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Oct 20 2020 Quezon City’s Public Market Embraces Digital Payments With DiskarTech App
Most of the Litex Market’s vendors at Commonwealth Avenue, Quezon City seem to have embraced digital payments with the aid of Rizal Commercial Banking Corporation’s (RCBC) DiskarTech app. They reported that about 197 out of 200 vendors have downloaded the app for their transactions.
These vendors join the growing number of “Negosyantech”, in the country. It…
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Oct 20 2020 BSP to carefully assess timing of unwinding its easing measures
THE central bank will carefully gauge the appropriate timing of unwinding its aggressive policy measures, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.
“With the huge amount of liquidity injected into the system, we are fully aware of the need to carefully assess the appropriate timing of the unwinding of all these measures,” Mr.…
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Oct 20 2020 Digitization not just for coping; embracing it is the way forward
THE only way to come out stronger out of this crisis is to embrace digitization and prevent compromising the country’s growth in the next three decades, according to the World Bank.
In a presentation in a public webinar on Tuesday, World Bank Philippines Senior Economist Rong Qian said the extent of the Covid-19 crisis has far-reaching…
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Oct 20 2020 Philippines’ Digital Banking Framework to Trigger Wave of Innovation for the Unbanked
In the Philippines, the upcoming digital banking framework will trigger a wave of innovation and help address financial exclusion, experts said.
During a recent webinar, experts representing CIMB Bank, RCBC, Finastra and Microsoft, discussed the forthcoming digital banking license, arguing that the entrance of new, tech-driven players will shake up the industry for the better.
Vijay Manoharan,…
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Oct 19 2020 Bank exec cites lesser need for physical branches
Opening up new bank branches is now less critical compared to before the pandemic since going digital has proven its effectiveness in bringing in more people to be part of the financial system, bank executive said Tuesday.
Ramon Duarte, Union Bank of the Philippines (Unionbank) Transaction Banking and Platform Development head, said he considers investing heavily…
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Oct 19 2020 FICO Survey Reveals Banks in Philippines Struggling With Digital Identity Authentication
FICO, a global analytics software firm, has released its Identity in Digital Banking Survey, which found that the complexity and cost of validating the identity of digital banking customers are the top pain points for banks in the Philippines.
Almost 50% of respondents surveyed nominated the ‘high level of manual processes to validate customer identities’ as their…
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Oct 19 2020 BSP eyes credit risk database for MSMEs
MANILA – Micro, small and medium enterprises’ (MSMEs) access to financing are expected to further widen through a statistical reference tool being developed jointly by the Bangko Sentral ng Pilipinas (BSP) and the Japanese government.
“This (database) will lessen the dependence of banks on collateral, hence, increase MSME access to financing,” BSP Governor Benjamin Diokno said .in…
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Oct 18 2020 Pandemic fast-tracks race to financial inclusion–BSP
IN what appears to be a rare silver lining, the global pandemic has pushed more Filipinos to open bank accounts and do their transactions online, the Bangko Sentral ng Pilipinas (BSP) governor said in a recent speaking engagement.
Central Bank chief Benjamin Diokno said their goal to increase local financial inclusion by 2023 may have been…
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Oct 18 2020 Online lenders barred from harvesting borrowers’ phone and social-media contact list, says Privacy Commission
Lenders operating online apps that can be installed in smartphones are prohibited from harvesting personal information, such as phone and social media contact lists, for harassing delinquent borrowers, the National Privacy Commission (NPC) said in a circular it published today, October 19.
The Commission issued Circular No. 20-01 in response to numerous complaints that online lenders…
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Oct 18 2020 Globe makes connectivity easier in midst of COVID19, as KonekTayo School Bus WiFi launches in Manila
Mindful of the importance of connectivity at home as COVID-19 pandemic continues to bring uncertainty in the country that prompted the government to enforce community quarantine and observe strict social distancing, Globe reached out to the underprivileged communities and officially launched the School Bus WiFi program in Manila City today. The kick-off also marks a…