Philippines

Philippines’ Lawmaker Pushes for Virtual Banking Regulation

Albay Representative Joey Salceda on Monday filed a measure providing a regulatory framework for virtual banking to boost the financial inclusion thrust pursued by the Bangko Sentral ng Pilipinas. Salceda, chairman of the House Committee on Ways and Means, filed

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RCBC Introduces New Key Features in Revitalized Mobile App

Yuchengco-led Rizal Commercial Banking Corp. (RCBC) introduced many firsts in its revitalized mobile banking app with enhanced user interface and other new online banking features to optimize digital customer experience. Among these new features include the multi-currency foreign exchange or

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WWF and UnionBank Team Up for Financial Inclusion in Philippines Using Blockchain

Today the World Wide Fund for Nature (WWF) Philippines, UnionBank of the Philippines, and TX, announced the launch Tracey, an app for fisherfolk that will use blockchain technology for documenting and verifying catch and traceability data. The provided data can then be used by

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Philippines’ RCBC Registers Over 500% Growth in its Inclusive Digital Finance Initiative

Rizal Commercial Banking Corporation has achieved exponential growth for its mobile point-of-sale (mPOS) implementation generating 515% and 622% year-on-year growth on transaction volume, from US$ 6.5 million in 2018 to US$ 41 million, and on transaction count, from 111,000 to

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RCBC Adopts Philippines’ National QR Code Standard For Interoperable Payment System

Rizal Commercial Banking Corporation (RCBC) announced that it has adopted the national QR (quick-response) code standard that would simplify and facilitate interoperable payment transactions. “This is another milestone in further promoting the government’s National Retail Payment System in accelerating interoperability

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How Philippines’ UnionBank is Reinventing Themselves for a Digital World

UnionBank of the Philippines has been stealing headlines for quite a bit recently with various tech-related announcements. There a lot of bright spots in the Philippines fintech ecosystem even though they are not as heavily reported on as some of

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CIMB Bank Reaches 1M Customers In New All-Digital Bank Model In The Philippines

CIMB Bank Philippines surpasses their targets for expanding their consumer base in the country, successfully signing up over a million Filipinos to its all-digital mobile banking platform in just 10 months. This makes CIMB Bank Philippines the fastest-growing all-digital bank

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Digital Wallet Corporation Enters Philippines with Fintech Acquisition

Digital Wallet Corporation (DWC) today announced its entry to the Philippines through the acquisition of a licensed remittance and foreign exchange company, Speed Money Transfer Philippines, Inc. (SMTP) with operations in the Philippines and Australia. With this acquisition, SMTP is

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RCBC Embarks on Digital KYC with LenddoEFL to Onboard Millions of Unbanked Filipinos

Rizal Commercial Banking Corporation (RCBC) has sealed a partnership with LenddoEFL for faster and more convenient financial account opening for Filipinos through an end-to-end digital verification and authentication solution. In Philippines, Know Your Customer (KYC) processes have always required a

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Philippines Cracks Down on Online Lenders

Philippines’ Securities and Exchange Commission issued a statement prohibiting another batch of 13 online lending operators from further engaging in lending activities. The regulator issued an immediate cease and desist to the owners and operators from promoting and facilitating unauthorised

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