Philippines

AML / KYC

Philippine Banks May Face ‘Systemic Solvency Distress’: IMF

By Ranamita Chakraborty | 19/04/2021

Bank capital adequacy could fall to 11.7% by 2022 in a baseline scenario, 9.3% in an adverse scenario, and 4.9% in a severe adverse scenario.

Citigroup to Exit 13 Markets, Including 10 in Asia

By Editors | 19/04/2021

The move is part of an ongoing strategic review to allow Citi to direct resources to the businesses where it has the greatest scale and growth potential.

Fintech / Regtech

Overseas Filipino Bank Obtains Digital Bank Licence

By Ranamita Chakraborty | 09/04/2021

Overseas Filipino Bank, formed as a policy bank to provide services to overseas Filipinos, has been granted a digital banking licence.

AML / KYC

Philippines Expands AML Rules to Financing, Lending Firms

By Ranamita Chakraborty | 08/04/2021

All financing and lending companies are required to register with the AMLC, report suspicious transactions and comply with other AML/CTF rules.

Fintech / Regtech

Thailand, Vietnam Launch Cross-Border QR Code Link

By Sanday Chongo Kabange | 03/04/2021

The retail payment link will facilitate cross-border transactions between Thailand and Vietnam using local currencies.

Securities / Derivatives

PSE Proposes to Exempt AIFs from Lock-up Rules

By Editors | 02/04/2021

Currently, alternative investment funds that acquired shares 180 days before an IPO are subject to a 365-day lock-up period.

BSP Encourages Greater Development of Islamic Banking

By Ranamita Chakraborty | 01/04/2021

The BSP is proactively approaching local and foreign lenders to ascertain whether they are interested in establishing Islamic banking units.

Capital / Liquidity

Philippine Senate Considers Bills to Enhance Deposit Insurance

By Ranamita Chakraborty | 28/03/2021

The Senate is considering a bill to double the maximum deposit insurance limit to PHP 1 million per depositor.

Fintech / Regtech

BSP, PDAX to Cooperate on Crypto-and-Fintech Regulatory Sandbox

By Editors | 23/03/2021

A crypto-and-fintech regulatory sandbox will boost innovation and technological advancement in financial services, while also increasing public participation in these markets.