Philippines

    Market Infrastructure

    BSP to Roll Out Unified Data Standards for FIs by Year-End

    By Ranamita Chakraborty | 25/08/2021

    The framework seeks to ensure that all the information obtained by and passed through different digital channels is handled ethically.

    Fintech / Regtech

    BSP to Close Application Window for Digital Banks

    By Editors | 23/08/2021

    The application window will be closed for three years. Applications received by 31 August will be processed on a first-come, first-served basis.

    Market Infrastructure

    BSP Designates RTGS System as Systemically Important

    By Ranamita Chakraborty | 23/08/2021

    The BSP was granted authority to designate systemically important payment systems under the National Payment Systems Act, which was signed into law in 2018.

    Market Infrastructure

    BSP Relaxes Rules on FX Trade Approval for Banks

    By Editors | 22/08/2021

    Banks can sell FX without prior BSP approval if they will be used for activities such as online e-commerce payments, certain imports of goods, and fee payments.

    Securities / Derivatives

    Philippine SEC Issues Final Guidelines for ASEAN CIS Framework

    By Editors | 22/08/2021

    In May, the Philippines became the fourth signatory to the ASEAN CIS Framework for cross-border funds after Malaysia, Singapore and Thailand.

    Fintech / Regtech

    BSP Grants Digital Bank Licence to Gokongwei-Tyme Joint Venture

    By Editors | 20/08/2021

    The application window for the submission of applications from new digital banks, including converting banks, will close on 31 August​ 2021.

    AML / KYC

    Philippine President to Prioritise Bill to Ease Bank Secrecy Rules

    By Manesh Samtani | 20/08/2021

    The BSP welcomed the move, saying the bill will provide the central bank tools to investigate illegal activity and improve the safety of the banking system.

    AML / KYC

    BSP to Finalise Members of Open Finance Body This Year

    By Sanday Chongo Kabange | 10/08/2021

    The open finance oversight committee which will formulate standards for consent-based data sharing will include representation from across the financial industry.

    AML / KYC

    China, UAE Agree to Exchange Intelligence on AML Investigations

    By Editors | 09/08/2021

    The FIUs in China and the UAE will exchange information on investigations concerning money laundering, terrorist financing, and the persons or entities involved.

    Market Infrastructure

    FIs Team Up to Accelerate Coal Plant Closures in APAC

    By Editors | 05/08/2021

    Prudential, Citi, HSBC, and BlackRock are reportedly working on a plan to buy out coal-fired plants and wind them down early.

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