-
May 06 2021 
Banks, officials to face sanctions for irregularities due to lax KYE mechanisms
BANKS and their officials may face monetary and non-monetary penalties once irregularities occur due to their lax know-your-employee (KYE) mechanisms amid tighter restrictions from the Bangko Sentral ng Pilipinas (BSP).
“The range of sanctions that can be imposed on the bank can be monetary or non-monetary sanctions. The officer can be included in the watchlist file…
-
May 06 2021 
30 financial institutions now bank on the cloud–Diokno
BANGKO Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said more banks are moving towards “cloud-based” technology as digitalization continues to gain traction in the industry.
Diokno said about 30 financial institutions (FIs) have transitioned towards hosting their core banking solutions in the cloud as of end-March this year. However, the BSP chief didn’t name the…
-
May 06 2021 
Australian BNPL Firm Zip Drives Expansion in South East Asia With Investment in TendoPay
Australian Buy Now, Pay Later (BNPL) company Zip Co has furthered its global expansion, announcing a strategic investment in TendoPay, a BNPL provider based in the Philippines.
The investment represents Zip’s first step into South East Asia, which will also act as a launchpad for the company’s expansion into the region.
The company has recently established central…
-
May 06 2021 
BSP mulls dispute body for cryptocurrency
The Bangko Sentral ng Pilipinas (BSP) is studying a cryptocurrency dispute mechanism and also assessing how issuing its own digital currency will address gaps in the digitalization of the country’s payments and settlement system.
BSP director Melchor T. Plabasan for the Risk and Innovation Supervision Department said the central bank could set up a cryptocurrency dispute body…
