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Fintech / Regtech
Philippines: BSP Has 11 Digital Bank Applications to Review
By Editors | 12/09/2021
Two applications were already under review. Nine new applications were received before the deadline. Only two more licences may be up for grabs.
Market Infrastructure
BSP to Roll Out Unified Data Standards for FIs by Year-End
By Ranamita Chakraborty | 25/08/2021
The framework seeks to ensure that all the information obtained by and passed through different digital channels is handled ethically.
Fintech / Regtech
BSP to Close Application Window for Digital Banks
By Editors | 23/08/2021
The application window will be closed for three years. Applications received by 31 August will be processed on a first-come, first-served basis.
Market Infrastructure
BSP Designates RTGS System as Systemically Important
By Ranamita Chakraborty | 23/08/2021
The BSP was granted authority to designate systemically important payment systems under the National Payment Systems Act, which was signed into law in 2018.
Market Infrastructure
BSP Relaxes Rules on FX Trade Approval for Banks
By Editors | 22/08/2021
Banks can sell FX without prior BSP approval if they will be used for activities such as online e-commerce payments, certain imports of goods, and fee payments.
Fintech / Regtech
BSP Grants Digital Bank Licence to Gokongwei-Tyme Joint Venture
By Editors | 20/08/2021
The application window for the submission of applications from new digital banks, including converting banks, will close on 31 August 2021.
AML / KYC
Philippine President to Prioritise Bill to Ease Bank Secrecy Rules
By Manesh Samtani | 20/08/2021
The BSP welcomed the move, saying the bill will provide the central bank tools to investigate illegal activity and improve the safety of the banking system.
AML / KYC
BSP to Finalise Members of Open Finance Body This Year
By Sanday Chongo Kabange | 10/08/2021
The open finance oversight committee which will formulate standards for consent-based data sharing will include representation from across the financial industry.
Fintech / Regtech
BSP Grants Fourth Digital Bank Licence to UnionBank
By Editors | 31/07/2021
UnionBank is the latest to receive the licence after Landbank’s Overseas Filipino Bank, Tonik Bank, and UNOBank.
Philippines Expects More Entrants to Digital Banking Scene
By Ranamita Chakraborty | 02/07/2021
Tencent-backed Voyager Innovations, Philippine National Bank, RCBC, South Africa’s TymeBank, UnionBank, and EastWest Bank are among the applicants.
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