BSP to issue licenses for four additional digital banks
The Bangko Sentral ng Pilipinas (BSP) has announced that it will begin accepting applications for new digital banks starting Jan. 1, 2025, following the lifting of a moratorium that has…
BSP approves amended guidelines for e-payments
The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has approved new guidelines for the “Settlement of Electronic Payments under the National Retail Payment System (NRPS) Framework.” This move…
BSP surpasses digital payments’ goal
Based on the data of the Bangko Sentral ng Pilipinas (BSP), digital payment transactions in the country rose from 42.1% in 2022 to 52.8% in 2023. This growth, as recorded…
BSP automates intraday settlement to ease fund transfer gridlocks
The Bangko Sentral ng Pilipinas (BSP) and the Bureau of the Treasury (BTr) have introduced a fully automated Intraday Settlement Facility (ISF) to streamline financial transactions for financial institutions (FIs).…
GCash promotes savings among unbanked Filipinos
For Savings Consciousness Week, fintech app GCash offered unbanked and under-banked Filipinos access to convenient and safe high-earning savings accounts. According to GCash, 1 in 4 bank account holders in…
ACI: PH real-time payment transactions grow 24% in 2023
The latest report by ACI Worldwide, real-time electronic payment and banking solutions provider, shows that real-time payment transactions in the Philippines saw a 24% year-on-year increase in 2023. The report…
Central banks progress toward cross-border payment integration
The Bangko Sentral ng Pilipinas (BSP), in collaboration with the Bank for International Settlements (BIS) and regional partners, announced the completion of the blueprint for the next phase of Project…
Zed neobank gains BSP license to issue credit cards
Zed, a credit-led neobank, has received its Certificate of Authority from the Bangko Sentral ng Pilipinas (BSP), officially becoming the first Philippine neobank to operate as an independent credit card…
BSP issues new standards to simplify electronic fund transfers
The Bangko Sentral ng Pilipinas (BSP) has introduced new regulations to improve the handling of customer issues with electronic fund transfers (EFTs) under the National Retail Payment System (NRPS). In…
BSP supports eTravel system for faster customs clearance
The Bangko Sentral ng Pilipinas (BSP) has expressed its support for the implementation of the eTravel Customs System in all international airports across the Philippines. This new system aims to…
Gov’t agencies sign guidelines on Internet Transactions Act
Trade and Industry Secretary Alfredo Pascual stressed the importance of establishing a clear and comprehensive framework to propel e-commerce forward in the country as he signed the implementing rules and…
BSP survey shows uptick in agricultural loans
According to the 2022 Countryside Bank Survey (CBS) report released by the Bangko Sentral ng Pilipinas (BSP), the share of agriculture loans and services rose to 18.1% in 2022, with…
Transform your loose change into high-interest savings with Maya
Bangko Sentral ng Pilipinas’ (BSP) Coin Deposit Machine (CoDM), enables Filipinos to turn their coins into valuable assets. Here’s how Maya can help you make the most of your digital…
BSP continues push for digital payments in government
The Bangko Sentral ng Pilipinas (BSP) is advocating for the digitalization of payments for government transactions, aiming to expedite service delivery and improve financial accessibility for citizens. The BSP’s initiative…
BSP hits 50% digital payment target
The Bangko Sentral ng Pilipinas (BSP) attributed the 50% target growth in digital payments to the government’s digital transformation efforts, especially at the grassroots level. BSP is optimistic that we…
BSP calls on BFSIs to join open finance standards consultation
The Bangko Sentral ng Pilipinas (BSP) will soon begin consultations for the “PH Open Finance Pilot” in crafting the development of open finance technical and operational standards and arrangements. In…
BSP replaces ‘worn-out’ bills with digital cash in Tagbilaran
Residents of Tagbilaran City were able to exchange their unfit bills and coins for digital cash under the Bangko Sentral ng Pilipinas’ (BSP) program. The BSP Piso Caravan currency exchange…
BSP launches Paleng-QR Ph Plus in Tagbilaran City
The Bangko Sentral ng Pilipinas (BSP) brings its “Paleng-QR Ph Plus” program to Tagbilaran City in Bohol as part of expanding digital payments in the Philippines. Launched on Jan. 10,…
BSP grants Coins.ph another license for digital currencies
Digital wallet and crypto exchange provider Coins.ph received the Advanced Electronic Payment and Financial Services (EPFS) license from Bangko Sentral ng Pilipinas (BSP) covering the operation of the Coins Pro…
Consumer behavior drives digital adoption in banking sector — Finastra
Usage of e-wallets during the pandemic saw an unprecedented surge in the Philippines. This continues and other financial services are easing into the consciousness of consumers, according to Finastra, a…
GoTyme Bank optimizes IT infrastructure, security measures
After receiving a license to operate from the Bangko Sentral ng Pilipinas, GoTyme Bank, a partnership between the Gokongwei Group and Singapore-based digital banking group Tyme, is optimizing its tech…
Digital payments make up 30% of PH retail transactions in 2021
According to the latest e-payments data from the Bangko Sentral ng Pilipinas (BSP), digital payments grew by over 30% in 2021 from 20% in 2020. The rise in e-commerce is…
Bangko Sentral, PPMI to launch 3 e-payment streams
In the course of two years, the Bangko Sentral ng Pilipinas (BSP) together with the Philippine Payments Management Inc., (PPMI) are set to launch three e-payment streams to push the…
Uno Digital Bank unveils new brand identity
Ahead of its intended launch in Q2, 2022, UNObank Inc., a digital bank licensed under the Bangko Sentral ng Pilipinas’ (BSP) Digital Banking License framework, has rebranded UNObank to UNO…
BSP unveils open finance roadmap to boost financial inclusion
The Bangko Sentral ng Pilipinas (BSP) has launched “Open Finance Roadmap 2021-2024” which is aimed to expand financial inclusion in the Philippines. Pre-pandemic, Filipinos with bank accounts stood at 29%.…
Digitalization may ease inflation in the long run — BSP
With licenses issued to digital banks and digital payments adoption on the rise, the Bangko Sentral ng Pilipinas (BSP) sees that digitalization has the potential to ease the country’s inflation…
Voyager’s PayMaya secures digital bank license from BSP
The Bangko Sentral ng Pilipinas (BSP) has granted digital payment PayMaya Philippines (PayMaya) license to operate as a digital bank. Operated by Voyager Innovations, the fintech arm of PLDT Inc.,…
UBX’s open finance platform i2i drives financial inclusion in PH
Just two years after it was launched, UBX Philippines (UBX) open finance platform i2i (island-to-island, institution-to-institution, individual-to-individual) has served the unbanked and underbanked individuals in financially underserved communities across the…
UNObank issued a digital bank license in the Philippines
UNOBank, a fintech with headquarters in Singapore, secured a license from the Bangko Sentral ng Pilipinas to operate a digital bank in the country. UNObank is managed under fintech holding…
Neobank Tonik secures digital bank license from Bangko Sentral ng Pilipinas
Neobank or digital bank Tonik said it was able to secure a digital bank license from the Bangko Sentral ng Pilipinas (BSP). In December 2020, BSP released the guidelines for…
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