Philippines

Fintech / Regtech

SEC Philippines Launches New Fintech Innovation Office

By Editors | 01/08/2021

The PhiliFintech Innovation Office will serve as the first point of contact for existing fintech companies and help the SEC regulate fintech activities.

Crypto / Digital Assets

Ripple Opens Japan-Philippines Remittance Corridor

By Manesh Samtani | 31/07/2021

Japan’s SBI Remit will connect with Coins.ph and crypto exchange SBI VC Trade to open the remittance corridor, leveraging Ripple’s on-demand liquidity service.

Fintech / Regtech

BSP Grants Fourth Digital Bank Licence to UnionBank

By Editors | 31/07/2021

UnionBank is the latest to receive the licence after Landbank’s Overseas Filipino Bank, Tonik Bank, and UNOBank.

AML / KYC

Philippine AMLC Directs Banks to Implement Freeze Orders ‘Immediately’

By Ranamita Chakraborty | 13/07/2021

Some covered persons commence implementation of freeze orders with only a few days remaining before the expiry of the period prescribed, the AMLC says.

AML / KYC

AMLC Examines Philippine Exposure to Tax Crimes

By Ranamita Chakraborty | 12/07/2021

The study was conducted in light of the recent AML Act amendment which included the commission of tax crimes in the list of predicate offences for money laundering.

Crypto / Digital Assets

Philippine Bourse Seeks to Launch Crypto Business – Report

By Sanday Chongo Kabange | 07/07/2021

CEO Ramon Monzon said the PSE should be the exchange platform for crypto assets because it already has the trading infrastructure and investor safeguards in place.

Philippines Expects More Entrants to Digital Banking Scene

By Ranamita Chakraborty | 02/07/2021

Tencent-backed Voyager Innovations, Philippine National Bank, RCBC, South Africa’s TymeBank, UnionBank, and EastWest Bank are among the applicants.

Enforcement

Philippine SEC Threatens Online Lenders with Licence Revocation

By Sanday Chongo Kabange | 29/06/2021

The threat is aimed at lending and financing companies that have failed to register and disclose their online lending platforms.

AML / KYC

FATF Plenary Packs Powerful Punch

By Manesh Samtani | 25/06/2021

The FATF finalised reports on technological innovation, environmental crime, and asset recovery. New guidance on PF risk and a white paper on beneficial ownership were also finalised.