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January 17, 2023

On the web

Philippines Central Bank Pushes Through with Wholesale CBDC Plans to Improve Payments

CoinGeek

The Bangko Sentral ng Pilipinas (BSP) has disclosed it will not be exploring the retail version of its central bank digital currency (CBDC) but will focus its efforts on transactions between financial institutions. The central bank confirmed that it remains keen on launching a wholesale CBDC in the future to improve settlement times between banks. BSP has previously announced the start of its wholesale CBDC pilot program dubbed Project CBDCPh, with several leading financial institutions playing a part in the program.

November 21, 2022

On the wires

Study: Consumers [Filipinos] Seek Choice for How and When They Transfer Money Internationally

Businesswire

Tech-savvy Filipinos seek choice above all for their future international money transfer needs, according to the results of a study commissioned by Western Union. Exclusive insights show that while 44% of consumers currently prefer to receive money transfers through digital platforms, almost 70% want to be able to choose how they collect their funds in the future – be it in cash or digitally. The study results, which bolster Western Union’s recently announced ‘Evolve 2025’ (E25) strategy of combining high-value, accessible retail and digital financial services for the world’s aspiring populations, explore consumer sentiment on money movement. More than 2000 consumers across the Philippines who send and receive money internationally were surveyed.

November 14, 2022

On the web

UnionBank Teams Up with Huawei to Build APAC’s First Smart Campus in the Philippines

CoinGeek

“The Union Bank of the Philippines has tapped telecommunications equipment company Huawei Technologies to be its leading partner in powering its smart campus. Dubbed the UnionBank Innovation Campus (UBIC), UnionBank aims to become the “first smart campus for a financial institution in the Asia-Pacific region,” reports Business World. Huawei Technologies will provide the necessary technological support for the campus that will serve as a breeding ground for new talents in the fintech industry. Stewart Roa, head of UnionBank’s Cybersecurity Team, said the campus would use the Internet of Things (IoT) solutions to enhance student security and productivity in the learning facility. Roa makes the ambitious claim that the state-of-the-art infrastructure provides a peek into the future of “intelligent digital technologies.””

November 9, 2022

On the web

Tonik Furthers Its Credit Inclusion Leadership in the Philippines by Unveiling New Revolutionary All-Digital Loans

Tonik Bank

“Tonik, the Philippines’ first neobank, continues to accelerate financial and credit inclusion with the launch of its two new lending products, Flex Loan and Big Loan. Building on the success of its all-digital savings portfolio and successful launch of its first lending product, Quick Loan, the new products are set to position Tonik as among the pioneering digital lenders in the country with loans catering to every need. Quick, convenient, and coupled with fixed low-interest rates, Flex Loan empowers customers with both freedom and flexibility to chase their dream purchases and experiences perfect for the start of another year. Tonik’s best priced unsecured loan yet, Flex Loan offers 2.49% monthly interest for up to 24 months, for a loan as much as Php 250,000. No collateral is needed as employed customers would only need to provide their latest bank statement and proof of income. Relatively new in the Philippines, this type of lending product continues to be popular in more developed markets such as the United States. It is mostly used for home improvement, investment for family businesses, and debt consolidation under a lower interest product.”

July 26, 2022

On the web

PayMongo Partners With Atome to Expand ‘Buy Now Pay Later’ Acceptance Across The Philippines

TechNode Global

“PayMongo, a Manila-based online payment processing platform, announced on Tuesday a partnership with Atome Philippines to expand BNPL acceptance among merchants in the country. This partnership enables PayMongo’s 10,000 plus merchant network in the Philippines to offer their customers flexible deferred payment options, with no additional annual or service fees as an alternative checkout payment option. Cash payments fell below 50 percent of POS share in 2021 and will decline to less than one-third share of transaction value by 2025, according to the 2022 Global Payments Report by FIS WorldPay.”

July 21, 2022

On the web

Central Banks in Five SE Asian Countries to Create Common Contactless QR Payments Zone

NFCW

“The central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand are to develop an interoperable cross-border payments system that will enable residents of each country to use their mobile banking app to make QR code-based payments for goods and services when visiting any of the other territories. The integrated system will enable visitors to another of the participating countries to make transactions in local currency that will then be settled in their own without having to be exchanged via an intermediary currency such as the US dollar. Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore and the Bank of Thailand announced that they are preparing to sign a general agreement on payment connectivity that will establish a framework for the system later this year at a seminar during a meeting of G20 finance ministers and central governors in Bali.”

August 30, 2021

On the wires

GCash Cements Fintech Leadership and Innovation Thrust in the Philippines

“GCash, the number 1 mobile wallet in the Philippines, continues to be a rising star in Asia as it sets the bar higher for fintech innovation in the region. The company achieved unprecedented growth as it saw an exponential increase in its number of users from 20 million in January 2020 to 46 million in June 2021. The app also had over 13 million log-ins per day, peaking at almost 15 million in the second quarter of 2021.”

