Philippines

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.

Fintech / Regtech

Philippine SEC Proposes New Requirements for Online Lending Platforms

By Editors | 08/08/2019

The SEC proposes new disclosure and reporting requirements for operators of online lending platforms, in response to inquiries from the public about their registration and legitimacy.

Capital / Liquidity

BSP Approves New Risk Management Guidelines for Banks

By Editors | 29/07/2019

The guidelines seek to ensure that risks from banks’ investment activities are effectively identified, measured, monitored and controlled.

Market Infrastructure

New Zealand Implements Asia Region Funds Passport

By Editors | 28/07/2019

New Zealand joins Australia, Japan and Thailand in having implemented the legal and regulatory requirements to enable the Asia Region Funds Passport.