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More entities seek digital bank license

More entities are looking at establishing a presence in the country’s newly created digital banking space as more consumers shift to electronic channels, according to the Bangko Sentral ng Pilipinas......»»

Category: newsSource: philstar philstarJun 14th, 2021

UnionBank gets license to create digital bank

Union Bank of the Philippines has obtained the approval of the Bangko Sentral ng Pilipinas to establish a digital bank......»»

Category: financeSource:  philstarRelated NewsJul 22nd, 2021

Foreign banks eyeing digital presence in Philippines

Several new and incumbent foreign banks have expressed interest to establish a new digital bank or convert their existing license to a digital bank in the Philippines, according to Bangko Sentral ng Pilipinas Governor Benjamin Diokno......»»

Category: financeSource:  philstarRelated NewsJun 26th, 2021

UNObank gets digital bank license in PH

Singapore—Singapore headquartered fintech DigibankASIA Pte. Ltd., one of the primary incorporators of UNObank, has received approval by the Bangko Sentral ng Pilipinas to operate a digital bank in the Philippines. The first fintech to receive a license outright to operate a digital bank, UNObank will be entirely regulated under the Digital Banking License framework in the Philippines......»»

Category: techSource:  thestandardRelated NewsJun 12th, 2021

Tonik receives BSP license as pure digital bank

Tonik, the country’s first digital-only neobank, said Monday it secured a digital bank license from the Bangko Sentral ng Pilipinas, becoming the first for any private and purely digital bank in the Philippines......»»

Category: financeSource:  thestandardRelated NewsJun 8th, 2021

BSP approves OFBank’s digital banking license

The Overseas Filipino Bank, a wholly owned subsidiary of the Land Bank of the Philippines, has officially become the first branchless, digital-only bank in the country after securing a license from the Bangko Sentral ng Pilipinas.....»»

Category: financeSource:  philstarRelated NewsApr 5th, 2021

PNB plans to establish digital bank subsidiary

The Philippine National Bank (PNB) is thinking of putting up a digital bank either as a subsidiary or stand-alone unit, according to its president and CEO Jose Arnulfo “Wick” Veloso. PNB president and CEO Jose Arnulfo “Wick” Veloso  “We’re discussing internally with the principals,” said Veloso. “They really want us to set up a digital bank” and a pure digital bank at that. The Bangko Sentral ng Pilipinas (BSP) has drafted a circular for the establishment of digital banks in the country and the banking community is currently being consulted on this, including the proposal to impose a minimum capitalization of P1 billion for a digital banking license.  “Clearly, as we get to see more regulations (or) the regulatory body encouraging digital bank participation, we would like to also review that and probably put into a subsidiary or stand alone,” said Veloso. “I understand there is going to be different regulatory relief or ease of doing business for those that are going to set up purely digital banks. That is something that we are seriously reviewing.” Veloso, in a virtual press briefing on Friday, said that in the digital banking landscape as it is currently set up now, PNB is one of the leaders in the digital experience and since March when the lockdowns were implemented, the bank has been trying to convince clients to go digital.  “Others claim to be ahead of space in the digital world. I can proudly say that the only thing they are ahead of us are  — for one bank, the end-to-end account opening, and for another bank, it’s because of the end-to-end check deposit. But otherwise, there is no dfference with what they’re sharing with everyone else,” said Veloso. The bank has seen an increase of 18 percent in its digital and mobile transactions during the height of the pandemic lockdowns. As of end-September, they now have 696,000 users of their digital platforms, up 31 percent year-on-year.  “We want our customers to understand how they can easily manage their funds and transact by going online using our digital channels. We also want more people to learn about the products that are meant to fit all their needs (with digital banking experience),” said Veloso. Presently, PNB branches across the country are “reaching out to customers who have not yet registered with internet banking or mobile banking”. In the BSP proposed circular on digital banks, any existing banks applying to shift to digital banking are given three years to complete conversions including the closure of branches or branch lite units. The BSP said a digital bank will be confined to a digital platform and/or electronic channels “with minimal to no reliance” on physical touchpoints. It will not have a branch or branch-lite unit but it can offer offer financial products and services through cash agents and other delivery partners. However it will be required to keep a head office in the Philippines as its main point of contact and as a “central hub for receiving and resolving customer complaints.” There are three banks that are already applying to deliver digitized financial services but these applications are not digital bank applications but are applying under existing BSP banking classification, pending the digital banking regulation......»»

