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Dec 06 2020 Consumer education widens acceptance of digital payments
Consumer education on digital payments and fund transfers needs to be strengthened for more people to embrace this system, which registered strong uptake after Luzon was placed under lockdown in the first half of 2020.
In a virtual briefing Friday, Xendit Philippines Managing Director Yang Yang Zhang said ensuring regulators are briefed on what the company…
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Dec 05 2020 More Filipino execs prioritizing digital transformation – survey
More than half of Filipino executives are prioritizing the digital transformation of their business in the next two years, a study from the IBM Institute for Business Value said.
The institute conducted a global study on coronavirus disease 2019 (COVID-19) and the future of business from April to August 2020, which found that digital transformation is…
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Dec 05 2020 BSP releases guidelines for establishment of digital banks
THE BANGKO SENTRAL ng Pilipinas (BSP) has released the guidelines for establishing digital banks in the country, giving it a distinct classification to boost the sector’s delivery of financial services to consumers.
BSP Circular No. 1105 signed by BSP Governor Benjamin E. Diokno on Dec. 2 defines a digital bank as an institution that offers financial…
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Dec 05 2020 Labor Department and RCBC to Disburse Funds for Displaced Filipino Workers
Rizal Commercial Banking Corporation (RCBC) and the Department of Labor and Employment (DOLE) will collaborate for an efficient and quick digital disbursement of cash assistance to displaced local and overseas workers affected by the COVID 19 pandemic.
The funds will be disbursed through InstaPay bank transfers and RCBC’s DiskarTech app to the targeted beneficiaries as identified and verified by DOLE.…
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Dec 03 2020 BSP to ‘pull out all stops’ to help Covid-hit local MSMEs
BANGKO Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said they are looking at implementing more measures to aid local micro, small and medium enterprises (MSMEs) in their recovery after being badly hit by the pandemic.
Speaking at the virtual launch of the Citi Microentrepreneurship Awards (CMA) 2020, Diokno said more than ever, it is vital to…
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Dec 03 2020 BSP sets rules for nonbanks’ crime reporting
THE CENTRAL BANK has laid out guidelines for the reporting of crimes and its resulting losses for nonbank financial institutions (NBFIs).
Circular No. 1104 signed by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno on Nov. 27 requires pawnshops, money service businesses, and nonstock savings and loan associations to file reports on crime and losses…
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Dec 03 2020 JazzyPay and GCash to Provide Cashless Payment Option for Essential Businesses
Philippine fintech startup JazzyPay has partnered with e-wallet GCash to provide cashless payment solutions to essential businesses.
The GCash payment facility is now directly integrated into JazzyPay’s PCI DSS Level 1 compliant platform as a payment method for hospitals, clinics, schools, and other businesses across the Philippines.
Prior to the pandemic, the digital payments space in the Philippines had already…
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Dec 02 2020 20 Top Emerging Digital Finance Players to Watch in the Philippines
Though in the Philippines fintech is still in the infancy stage, adoption of digital financial services is on the rise. COVID-19 is further accelerating consumers’ shift to digital channels.
A survey conducted earlier this year by PayPal showed that 87% of Filipinos increased their usage of digital payments during the pandemic. An overwhelming 99% said they…
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Dec 01 2020 Moody’s sees sluggish loan growth on banks’ tighter credit standards
THE COMING YEAR will likely remain challenging for Philippine banks as they may face continued tepid loan growth and downside risks to profitability, an analyst from a debt watcher said.
“Loan growth will likely be muted in 2021 as the banks cautiously navigate the challenging economic environment,” Joyce Ong, an analyst at the Financial Institutions Group…
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Dec 01 2020 Convenience, safety of people led to DiskarTech, ParaHero partnership
In this time when pandemic remains to threaten our health and life while trying to adjust and live under the new normal, there are many who are still wary of dealing with the current situation.
However, two companies wanted to do their share to the country and community, and formed an alliance to bring convenience and…