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.

“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.””

“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.”

“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.”

“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.”

“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 .”