Philippines

BSP Revises Rules to ‘Institutionalise’ Consumer Protection at Banks

By Editors | 11/09/2019

The BSP has revised its financial consumer protection framework to ensure banks conduct their business ethically and refrain from practices that may cause harm to consumers.

Market Infrastructure

GRI Sets Up in Singapore to Promote Sustainability Reporting in ASEAN

By Editors | 04/09/2019

The new ASEAN hub will generate valuable know-how for ESG reporting and sustainable finance, and contribute to Singapore’s development as a financial centre, says SGX CEO Tan Boon Gin.

Market Infrastructure

Philippines Signs Islamic Banking Framework into Law

By Editors | 03/09/2019

The law grants Islamic banks powers to carry out the business of a bank in accordance with Sharia principles, in addition to the general powers granted to corporations.

AML / KYC

Philippines Launches Pilot Test of New National ID System

By Editors | 02/09/2019

The pilot test phase will initially focus on government and welfare services, but will later be expanded to include financial services.

AML / KYC

Philippine Police Arrest Former Govt Official for Banking Law Violations

By Editors | 28/08/2019

Former foreign affairs secretary Perfecto Yasay Jr is reportedly accused of conspiring to obtain a $6.7mn loan for a company without reporting the loan to the central bank.

Fintech / Regtech

Uncovering the Terms and Conditions for Technology

By Max Kantelia | 27/08/2019

Legislators and industry leaders need to work together to ensure the benefits of innovation do not come at the cost of fairness, choice, and privacy, says Zilliqa co-founder Max Kantelia.

AML / KYC

APG: Good Progress from Taiwan; Pakistan Falls to ‘Enhanced Follow-up’

By Editors | 26/08/2019

The APG has adopted mutual evaluation reports for the Philippines, China, Hong Kong, Pakistan, Taiwan and the Solomon Islands – due to be published in October.

Market Infrastructure

Philippines to Relaunch OF Bank to Create Digital-only Bank

By Editors | 14/08/2019

The Overseas Filipino Bank was launched in January to cater to overseas Filipino workers, who will more easily be able to access digital-only services.

Capital / Liquidity

BSP Issues Guidelines for Banks on Managing IRRBB

By Editors | 14/08/2019

Covered supervised institutions have until 1 January 2021 to develop or revise their policies and procedures in accordance with the guidelines.