Philippines

Market Infrastructure

Japan, Philippines Explore Yen-Peso Direct Trading

By Editors | 03/06/2019

Japan and the Philippines will explore the establishment of direct yen-peso settlement for trade and investment between the two countries.

AML / KYC

HK, Singapore, Japan Associations Launch APAC RegTech Network

By Manesh Samtani | 03/06/2019

The APAC RegTech Network seeks to enhance cross-border collaboration on regtech education and implementation across the region.

Market Infrastructure

Philippines Revises Framework Governing Bank Auditors

By Editors | 29/05/2019

The revised framework lays out criteria for banks to select external auditors as well as key guidelines for auditors in their assessment of banks.

AML / KYC

Five RCBC Bank Employees Charged with Money Laundering

By Editors | 25/05/2019

Five current and former bank employees have been charged with money laundering in the Philippines in connection with the 2016 Bangladesh Bank heist.

Capital / Liquidity

BSP Cuts RRR for Thrift, Rural, Cooperative Banks

By Editors | 25/05/2019

The move follows RRR cuts for large banks, as the BSP looks to mitigate lowering price expectations and inflation.

Capital / Liquidity

BSP to Cut Reserve Requirements for Biggest Banks

By Editors | 17/05/2019

The 200 basis point RRR cut will take place over three phases by end-July, and free up an estimated $3.6bn in banking system liquidity.

Big Picture

Financial Sector Cyber Resilience Relies on Global Cooperation – FSB

By Editors | 12/05/2019

Successful cooperation on cyber security will enhance financial sector resilience and prevent fragmentation, said the FSB’s secretary general Dietrich Domanski in speech to the G7.

Fintech / Regtech

Open Banking Security Risks May Open Pandora’s Box

By Peter Lancos | 09/05/2019

The open banking initiative could be put in jeopardy if data is not sufficiently secured, say Peter Lancos, Jonathan Naismith and Suraj Nittoor at Exate Technology.

AML / KYC

Philippine FIU Seeks an End to Bank Secrecy Law

By Editors | 07/05/2019

The AML Council is seeking additional powers to combat financial crime, including the lifting of the bank secrecy law, which would allow it to check all accounts regardless of transaction thresholds.