Digital Asset Exchange (PDAX), launches an app for the distribution of retail treasury bonds enabled by Distributed Ledger Technology (DLT). The app, called Bonds.PH, claims to make bond investing easy. It is blockchain-enabled with transactions recorded on a DLT-based registry in addition to the existing system. Leveraging DLT enables immutable and tamper-proof record-keeping. As such, DLT reduces manual verification and simplifies reconciliation bringing down processing time and costs. Filipinos, including the unbanked and overseas workers, can invest in retail treasury bonds by downloading…
Barely three weeks after its launch, more unbanked and underserved Filipinos are now downloading the country’s first and only Taglish inclusion super mobile app, DiskarTech. Taglish refers to the Philippine language Tagalog infused with American English terms that has been widely used by Filipinos locally and abroad. New registrants to this digital savings account have already breached 100,000 users as it invites over 50 million adult Filipinos who still do not have bank account to join the formal financial system. A Taglish interface for easier understanding of processes and financial concepts by new-to-bank clients and non-requirement of opening deposit amount…
CIMB Bank Philippines is foreseeing a 500% increase in their deposit balances by end-year, following a reported 160% surge of average cash-in per customer in the second quarter of 2020. Their momentum for customer acquisition stood strong throughout April to June, with the significant increase in average deposits allowing them to surpass its 2020 deposit target. The spike coincides with the first three months of the country’s community quarantine due to the pandemic, wherein the digital bank also saw a growth in savings account openings and personal loan applications. With this upward trajectory, CIMB expects to surpass their initial target…
GrabPay announced today the introduction of instant fund transfers in the Philippines within its e-wallet. This new feature is made possible thanks InstaPay, an initiative from Bangko Sentral ng Pilipinas (BSP) to enable payment interoperability. The introduction of this feature enables its users to instantly and conveniently transfer funds from BSP-supervised banks and e-wallets to their GrabPay account, connecting more digital channels and eliminating the need to physically go to payment centers. With the rising need for cashless solutions brought by the COVID-19 pandemic, GrabPay said this is part of its continued efforts to double down on providing cashless convenience…
The Philippines Social Security System (SSS) has started paying funeral benefit claims through the banks and other alternative payment channels as the pension fund shifts its transactions online. Effective 22nd June 2020, funeral benefits will no longer be released through cheques in an effort to go digital which will limit walk-in transactions for the safety of the members and SSS employees as well. All claims prior will still be paid through cheques SSS President and CEO Aurora C. Ignacio said the cash benefit will be granted to anyone who pays for the funeral expenses of a deceased member. The release…
The Department of Agriculture’s has announced the use of PayMaya, a mobile wallet under the purview of PLDT, to disburse loans for their Kapital Access for Young Agripreneurs (KAYA) financing program through the “KAYA” cash card. The initiative was formally launched on 6 July 2020 by the Agriculture Secretary William Dar on behalf of the DA’s Agricultural Credit Policy Council (ACPC) and Orlando Vea, founder and CEO of PayMaya Philippines Inc. “With this digital platform, we will be able to reach out and convince more Filipino millennials to engage in agriculture, fishery and agribusiness ventures, and more importantly bankroll their…
Fresh off raising their US$ 21 Million Series A round, tonik announced today a partnership with Mastercard, which will allow its users access to Mastercard’s global network. This will enable its users to make payments anywhere with any merchants who accept Mastercard. tonik said that it is looking at launching a full range of banking services which includes — traditional savings account with a debit card, savings, and term deposit accounts with “attractive interest rates” and a range of consumer loans by Q3 2020. “We want to empower the underserved and unserved Filipinos by giving them simple, accessible, and…