Philippines

    Enforcement

    Billionaire’s Arrest Signals China’s Intent to End Cross-Border Gambling

    By Darien Choong | 05/12/2021

    Suncity Group’s Alvin Chau allegedly operated a gambling syndicate that used Macau as a base for an illegal “live web betting platform” in the Philippines, targetting customers in mainland China.

    AML / KYC

    Police Arrest 1,000 in Interpol Operation Targeting Online Fraud

    By Ranamita Chakraborty | 01/12/2021

    The operation was used to test a new worldwide stop-payment mechanism which Interpol plans to fully embed in police communication channels next year.

    Capital / Liquidity

    BSP Allows Digital Banks to Participate in Monetary Operations

    By Editors | 30/11/2021

    Digital banks and unit investment trust funds can also participate in the secondary market for central bank securities.

    ESG / Sustainability

    Thailand Needs Government Intervention to Achieve Net-zero

    By Pongnut Thanaboonchai | 25/11/2021

    Market forces alone will not be sufficient for Thailand to tackle carbon emissions and achieve net-zero, says Pongnut Thanaboonchai.

    BSP Issues Revised Corporate Governance Rules for FIs

    By Editors | 25/11/2021

    Non-Filipino citizens can become members of a bank’s board of directors, to the extent of foreign ownership in the institution.

    Fintech / Regtech

    Philippine SEC Issues Draft Rules for Online Lenders, Fintechs

    By Mark Johnston | 24/11/2021

    The SEC is seeking a greater degree of regulatory oversight for fintech firms and digital lenders to address “abusive and predatory practices”.

    Fintech / Regtech

    BSP to Stop Accepting Applications for E-Money Issuer Licences

    By Sanday Chongo Kabange | 22/11/2021

    EMI licence applications received from non-bank institutions will be processed until 15 December on a first-come, first-served basis.

    Securities / Derivatives

    Philippines Set to Issue First Sovereign Green Bonds

    By Editors | 22/11/2021

    The Department of Finance is finalising a sustainable finance framework for the issuance of the Philippines’ first-ever sovereign green bonds.

    Market Infrastructure

    BSP Pursues Cross Border Payment Links with Malaysia, Thailand

    By Editors | 16/11/2021

    The BSP has been in dialogue with ASEAN central banks including MAS, BNM and BOT to make cross-border payment flows cheaper and more seamless.

    ASEAN Sectoral Bodies Publish Taxonomy for Sustainable Finance

    By Mark Johnston | 11/11/2021

    The ASEAN Sectoral Bodies make inclusivity and credibility central to the regional taxonomy for sustainable finance.

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