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Jan 07 2021 Insular Life unveils new insurance product
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…
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Jan 07 2021 BSP adopts new bank rating system
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
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Jan 06 2021 Cashless craze fuels PayMaya’s 2,000 percent YOY growth
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…
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Jan 06 2021 Cebuana bank targets unbanked via new card
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…
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Jan 05 2021 Digital citizenship launched thru Globe, NPC launch partnership
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…
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Jan 05 2021 BSP receives first application for a digital banking license
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…
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Jan 04 2021 GCash E-Wallet Hits PHP 1 Trillion in Transactions in 2020
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…
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Jan 04 2021 Gov’t transactions via PayMaya platform soar
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…
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Jan 04 2021 IC approves P1.5- billion sale of PNB’s nonlife insurance arm to Alliedbankers
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…
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Jan 04 2021 RCBC says clients prefer short-term investments
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.…