Bangko Sentral ng Pilipinas

Fintech / Regtech

BSP to Closely Scrutinise New Digital Banking Applicants

By Ranamita Chakraborty | 02/09/2024

Fitch Ratings says close scrutiny of the new applicants is likely given that the majority of the existing digital banks are still loss-making.

ESG / Sustainability

BSP, NBC to Cooperate on Payment System Connectivity, Digital Finance

By Sanday Chongo Kabange | 22/08/2024

The central banks will collaborate on payment connectivity, digital finance innovation, AI, cyber security, and sustainable finance.

Securities / Derivatives

BSP Amends Rules for Banks on Equity Divestments

By Sanday Chongo Kabange | 21/08/2024

The amended rules clarify expectations for banks to divest equity investments that are prohibited under applicable laws and regulations.

ESG / Sustainability

BSP Calls on Lenders to Do More to Support Climate Action

By Sanday Chongo Kabange | 19/08/2024

The BSP said green finance “has yet to fully take off” and that lenders need to do more to support climate action efforts of enterprises and households.

AML / KYC

BSP Mandates Acceptance and Verification of Digital IDs

By Ranamita Chakraborty | 14/08/2024

Financial institutions in the Philippines must now accept all national ID formats, including digital IDs, after verifying its authenticity.

Fintech / Regtech

BSP to Start Accepting New Digital Bank Applications in January

By Sanday Chongo Kabange | 09/08/2024

The BSP will lift the moratorium on granting new digital bank licences starting 1 January 2025. Only four new licences will be granted.

Market Infrastructure

BSP Unveils 5yr Financial Services Cyber Resilience Plan

By Sanday Chongo Kabange | 08/08/2024

The plan set out key goals, priority actions and milestones to be achieved between 2024 to 2029 to enhance industry resilience against cyber threats.

BSP Launches New Online Financial Literacy Initiative

By Sanday Chongo Kabange | 07/08/2024

The ‘BSP E-Learning Academy’ seeks to broaden the reach of financial education and strengthen consumer protection.

AML / KYC

The Case for Change: Leveraging GenAI in Anti-Financial Crime

By Bradley Maclean | 07/08/2024

GenAI’s emergence will revolutionise financial crime prevention, but a balanced approach that includes strict oversight will be key to maximising its benefits.