Philippines

Structural Regulation

BSP Green Lights Q3 Launch of GoTyme Digital Bank

By Editors | 05/08/2022

GoTyme Bank, a joint venture of digital banking group Tyme and members of the Gokongwei Group of companies, was awarded a Certificate of Authority.

Payments & Settlements

BSP to Ease Documentary Requirements for FX Transactions

By Editors | 31/07/2022

The BSP has proposed draft rules to ease the documentary requirements for registering inward investments and FX remittances to fund investments.

Fraud, Scams & Cybercrime

Philippine Court Jails Seven Over Investment Scam

By Editors | 28/07/2022

Seven perpetrators of a PHP 3 billion investment scam were sentenced to 20 years in jail each on top of financial penalties. Four others remain at large.

Payments & Settlements

Five ASEAN Central Banks to Link Payment Systems

By Editors | 21/07/2022

The central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand will formally sign an agreement on payment connectivity in November.

Cloud & Infrastructure

Philippines: Diokno Directs SEC to Further Digitalise Markets

By Editors | 21/07/2022

Finance Secretary Benjamin Diokno directed the SEC to use digital technologies to improve monitoring, build investor trust, protect the investing public, and better serve the economy.

Structural Regulation

Philippines: UnionBank Commences Digital Banking Operations

By Editors | 20/07/2022

UnionDigital Bank commenced operations on Monday after receiving the BSP’s green light for the launch last week.

Payments & Settlements

BSP Designates Two “Prominently Important” Payment Systems

By Editors | 18/07/2022

The designation of PESONet and InstaPay as Prominently Important Payment Systems will mean they are subject to closer BSP supervision and monitoring.

Anti-Money Laundering

BSP Issues Guidance on Conducting AML/CFT Risk Assessments

By Editors | 18/07/2022

The findings from institutional risk assessments should be used to enhance AML/CFT/CPF/sanctions compliance programmes and made available to the BSP during examinations.

Fraud, Scams & Cybercrime

BSP Reiterates Calls for FIs to Enhance Anti-Fraud Measures 

By Editors | 05/07/2022

The BSP has vowed to intensify monitoring and surveillance of the financial industry to ensure they “remain responsive to emerging risks”.