Category: lifestyleSource:  abscbnRelated NewsOct 18th, 2020

BSP approves Union Bank& rsquo;s digital subsidiary

The Bangko Sentral ng Pilipinas approved on July 15 the application of Union Bank of the Philippines for an authority to establish a digital bank......»»

Category: newsSource:  inquirerRelated NewsJul 22nd, 2021

BSP gives Philippines a fourth digital bank player: UnionBank

Aboitiz-led Union Bank of the Philippines received a green light from the Bangko Sentral ng Pilipinas to establish its own digital bank, joining other players in the emerging industry......»»

Category: financeSource:  philstarRelated NewsJul 21st, 2021

PayMaya powers Land Registration Authority transactions

Filipinos across the country can now enjoy cashless convenience when transacting in the Philippines Personal Property Security Registry and e-serbisyo online platforms as PayMaya, in cooperation with the Bureau of the Treasury, Development Bank of the Philippines, and Land Registration Systems empowers the Land Registration Authority with digital payment acceptance solutions. .....»»

Category: techSource:  thestandardRelated NewsJul 17th, 2021

BPI’s Limcaoco backs BSP digital currency

The new head of Ayala-led Bank of the Philippine Islands is pushing for the issuance of a central bank digital currency in the country......»»

Category: financeSource:  philstarRelated NewsJul 11th, 2021

PNB taps former thrift arm for digital banking venture

Philippine National Bank is tapping its former thrift unit for its venture into digital banking......»»

Category: financeSource:  philstarRelated NewsJul 8th, 2021

PNB [PNB] to convert its subsidiary, PNB Savings Bank, into a full digital bank

In a disclosure late in the trading day, PNB followed-up on its announcement to create a digital banking arm by saying that it would convert a subsidiary, Allied Integrated Holdings, Inc. (AIH), into a digital bank......»»

Category: financeSource:  philstarRelated NewsJul 8th, 2021

Digital OFBank expands services

Overseas Filipino Bank, a state-owned digital-only bank, has extended its reach to at least 113 countries and territories worldwide as part of efforts to cater to the needs of migrant Filipino workers......»»

Category: financeSource:  philstarRelated NewsJul 6th, 2021

PSBank partners with ECPay for loan payment

Philippine Savings Bank has partnered with the country’s leading digital payment service provider Electronic Commerce Payments Inc., allowing clients to pay their loans through the 3,000 7-Eleven branches nationwide......»»

Category: financeSource:  philstarRelated NewsJul 6th, 2021

UnionBank& rsquo;s UBX drives financial inclusion thru region& rsquo;s most revolutionary open finance platform

In 2018, Union Bank of the Philippines, recognized as a trailblazer with first-in-industry digital solutions that continue to revolutionize banking, incorporated fintech subsidiary UBX as part of its continuing digital transformation journey to harness emerging technologies while innovating on open, embedded finance and digital platforms. .....»»

Category: techSource:  thestandardRelated NewsJul 6th, 2021

DepEd told to address problems in World Bank report, not seek apology

"DepEd and the Duterte administration should be ashamed for its abandonment and negligence in the worsening education crisis in the country," Rep. France Castro (ACT Teachers' party-list) said......»»

Category: newsSource:  philstarRelated NewsJul 6th, 2021

Security Bank selects Oracle Fusion Cloud ERP to support digital transformation journey

Security Bank Corporation is leveraging Oracle Fusion Cloud Enterprise Resource Planning to deliver on its mission to enrich lives, empower businesses and build communities......»»

Category: techSource:  thestandardRelated NewsJun 30th, 2021

Japan’s 2nd largest bank buys 4.99% stake in RCBC

Tokyo-based Sumitomo Mitsui Banking Corp. has acquired a nearly five percent stake in Yuchengco-led Rizal Commercial Banking Corp. for P4.48 billion as part of its efforts to expand franchise and strengthen digital banking in Asia......»»

Category: financeSource:  philstarRelated NewsJun 29th, 2021

PNB to create digital bank

Lucio Tan-led Philippine National Bank is joining the race with foreign and local banks for a spot in the digital banking space in the country......»»

Category: financeSource:  philstarRelated NewsJun 28th, 2021

EastWest Bank investing heavily in digital initiatives

The Gotianun family is investing heavily in the digitalization of its banking arm East West Banking Corp. as Filipinos turn to electronic channels amid the pandemic......»»

Category: financeSource:  philstarRelated NewsJun 17th, 2021