Philippines

Structural Regulation

BSP Grants Sixth Digital Bank Licence to PayMaya

By Editors | 20/09/2021

The seventh and final digital bank is likely to be an existing bank applying to convert into a digital bank, but approval has been delayed.

Structural Regulation

BSP Instructs Banks to Proactively Transition from LIBOR

By Editors | 20/09/2021

The BSP is not looking to prescribe specific alternative reference rates for use by Philippine banks, saying these choices should be market-driven.

Payments & Settlements

BSP Directs Payment Systems to Adopt PFMI Standards

By Editors | 18/09/2021

Designated payment systems are expected to demonstrate adequate governance and risk management arrangements in line with the PFMI.

Fraud, Scams & Cybercrime

Philippine Lawmaker Introduces Bill to Tackle Rising Cybercrime

By Ranamita Chakraborty | 17/09/2021

The bill requires banks and non-bank FIs to “exhaust all means to ensure that victims are able to recover their monetary loss, if any”.

Payments & Settlements

India’s UPI to Extend QR Payments to 10 Asian Markets

By Ranamita Chakraborty | 17/09/2021

Users of NPCI’s BHIM mobile app will be able to make UPI QR-based payments at merchants progressively across north and southeast Asia from early 2022.

Structural Regulation

Malaysia, Thailand Invite Banks to Become ‘Qualified ASEAN Banks’

By Manesh Samtani | 15/09/2021

The initiative is part of the April 2019 bilateral arrangement between BNM and BOT under the ASEAN Banking Integration Framework.

Conduct, Culture & Accountability

BSP Introduces Stricter Penalty Framework for FIs

By Sanday Chongo Kabange | 13/09/2021

Monetary penalties have increased from PHP 30,000 to a maximum PHP 1 million for each violation. Fines up to three times profit gained or loss avoided can also be imposed.

Payments & Settlements

Philippine Banks Adopting Global Best Practices in FX Settlement

By Jimmy Ho | 13/09/2021

Jimmy Ho and Sammie Chan discuss Metrobank’s adoption of PvP settlement and how it reflects a broader trend in the Philippine banking industry.

PEPs & Sanctions

Philippine SEC Disseminates Guidance on Targeted Financial Sanctions

By Editors | 12/09/2021

The guidance now covers targeted financial sanctions related to terrorism, terrorism financing, and proliferation financing, including remedies and relevant UNSC links.