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News and Events

Great News for Online Banking Users: You Can Soon Move Funds Across All Banks Electronically

The BSP has required online banking providers to introduce the new services by end-November

The Bangko Sentral ng Pilipinas (BSP) has required all banks and non-banking financial institutions (NBFIs) that offer online banking services to make interbank electronic fund transfers (EFTs) available to regular depositors by end-November.The move greatly expands the power and usefulness of most ...

by Lorenzo Kyle Subido  | September 17, 2018 10:00:00
News and Events

PH Moving to Test Digital Fiat Currencies With RCBC’s ePiso

The low-key rollout of the ePiso is in line with BSP’s aim to study new digital payments technologies

When universal bank Rizal Commercial Banking Corp. (RCBC) rolled out its digital currency product called ePiso in May, the move hardly made any ripple in the banking world. The news appeared in the inside pages of a few business papers but did ...

by Lorenzo Kyle Subido  | June 14, 2018 04:00:00
News and Events

How GCash and PayMaya are Trying to Wean Pinoys from Cash and Shift to Digital Payments

The two telco-backed e-wallet platforms turned to key partners to make big strides in 2017

“Philippines—I think you have the opportunity to make the world’s best fintech, because you have so many mobile phones, more than 7,000 islands. We should make Philippines a cashless society. When you have a cashless society, [there is] no corruption. Life is ...

by Lorenzo Kyle Subido  | January 02, 2018 09:00:00
News and Events

PH Retailers Can Now Accept Cashless Payments from Chinese Tourists Through WeChat Pay

The Chinese mobile payments platform partners with Asia United Bank to bring its services to the Philippines

Philippine commercial bank Asia United Bank (AUB) has signed a licensing agreement with Chinese technology giant Tencent to bring the latter’s mobile payments system WeChat Pay to the Philippines, allowing Chinese tourists to use the app in purchase items from Philippine stores ...

by Lorenzo Kyle Subido  | November 23, 2017 06:00:00
News and Events

After Warning Vs Cryptocurrencies for Years, Bangko Sentral Grants First-Ever E-Money License to a Bitcoin Startup

Policy turnaround reflects regulators view that virtual currencies can boost financial inclusion

Bitcoin-enabled fintech platform Coins.ph announced it has been granted an Electronic Money Issuer (EMI) license by the Bangko Sentral ng Pilipinas (BSP), making it the first blockchain startup in Asia to win such a license from monetary regulators, it said in a ...

by Elyssa Christine Lopez and Lorenzo Kyle Subido  | November 20, 2017 02:00:00
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