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BSP to Stimulate SME Lending with New Credit Risk Database
By Sanday Chongo Kabange | 28/10/2020
The database will use financial statements and loan default information held by financial institutions to generate credit scores and better estimate default risk.
AML / KYC
Philippines Begins Roll-out of New National ID System
By Editors | 15/10/2020
PhilSys will mean wider inclusion in the financial ecosystem for the unbanked, allowing cash aid, credit and other welfare spending to reach them faster.
Market Infrastructure
BSP Amends Operational Risk Guidelines to Include ‘People Risk’
By Sanday Chongo Kabange | 13/10/2020
The BSP wants banks and NBFIs to embed in their ERM framework measures to identify, measure, monitor, and control human resource related risks.
Fintech / Regtech
BSP Revises Minimum Capital Requirement for Digital Banks
By Manesh Samtani | 08/10/2020
The BSP will no longer consider a distinction between a basic and advance digital bank, according to a revised circular issued for industry review and feedback.
Fintech / Regtech
Philippine DOF Push For Joint Cyber Defence Strategy
By Sanday Chongo Kabange | 08/10/2020
State-run financial institutions, pension funds, insurance firms and other government agencies are instructed to establish shared cyber defence strategies.
AML / KYC
BSP Set to Issue Revised Rules on Virtual Assets
By Sanday Chongo Kabange | 30/09/2020
The revisions are aimed at addressing identified gaps and aligning the framework with FATF guidance for regulating VASPs.
BSP to Impose 24pc Ceiling on Credit Card Interest
By Editors | 27/09/2020
Effective from 3 November, credit card issuers can charge a maximum 2% per month on unpaid outstanding credit card balances.
Securities / Derivatives
BSP Approves Sale of Unit Investment Trust Funds via Third Parties
By Editors | 26/09/2020
New rule amendments allow trust corporations to offer their investment products through third-party distributors, including individual and institutional agents.
BSP Orders Mandatory 60-Day Moratorium on All Loans
By Sanday Chongo Kabange | 23/09/2020
Lenders are asked to implement a mandatory one-time 60-day grace period for all loans falling due on or before 31 December 2020.
Fintech / Regtech
BSP Launches Digital Payment Platform for Retail Transactions
By Sanday Chongo Kabange | 14/09/2020
The New Order of Payment System, or NOPS, is a secure web-based system that offering various channels through which payments can be made to the BSP.
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