Philippines

Nearly 300 Arrested in Philippines for Alleged Crypto Investment Scam

227 Chinese nationals were arrested in Pasig City, Philippines, on suspicion of running a crypto investment scam targetting would be investor back in China. This was according to local media, The Inquirer. The 227 Chinese nationals all had Cagayan Economic

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Philippines To Launch Standardised QR Code For Payments Soon

The Philippines is anticipated to launch a standardised QR code for payments by September, according to a report by Philstar. The plan to standardise QR payments in Philippines was first announced by the late BSP Governor Nestor A. Espenilla, Jr

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Philippines’ Fintech Industry Calls for ASEAN Wide Standardised QR

The ASEAN must standardize quick-response (QR) codes for digital payments platforms to facilitate and simplify regional trade. Lito Villanueva, Chief Innovation and Inclusion Officer at Rizal Commercial Banking Corp. (RCBC) and chairman of FinTech Alliance.ph, said that the immediate standardization

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State-Owned Overseas Filipino Bank to Become a Fully Digital Bank by 2020

The Overseas Filipino Bank (OFBank), a state-owned bank and a subsidiary of Land Bank of the Philippines, is planning to become a fully branchless, digital lender by mid-2020. Currently pending approval from the Bangko Sentral ng Pilipinas (BSP), the country’s

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Malaysian Bank Secures 500k Customers in 6 Months Thanks to Partnership with Gcash

CIMB Bank Philippines announced that it has garnered 500,000 customers, approximately six months after opening its doors for business in the Philippines. The milestone was reached anchored on a strong proposition of co-creation and partnership between CIMB Bank and GCash,

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Philippines Introduces New Laws, Initiatives To Boost Innovation And Entrepreneurship

The Philippines government is pushing for innovation and entrepreneurship, introducing new regulations and programs to support young companies, and leading numerous projects to bring convenient e-government public services to the masses. The Philippines Innovation Act The Philippines’ president, Rodrigo Duterte,

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UnionBank and OCBC Pilots Blockchain Based Remittance from Singapore to the Philippines

UnionBank of the Philippines recently became the first Philippine bank to successfully pilot blockchain-based remittance from Singapore to the Philippines. This was done in partnership with OCBC Bank, Singapore, using the Adhara liquidity management and international payments platform. Amid a

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Philippines’ 7-Eleven to Deploy 300 ATMs By Next Year

Philippines’ 7-Eleven is eyeing to deploy 300 ATMs in Metro Manila by next year. In doing so they will be teaming up with Japan’s Seven Bank, who is currently operating a network of 18,000 ATMs across 7-Eleven’s in Japan through

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UnionBank to Launch a Blockhain Powered SME Financing Platform with OneConnect

OneConnect announced today, their partnership with Union Bank’s wholly-owned fintech subsidiary UBX to build what they claim to be the country’s first blockchain enabled platform geared towards meeting the banking needs of MSMEs in the Philippines. According to their press

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E-Wallet Use Overtakes Credit Cards in Philippines, According to Central Bank

Philippines’ central bank reported that e-wallet penetration is growing faster in the Philippines and has surpassed credit card numbers. Bangko Sentral ng Pilipinas (BSP) released this information in a financial inclusion dashboard, which states that e-money accounts rose by 22%

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