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News and Events

You'll Be Able to Download a Digital Version of Your National ID On Your Mobile Phone, Says PSA

The agency says that it will eventually replace the need for a physical card

Lisa Grace Bersales, national statistician and civil registrar general of the Philippine Statistics Authority, speaks at the FINTQ On Q, a roundtable discussion organized by FINTQnologies Corp., the fintech arm of telecommunications firm PLDTLast August saw the signing into law of Republic Act ...

by Lorenzo Kyle Subido  | November 15, 2018 11:00:00
News and Events

Credit Score for All Filipinos: Fintech Moves Closer to Goal With $28-M Funding Round

C88, which operates eCompareMo in the Philippines, is making sure every Filipino can apply for a loan

Building and growing a startup company is often seen as a young person’s game. Stories about small tech companies led by 20-somethings that disrupt entire industries are often written and shared, and that isn’t limited to Western markets.Among the respondents in the ...

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

Do You Use GrabPay for Your Rides? Soon, You Can Tap Mobile Wallet to Buy From Mastercard's 3M Global Merchants

Partnership allows Grab's mobile wallet users to acquire and use Mastercard Prepaid Card worldwide

Singapore-based transportation and technology company Grab has announced a partnership with global financial firm Mastercard that will allow GrabPay users to acquire Mastercard prepaid cards that can be used worldwide.In a press release published on October 25, Grab said that it will ...

by Lorenzo Kyle Subido  | October 25, 2018 04:00:00
News and Events

JG Summit-Backed Fintech Unit OKs Loans In 10 Minutes, Releases Proceeds in Half Hour

Will Cashalo become the McDonald's of lending?

According to the latest Financial Inclusion Survey by the Bangko Sentral ng Pilipinas (BSP), the proportion of Filipino adults with outstanding loans fell from 47.1 percent in 2015 to only 22.3 percent in 2017.However, the reason isn’t that fewer Filipinos needed to ...

by Lorenzo Kyle Subido  | October 24, 2018 08:00:00
News and Events

Over 8 of 10 Small Banks, Micro Lenders, Co-Ops in PH are Not Ready to Go Digital

FINTQ's latest Inclusive Digital Finance Report found many are not willing to invest in technology

At the launch of the Road to 20 by 2020 campaign last October 18. From left: Microfinance Council of the Philippines President and CEO Fr. Jose Victor Lobrigo, Rural Bankers Association of the Philippines President Armando Bonifacio, Chamber of Thrift Banks Trustee ...

by Lorenzo Kyle Subido  | October 22, 2018 10:00:00
Run & Grow

How TrueMoney PH Grew from Zero to 18,000 Financial Centers in Two Years

The fintech startup has already surpassed the networks of the country's largest banks and pawnshops

TrueMoney’s main business involves enabling small enterprises such as sari-sari stores, beauty salons and internet cafés to offer financial services on top of their existing businessesThe Bangko Sentral ng Pilipinas (BSP) readily recognizes the role of financial technology (fintech) as a keystone ...

by Lorenzo Kyle Subido  | September 27, 2018 08:00:00
News and Events

Only 3% of Filipino Adults Invest in Bonds, Funds and Stocks, Says BSP

Those without investments cite unemployment as the main reason

Attend any financial wellness seminar or read any article on growing wealth, and one of the first concepts promoted is the difference between saving and investing. While saving money allows it to be stored and accessed easily, investing money allows it to ...

by Lorenzo Kyle Subido  | August 02, 2018 08:00:00
News and Events

Freedom from Debt? Filipinos With Loans Plunge to 22.3% in 2017 from 47.1% in 2015

Almost half of borrowers needed the extra money for daily needs while almost a third used it for business

Perhaps it’s because of the improving economy, rising household incomes or fewer borrowing options in light of the government’s crackdown on informal lending schemes.Whatever the reason, the proportion of Filipino adults with outstanding loans more than halved from 2015 to 2017, according ...

by Lorenzo Kyle Subido  | July 16, 2018 06:00:00
News and Events

From Sari-Sari Store ATMs to Blockchain-Powered Remittance: RCBC Displays Knack for Fintech

The country's 10th biggest lender is rolling out several technological firsts in the banking industry

RCBC ePiso is the country’s first digital fiat currency, which clients can use to access financial services without the need to open and maintain a bank account“If you’re talking about financial inclusion, necessarily you have to talk about digital banking.”Those were the introductory ...

by Lorenzo Kyle Subido  | July 16, 2018 09:00:00
News and Events

Mirroring Giant Telcos: Is a Duopoly Emerging in Digital Payments Too?

A BSP study uncovers the electronic money issuers leading the race for consumer awareness

Only 1.3 percent of the country’s adult population, which translates to around 900,000 Filipino adults, have an electronic money (e-money) account, according to the Bangko Sentral ng Pilipinas (BSP).In its 2017 Financial Inclusion Survey, the BSP defines e-money accounts as “a transactional ...

by Lorenzo Kyle Subido  | July 13, 2018 01:00:00
News and Events

Rural Banks, Too, Suffer From Financial Exclusion. Is Blockchain the Solution?

UnionBank rolls out Project i2i, which seeks to integrate rural banks into ATM and payments networks

Last May 22, UnionBank officially launched Project i2i in a press conference in Davao City. Heading the event were (from left): Amor Maclang, co-founder of GeiserMaclang; Tanya Hotchkiss, executive vice president of Cantilan Bank; Justo Ortiz, chairman of UnionBank; and Ramon Vicente ...

by Lorenzo Kyle Subido  | May 29, 2018 12:00:00
News and Events

Fintech Startup Plans to Offer Blockchain-Powered E-Wallets to A Million Seafarers, OFWs

TraXion is also holding an initial coin offering to raise up to $55 million in virtual currency

Financial technology startup TraXion is launching an initial coin offering (ICO) that aims to raise up to $55 million worth of virtual currency through the sale of 250 million TraXion tokens or TXN.These utility tokens will grant TXN holders access to TraXion’s ...

by Lorenzo Kyle Subido  | May 21, 2018 09:00:00
News and Events

How Fintech Turned 1,800 Micro Businesses into Financial Agents, Boosting Their Income by Up to 30%

Grameen Foundation’s CAN program aims to promote financial inclusion within low-income communities

Panelists at the launch of the Grameen Foundation's CAN program’s insights report last April 12According to the latest report on financial inclusion by the Bangko Sentral ng Pilipinas (BSP), 571 local government units (LGUs) were considered “unbanked” or lack any form of ...

by Lorenzo Kyle Subido  | April 24, 2018 09:00:00
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