Philippines

Fintech / Regtech

Philippine Privacy Watchdog Warns Against Misusing Borrower Data

By Sanday Chongo Kabange | 23/10/2020

Some online lenders are using illegally obtained personal data to shame or harass borrowers when they failed to meet their obligations.

AML / KYC

Philippines Begins Roll-out of New National ID System

By Editors | 15/10/2020

PhilSys will mean wider inclusion in the financial ecosystem for the unbanked, allowing cash aid, credit and other welfare spending to reach them faster.

Market Infrastructure

BSP Amends Operational Risk Guidelines to Include ‘People Risk’

By Sanday Chongo Kabange | 13/10/2020

The BSP wants banks and NBFIs to embed in their ERM framework measures to identify, measure, monitor, and control human resource related risks.

Fintech / Regtech

BSP Revises Minimum Capital Requirement for Digital Banks

By Manesh Samtani | 08/10/2020

The BSP will no longer consider a distinction between a basic and advance digital bank, according to a revised circular issued for industry review and feedback.

Fintech / Regtech

Philippine DOF Push For Joint Cyber Defence Strategy

By Sanday Chongo Kabange | 08/10/2020

State-run financial institutions, pension funds, insurance firms and other government agencies are instructed to establish shared cyber defence strategies.

Fintech / Regtech

MAS Orders Wirecard Entities to Cease Singapore Payment Services

By Editors | 30/09/2020

Wirecard has informed MAS that it is unable to continue providing payment processing services to a significant number of merchants.

AML / KYC

BSP Set to Issue Revised Rules on Virtual Assets

By Sanday Chongo Kabange | 30/09/2020

The revisions are aimed at addressing identified gaps and aligning the framework with FATF guidance for regulating VASPs.

BSP to Impose 24pc Ceiling on Credit Card Interest

By Editors | 27/09/2020

Effective from 3 November, credit card issuers can charge a maximum 2% per month on unpaid outstanding credit card balances.

Securities / Derivatives

BSP Approves Sale of Unit Investment Trust Funds via Third Parties

By Editors | 26/09/2020

New rule amendments allow trust corporations to offer their investment products through third-party distributors, including individual and institutional agents.