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Life insurance firm Insular Life rolled out a new life insurance product that gives guaranteed cash payouts and coverage for 20 years.

Insular Life said Basic Assure 10 is payable for 10 years but it provides for insurance protection for 20 years.

On the sixth year of the policy, the death benefit would also increase to 200…

THE Bangko Sentral ng Pilipinas (BSP) started implementing this month a new compliance rating system for banks called the Supervisory Assessment Framework (SAFr), which it hopes will ensure stability in a post-pandemic environment.

Full Article: https://www.bworldonline.com/bsp-adopts-new-bank-rating-system/?fbclid=IwAR1NRThyj1cqBbFs69l9lgxKcFIqSbWhhPUZEJxlA3BHnP_r0km4KRh-vfI

Major digital financial services frontrunner PayMaya has heeded the call of the  times by enabling  micro, small and medium enterprises (MSMEs) to thrive and survive during the pandemic period.

As of end-November, the number of MSMEs utilizing PayMaya’s various digital payment acceptance solutions have grown exponentially by 2,000 percent year-on-year, signifying a sea change on how merchants…

In a bid to boost digital payment adoption, Cebuana Lhuillier Rural Bank (CLRB) and UnionPay International launched a new debit card catering to the unbanked and underbanked segment in the country.

Dubbed as the “Cebuana Lhuillier 24K” card, the banking arm of microfinancial services firm Cebuana Lhuillier said the new offering will allow users to accumulate…

Given the heavy usage of the internet at home in the time of the pandemic, the National Privacy Commission (NPC) has launched a partnership with Globe to promote digital responsibility and data privacy among the Filipino youth. NPC’s program, “Kabataang Digital”, aims to provide age-appropriate support for children to help them understand the nature of…

THE BANGKO SENTRAL ng Pilipinas (BSP) has received the first application for a digital banking license following the release of a framework for the sector in November.

“The application is a partnership of local and foreign players, ”BSP Deputy Governor Chuchi G. Fonacier said in a Viber message.

Aside from the first applicant, Ms. Fonacier said there are…

Philippine mobile money wallet GCash has hit PHP 1 trillion in transactions for the year 2020, recording a 254% year-over-year (YoY) growth. Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.

The app peaked at PHP 7.5…

THE value of government transactions processed by digital payment company PayMaya Philippines, Inc. has increased by around 1,200% in December compared with the level in the same month of the previous year.

The company said in a statement on Monday that more than 60  national and local government agencies are using its payment platform for taxes…

THE INSURANCE Commission (IC) has approved the P1.5-billion sale of Philippine National Bank’s (PNB) nonlife insurance arm PNB General Insurers Co., Inc. (PNBGen), which is part of the Lucio Tan group’s move to consolidate its businesses.

PNB said in a kling with the local bourse on Monday that the insurance regulator on Dec. 29 okayed Allied…

RIZAL COMMERCIAL Banking Corp. (RCBC) has seen stronger demand for short-term investment instruments as the market remains cautious amid continued uncertainty due to the coronavirus pandemic. 

The bank’s unit investment trust fund clients have been opting togo for products with less volatility, including money market and short-term funds, RCBC Trust and Investments Group Head Robert B.…