Philippines

Non-bank e-money issuers and other entities can become direct participants of the RTGS payment system without being sponsored by existing participants.

Critics say the bill's timing is poor due to the country's lack of surplus funds, high national debt, large trade deficit, and other economic problems.

Former chief operating officer and former compliance officer of now-defunct Orani Rural Bank created fictitious loans by falsifying documents.

Through Bills Pay PH, customers can make digital payments to almost 500 on-boarded billers for free even if they use different payment service providers.

The BSP will be able to adjudicate cases involving financial transactions that are of civil nature and order reimbursements up to PHP 10 million.

The MoU is the first that brings together multiple ASEAN central banks under a single multilateral agreement to enhance cross-border payments.

Lenders have 18 months to use the new standard form, which the BSP says will make credit more accessible to small businesses.

The amendments target terrorist and proliferation financing and are aimed at helping the Philippines secure its removal from the FATF grey list.

Proposed rules governing the intraday liquidity facility are being circulated among banks and non-banks.

Union Bank's digital asset platform, developed by Swiss firm Metaco, went live last week, offering trading in bitcoin and ether.