Philippines

Market Infrastructure

Singapore, Philippines to Pursue Cross Border Payment Links

By Editors | 08/11/2021

MAS and the BSP have agreed to pursue real time and QR payment systems links to enable instant, seamless and low-cost cross-border payments.

Philippines Streamlines Bank Merger Application Processes

By Editors | 07/11/2021

A five agency agreement will see documentary requirements cut in half and total processing times reduced from 160 to 55 business days.

Market Infrastructure

New Alliances Target Energy Infrastructure, Lower Emissions

By Mark Johnston | 05/11/2021

The GEAPP has committed $100bn to clean energy infrastructure. ADB announced a plan to finance early closures of coal plants in Indonesia and the Philippines.

FSC Korea Orders Citi to Submit Detailed Plans on Market Exit

By Editors | 31/10/2021

Citi is asked to submit a detailed plan for how it will protect consumer rights as it exits its retail banking business in Korea.

ESG / Sustainability

BSP Directs Banks to Integrate Environmental, Social Risks

By Editors | 31/10/2021

Banks have to integrate environmental and social risk in their risk management frameworks and when defining their credit strategy.

Capital / Liquidity

BOT Relaxes Mortgage Lending Rules to Boost Property Market

By Editors | 28/10/2021

The BOT is allowing LTV ratios of up to 110 percent, including top-up loans for home decoration, for first homes priced below THB 10 million.

AML / KYC

FATF Keeps Pakistan on Grey List with 4 Action Items Outstanding

By Editors | 21/10/2021

Marcus Pleyer said “there is no discussion on blacklisting Pakistan” as its government has demonstrated a “clear commitment” and is cooperating with the FATF.

Crypto / Digital Assets

Sri Lanka to Develop Regulatory Framework for Cryptocurrency

By Sanday Chongo Kabange | 15/10/2021

The committee will advise Sri Lanka’s cabinet on a regulatory framework for Sri Lanka for blockchain, digital banking and crypto mining.

Fintech / Regtech

BSP Migrates to API-Based Regulatory Reporting

By Sanday Chongo Kabange | 14/10/2021

Banks have six months to enable capabilities to generate XML reports and ensure appropriate personnel is in place.