Bangko Sentral ng Pilipinas

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.

Fintech / Regtech

BSP Unveils Open Finance Framework, Plans Tiered Implementation

By Sanday Chongo Kabange | 23/06/2021

The framework promotes consent-driven data portability, interoperability, and collaborative partnerships between FIs and fintech players, the BSP said.

AML / KYC

Philippine SEC Backs Amendments to Bank Secrecy Law

By Ranamita Chakraborty | 21/06/2021

Bank secrecy has prevented the SEC from validating information and establishing the owners of bank accounts linked to securities violations.

Fintech / Regtech

BSP to Issue Strict Regulations On ‘Digital Bank’ Branding

By Ranamita Chakraborty | 17/06/2021

Banks that do not meet specified conditions are prohibited from marketing themselves as digital banks, the BSP said in a circular.

Fintech / Regtech

BSP Issues Two New Digital Bank Licences

By Ranamita Chakraborty | 09/06/2021

The BSP has now granted three digital bank licences to date, two of which are conversions from other types of banking licences.

Market Infrastructure

Philippine FSCC Identifies Leverage as Key Downside Risk

By Ranamita Chakraborty | 08/06/2021

Cross-border effects are creating a layer of risks on top of scars that Covid has already inflicted on the domestic economy, the FSCC says.

Capital / Liquidity

BSP Raises Bank Limits on Open FX Positions

By Ranamita Chakraborty | 07/06/2021

The BSP has raised the limit as part of a larger set of amendments to the framework for the management of banks’ open FX positions.