The Monetary Board, the policy-making arm of the Bangko Sentral ng Pilipinas (BSP), is proposing that capital requirements for Islamic banks be made similar to conventional banks. Once approved, this figure could range between P3 billion to P20 billion, depending on how many branches would be put up. “No final decision yet. Consultations are ongoing,” […]
by Jan Michael Carpo, Reporter I have been noticing a lot of advertisements for blockchain, NFTs, and cryptocurrencies like Bitcoin. Cryptographic technologies are now being marketed as a replacement for cash, delivering a fresh new method to purchase art or offering the next big financial opportunity. Ever heard of buying art with bitcoins and authenticating […]
by Bhea Baarde, Correspondent Three already launched. Three more to go. The year 2022 may definitely be considered the year for digital banks in the Philippines. This has become the scenario after the Bangko Sentral ng Pilipinas (BSP) announced that it has given the green light for six digital banks to operate in the Philippines. […]
“We believe that e-commerce is here to stay and will grow exponentially!” Thus, exclaimed Mary Jean Pacheco, assistant secretary of the Department of Trade and Industry (DTI), in a speech delivered at a forum titled, “E-commerce: Turning heavy traffic into a positive.” Also joining her at the forum are Ron Benito, Founder and CEO of […]
Reports circulating on social media about a new Philippine coin series have reached the Bangko Sentral ng Pilipinas (BSP), and it was quick to clarify that no such new issuances have been made. “The Bangko Sentral ng Pilipinas informs the public that it has not released a new Philippine coin series,” a statement from the […]
Good news for micro-entrepreneurs and business startups! A bill aiming to boost financing for lenders and assist micro, small, and medium enterprises (MSMEs) has just been filed at the 19th Congress. House Bill No. 1 or “An Act providing for government financial institutions unified initiatives to distressed enterprises for economic recovery (GUIDE)” was filed by […]
Outgoing BSP chief and new Finance Secretary Benjamin Diokno said that he is confident the new governor of Bangko Sentral ng Pilipinas (BSP), Felipe Medalla, will be able to continue the reforms he has implemented under his previous leadership. These reforms include a rapid shift to digitalization and other measures that had kept the BSP […]
by Bhea Baarde, Correspondent A number of account holders of ING, The Netherlands-based digital bank, expressed dismay after the firm announced in late June this year plans to close down its retail operations in the Philippines. In a press release, ING announced that it will quit its 4-year-old retail banking business before the end of […]
The ASEAN FSI Conference Philippines, also known as the World Financial Innovation Series (WFIS) 2022, is set to redefine the fintech landscape in Southeast Asia. Happening on August 16–17 at the prestigious Sofitel Philippine Plaza Manila, this premier financial services and innovation conference will bring together over 600 senior executives from top banks, insurance companies, […]
by Bheaa Baarde, Correspondent Cashless transactions, as well as buying products or services online, are getting more common nowadays. I was one of those hesitant at first to engage in such transactions because of the fear of possible scams and other cybersecurity threats. Fast forward to today, or two years later, and who would have thought […]
