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Dec 15 2020 BSP OKs new regulatory relief for savings and loan associations
THE BANGKO Sentral ng Pilipinas (BSP) will allow non-stock savings and loan associations (NSSLAs) to include accrued interest on some loans in their 2020 net profit, for the purpose of income distribution to members, as a way to extend relief to the industry during the pandemic.
Memorandum No. M-2020-088 signed by BSP Deputy Governor Chuchi G.…
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Dec 14 2020 Provenir Links up With FinScore for AI-Powered Credit Decisioning
Provenir, risk decisioning and data analytics software provider, announced a new data integration partnership with FinScore, an alternative credit scoring company in the Philippines that uses proprietary AI and machine learning technology in its predictive models to help financial institutions reduce defaults, increase approval rates, and combat fraud.
The partnership aims to empower financial institutions in…
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Dec 13 2020 Digitalization seen to boost PHL trade with key partners
DIGITALIZATION in the 15-country mega trade deal could improve trade systems with key partners, a research fellow from the Philippine Institute for Development Studies (PIDS) said.
The world’s biggest trade deal, the Regional Comprehensive Economic Partnership (RCEP), was signed by China, Australia, New Zealand, Japan, South Korea and all 10 Association of Southeast Asian Nations (ASEAN)…
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Dec 13 2020 BSP likely to keep rates steady — poll
THE CENTRAL BANK is likely to keep its key policy rates at the record low levels on Thursday, as it considers the recent uptick in the country’s inflation rate, according to analysts.
With recovery prospects remaining bleak in the fourth quarter, analysts expect the Bangko Sentral ng Pilipinas (BSP) to resume policy rate cuts as early…
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Dec 13 2020 RCBC Becomes the Latest Addition to the ASEAN Financial Innovation Network
The ASEAN Financial Innovation Network (AFIN) has announced the inclusion of Rizal Commercial Banking Corporation (RCBC) among the four new members of the API Exchange during the Singapore FinTech Festival 2020.
AFIN was established as a non-profit organisation in 2018 by the ASEAN Bankers Association (ABA), International Finance Corporation (IFC), a member of the World Bank Group, and…
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Dec 12 2020 BIR, BOC ramp up digitalization projects
The Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC) have put their respective digital transformation programs on the fast lane this year even amid the COVID-19 pandemic to further improve tax administration for the benefit of taxpayers and raise the collection efficiency of these agencies.
In separate reports to Finance Secretary Carlos Dominguez III…
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Dec 12 2020 Huawei paves new economic boom in 2021 with fintech and cloud innovations
As a self-made global leader in technology, Huawei has been championing Asian growth in internet-based technologies such as 5G, the cloud, and artificial intelligence (AI) which have become increasingly vital to business in anticipation of the economic turnaround expected in 2021.
Following the unprecedented events of 2020 which caused a massive slump in economies worldwide, sectors…
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Dec 12 2020 BSP tightens reserve rules for lenders
The central bank has set a limit on the amount of loans to small and large businesses that lenders can count as part of their reserve requirement compliance, Governor Benjamin E. Diokno said on Friday.
In a statement, Mr. Diokno said total loans to micro-, small- and medium-sized enterprises (MSME) and large enterprises counted as alternative…
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Dec 12 2020 ASEAN Financial Innovation Network welcomes RCBC membership in API Exchange
The ASEAN Financial Innovation Network (AFIN) welcomed the inclusion of the country’s most innovative bank, RCBC among the four new members of the API Exchange of the ASEAN Financial Innovation Network (AFIN) during the Singapore FinTech Festival.
AFIN was established as a non-profit organization in 2018 by the ASEAN Bankers Association (ABA), International Finance Corporation (IFC),…
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Dec 12 2020 DigiBankASIA Taps Backbase for Its Prospective Digital Bank UNO
Backbase, a banking software provider, has been selected by DigiBankASIA to offer its full-stack digital engagement banking platform solution for its digital bank UNO.
Together with ecosystem partners Mambu and Amazon Web Services (AWS), Backbase is powering UNO to deliver a full spectrum of digital financial services for its initial launch in the Philippines.
Jouk Pleiter, CEO and Founder…