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Fintech / Regtech
Overseas Filipino Bank Obtains Digital Bank Licence
By Ranamita Chakraborty | 09/04/2021
Overseas Filipino Bank, formed as a policy bank to provide services to overseas Filipinos, has been granted a digital banking licence.
AML / KYC
Philippines Expands AML Rules to Financing, Lending Firms
By Ranamita Chakraborty | 08/04/2021
All financing and lending companies are required to register with the AMLC, report suspicious transactions and comply with other AML/CTF rules.
BSP Encourages Greater Development of Islamic Banking
By Ranamita Chakraborty | 01/04/2021
The BSP is proactively approaching local and foreign lenders to ascertain whether they are interested in establishing Islamic banking units.
Capital / Liquidity
Philippine Senate Considers Bills to Enhance Deposit Insurance
By Ranamita Chakraborty | 28/03/2021
The Senate is considering a bill to double the maximum deposit insurance limit to PHP 1 million per depositor.
Fintech / Regtech
BSP, PDAX to Cooperate on Crypto-and-Fintech Regulatory Sandbox
By Editors | 23/03/2021
A crypto-and-fintech regulatory sandbox will boost innovation and technological advancement in financial services, while also increasing public participation in these markets.
BSP Advocates Passage of New Consumer Protection Law
By Ranamita Chakraborty | 09/03/2021
The proposed law will allow financial regulators to issue consumer protection rules, conduct market surveillance and examination, and adjudicate complaints.
Big Picture
PwC Offers ESG Risk Management Recommendations for Banks
By Manesh Samtani | 09/03/2021
Banks need to adopt training and change management programmes to ensure employees embrace ESG risk management as a requirement and discipline.
Capital / Liquidity
BSP Issues Draft Guidelines on New ‘Bad Bank’ Law
By Ranamita Chakraborty | 09/03/2021
Banks can stagger the booking of losses from the discounted sale of NPAs to FIST corporations over five years, provided proper disclosures are made.
BSP Relaxes Reporting Requirements for Financial Institutions
By Editors | 07/03/2021
The BSP is reducing reporting requirements related to the borrowings of directors, officers, stockholders and their related interests.
Market Infrastructure
BSP Issues Guidance on Reporting of LIBOR Exposures
By Manesh Samtani | 05/03/2021
Banks are required to report on all derivatives, as well as assets and liabilities that are interest-bearing, even where there is no LIBOR or PHIREF exposure.
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