Preliminary data culled from the Bangko Sentral ng Pilipinas (BSP) website revealed that the outstanding loans of universal and commercial banks (U/KBs) in the Philippines experienced a notable increase of 9.6 per cent year-on-year (YoY) in April, up slightly from 9.4 per cent in March. IMAGE CREDIT: https://www.vecteezy.com/ This growth, excluding reverse repurchase (RRP) placements […]
Sun Life Asia has launched its inaugural “Sun Life Asia Financial Resilience Index,” which delves into the financial behaviors and beliefs of individuals across eight markets in the region, along with the obstacles they encounter in establishing long-term financial security. The survey found that millennials in the Philippines are the most confident in meeting long-term […]
by the IDfy Team In 2023, the Philippines Open Finance Pilot was initiated and was considered a significant development for the Fintech sector in the Philippines. This groundbreaking project, spanning an 18-month trial period, aimed to explore advanced functionalities such as account consolidation and credit analysis. The initiative also brought together financial institutions and third-party […]
Companies are now facing not just tech transformations but also shorter skill lifespans for their workforce In an era marked by rapid disruptions — from the advent of generative AI to the challenges of talent retention and escalating costs — banks are now facing a pivotal choice: adapt to change or drive it themselves. Speaking […]
The Bangko Sentral ng Pilipinas (BSP) has recently issued a warning regarding a company offering “cloud mining machines,” emphasizing that its operations are beyond the BSP’s regulatory scope. Cloud mining machines (IMAGE CREDIT: https://www.investopedia.com/) Cloud mining enables individuals to lease processing power from remote data centers for cryptocurrency mining without the need to manage physical […]
The Credit Information Corporation (CIC), the country’s public credit registry and repository of credit information, has recently onboarded the Bank of Commerce (BankCom) as an Accessing Entity. Accessing Entities or AEs are financial institutions authorized by CIC to access borrowers’ credit reports from its database. IMAGE CREDIT: https://www.creditinfo.gov.ph/ Similar to other AEs, the Bank of […]
Invites exceptional talents from three leading universities in the Philippines Mavek has just announced the launch of its Global Internship Program (GIP) in the Philippines. Through the GIP, the leading global cross-border investment bank renowned for its expertise in cross-border transactions will soon be recruiting exceptional talents from the University of the Philippines in Diliman, […]
The Bangko Sentral ng Pilipinas (BSP) has announced recently the selection of Hyperledger Fabric as the distributed ledger technology (DLT) for its wholesale Central Bank Digital Currency (CBDC) pilot project: Project Agila, formerly known as “Project CBDCPh.” Project Agila aims to orient the BSP and participating financial institutions on CBDC technology solutions that have the […]
A top official of the Development Bank of the Philippines (DBP) announced recently that the state-owned bank has already completed disbursement of funds under the P1-billion interest rate subsidy program of the government, which covers local government units (LGUs), in the implementation of their respective COVID-19 response and recovery interventions. Facade shot of the DBP office […]