January 11, 2021

On the web

December 7, 2020

On the web

May 22, 2020

On the web

GCash to help taxis shift to cashless payments: transport dept

ABS CBN News

“The Department of Transportation said Friday it tapped GCash to help equip taxis with scan-to-pay systems, as part of a pandemic normal that requires cashless payments. The joint venture of Jack Ma’s Alipay and Globe Telecom’s Mynt allows users to scan merchants QR codes and deduct the amount due from their mobile wallet. Digital payments will limit direct physical contact between drivers and passengers thus reducing the chance of spreading COVID-19, the Department of Transportation said.”

November 7, 2019

On the web

AsiaKredit To Pioneer Global Standards Of Responsible Finance And Client Protection For The Underbanked

PAGEONE

“AsiaKredit, a leading digital consumer finance fintech in the Philippines, is spearheading financial consumer protection and empowerment in the Philippines via the world’s first financial consumer protection standard, the Smart Campaign. The Smart Campaign is a globally recognized initiative by the Centre for Financial Inclusion at Accion (CFI), a U.S-based think-tank for financial inclusion.”

August 2, 2019

On the web

GCash, Starbucks Introduce New Mobile Payment Option

BusinessMirror

“Getting a cup of our favorite Starbucks handcrafted beverage is now easier with GCash, the leading mobile wallet in the Philippines. As of September 2018, Starbucks had 373 licensed stores nationwide. It opened its first branch in the Philippines in 1997 at the 6750 Ayala Building in Makati City, making the Philippines the third overseas market for Starbucks. “As a fintech company, our goal is to promote a cashless lifestyle that will make financial transactions less complicated for more people. Just as Starbucks is committed to innovative digital experiences, we too are committed to bringing convenience with mobile innovations like our STP via QR scanner,” Thomas said.”

July 22, 2019

On the wires

OneConnect Partners With UnionBank’s Fintech Subsidiary UBX to Co-create Philippines’ First Blockchain-enabled Platform for MSMEs

prnewswire

“OneConnect Financial Technology Co. Ltd. (OneConnect), an associate company of China’s insurance giant and Fortune Top 29 Company Ping An Group, has partnered with UBX Philippines Corporation, the wholly-owned fintech subsidiary of Union Bank of the Philippines (UnionBank), to build the country’s first blockchain-enabled platform to meet the banking needs of micro, small and medium enterprises (MSMEs). The partnership underpins both UBX and OneConnect’s commitment in accelerating digital transformation in the Philippine financial services industry –  using their technological advancements to enable financial institutions to better serve the unbanked and underbanked communities.”

May 20, 2019

On the web

PayMaya Expands Boracay’s First ‘cashless’ Ecosystem With QR Payments

Back End News

“PayMaya is now the preferred payment option in some of the merchants in Boracay where users can pay using their app via PayMaya QR, including restaurants like Spice Bird in D’Mall, Titos near Station 2, and Sunny Side Café in Station 3; convenience store like Budget Mart; and Epic Bar, among many others. This is on top of the initial batch of merchants that have been offering PayMaya QR as a payment method in Hue Hotels and Resorts as well as small merchants in Station X, which was launched in January of 2018, including other nationwide key merchants such as McDonald’s, Army Navy, Yellow Cab, Shakey’s, and Mercury Drug, among others.”

April 25, 2019

On the web

The Philippines Introduces Its First Legal Framework to Regulate Digital Payments – KrASIA

kr-asia

“Top-down initiatives are being introduced in the Philippines to develop the country’s startup sector. Earlier this week, President Rodrigo Duterte was said to be signing the Innovative Startup Act , which once enacted into law will provide a great boost to tech firms in terms of funding, relaxation of immigration procedures, as well as networking opportunities. Also in the same week, the Central Bank of the Philippines introduced a draft outlining the rules of the National Payment Systems Act (NPSA), the country’s first legal framework to regulate payment systems .”

September 27, 2018

On the web

Grab PH expands mobile wallet services to bills payment, purchases

Rappler

“While majority of Filipinos still transact using cash, Southeast Asia ride-hailing giant Grab expanded its mobile wallet services in the Philippines to promote cashless transactions. In a statement on Thursday, September 27, Grab said it is expanding its mobile wallet services “GrabPay” to include bills payment, food orders, and in-store and in-restaurant purchases.”

April 17, 2018

On the web

GCash, Alipay target Chinese tourists with new payment scheme

ABS CBN

“Globe Telecom’s fintech arm Mynt and Ant Financial on Monday jointly launched a new QR Code solution that will allow Philippine merchants to accept local GCash payments as well as payments from Chinese tourists using Alipay in one single connection. “By jointly establishing this QR code with Alipay, all merchants working with GCash will be able to accept Alipay as a payment option for Chinese travelers in their stores, while also catering to the local user pool that have now grown to love our cashless lifestyle app,” said Anthony Thomas, president and COO of Mynt.”