Philippines

Operational Risk

Philippines to Implement New Credit Card Law

By Garima Chitkara | 07/05/2018

New law aims to increase competition by allowing non-bank entities to enter credit card business; includes greater safeguards for borrowers related to calculation of charges, unfair collection practices, and the use of customer data.

Payments & Settlements

Philippines Launches Real Time E-Payments Platform InstaPay

By JP Reimann | 24/04/2018

Philippine central bank launch of InstaPay will enable real-time electronic fund transfers up to PHP50,000 per day through 20 participating institutions.

Cybersecurity

Philippines Targets Retail Finance Digitalisation

By Garima Chitkara | 19/04/2018

BSP governor laid out the central bank’s regulatory priorities in fintech and regtech while revealing regulation around AML/KYC requirements and mitigating the risks surrounding data security.

Capital Adequacy

Philippine Bank Profits Insufficient to Support Asset Growth – Moody’s

By Editors | 09/04/2018

Moody’s says loan growth outpaces capital growth at Philippine banks as strong macroeconomic conditions increase credit demand; banks require external capital raising to improve capital ratios.

Structural Regulation

ASEAN ‘Close’ to Financial Services Free Trade Agreement

By Samuel Riding | 09/04/2018

Statement says deal on trade in services close to agreement, ASEAN members to also update wider agreement on cross-border services this year.

Cloud & Infrastructure

Philippines to Strengthen Supervision Through Regtech

By Editors | 05/04/2018

BSP to adopt regtech solutions including API for electronic data submissions by FIs, chatbot for complaints to the regulator.

Cybersecurity

Malaysia Foils Cyber Attack Involving Falsified SWIFT Messages

By Manesh Samtani | 01/04/2018

Unauthorised transactions were prevented by central bank, no financial losses occurred; near breach prompts increased vigilance in the Philippines.

Liquidity Risk

BSP Cuts Reserve Requirement for Philippine Banks

By Editors | 17/02/2018

The 100 basis point RRR reduction is expected to free up PHP90 billion of liquidity in the financial system.

Anti-Money Laundering

Europe’s Latest AML Directive a Huge Challenge for Asian Operations

By Bradley Maclean | 14/02/2018

4th AMLD to prove a headache for Asian institutions which already share clients and data with EU-based subsidiaries, potentially influencing Asia-based parent institutions themselves.