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 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…
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 extends ban on e-money licenses for another year
The Bangko Sentral ng Pilipinas (BSP) has extended the ban on e-money licenses until Dec. 15, 2024, as announced toward the end of last year. However, the BSP also stated…
Xendit designs platform for BSP’s open finance pilot run
Xendit, a B2B payment gateway, is participating in the Bangko Sentral ng Pilipinas’ (BSP) Open Finance Pilot as both provider and user of Application Programming Interface (API) technology. Xendit will…
BSP agrees to the use of digital ID for bank client verification
The Bangko Sentral ng Pilipinas (BSP) has agreed to the use of digital identification and verification of bank clients. BSP also released guidelines on electronic Know-Your-Customer (e-KYC), which recognizes its…
BSP mandates full adoption of QR Ph by July 1
All (Bangko Sentral ng Pilipinas) BSP-supervised financial institutions (BSFIs) that offer QR code-enabled payment services should start using QR Ph on their web and mobile channels starting July 1, 2023.…
BSP considers reducing fees on e-payments
Citing the objective of the Digital Payments Transformation Roadmap 2020-2023, the Bangko Sentral ng Pilipinas (BSP) is considering lowering transaction fees for e-payments and other platforms. “I am sure that…
BSP revises guidelines on operations of e-money
Citing protecting customers from IT-related risks, the Bangko Sentral ng Pilipinas (BSP) has announced the changes in the electronic money (e-money) operations in the Philippines. In a media advisory, the…
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…
Trend Micro emphasizes need for strong cybersecurity posture at BFSI summit
The widening scope of financial services also broadens the attack surface for cybercriminals to exploit. This is one of the key areas highlighted during Trend Micro’s 2022 BFSI Cybersecurity Summit…
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…
UnionBank backs open finance framework to accelerate financial inclusion
Union Bank of the Philippines (UnionBank) is supporting the adoption of open finance and open banking with the goal of fast-tracking digital inclusion in the country. The Bangko Sentral ng…
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…
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