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BSP Proposes to Impose Cap on Credit Card Finance Charges
By Editors | 31/08/2020
The BSP says it is looking to impose a maximum finance charge equivalent to an effective annual interest rate of 24 percent for credit card cash advances and installment purchases.
Capital / Liquidity
BSP Relaxes Real Estate Lending Limits for Banks
By Editors | 21/08/2020
The higher limit will encourage bank lending to households for the acquisition or construction of a residential real estate property the BSP said.
Fintech / Regtech
BSP Takes Consumer Complaints Chatbot Live
By Sanday Chongo Kabange | 20/08/2020
The trilingual automated chatbot can handle queries and complaints from consumers sent through chat via the BSP website, SMS, or Facebook messenger.
Capital / Liquidity
BSP Expects Sound Borrower Assessments, Forbearance Reporting
By Editors | 10/08/2020
Requirements to report forbearance granted to borrowers will ensure industry statistics reflect the “true health of the banking system” and incentivise prudence in banks’ credit decisions.
ESG / Sustainability
BSP Joins Network for Greening the Financial System
By Editors | 04/08/2020
The NGFS membership will strengthen BSP’s collaboration with central banks and supervisors on the effective management of climate risks in the financial sector.
Fintech / Regtech
BSP Pilot Tests New Chatbot for Consumer Complaints
By Editors | 31/07/2020
The chatbot can handle queries and complaints from consumers sent through chat via the BSP website, SMS, or Facebook messenger.
Securities / Derivatives
BSP Excludes Market-making Activities from Single Borrower Limit
By Editors | 29/07/2020
Debt securities acquired by banks from market-making activities will be excluded from the single borrower’s limit computation for 90 calendar days from the time of acquisition.
Capital / Liquidity
BSP Cuts Reserve Requirements for Smaller Banks
By Editors | 21/07/2020
The move to lower the reserve requirement ratio for thrift, rural and cooperative banks will release an estimated $200mn into the economy.
AML / KYC
BSP to Promote Inclusion by Lowering Investment Account Minimum
By Editors | 15/07/2020
The BSP is considering lowering minimum amount a client must maintain in an investment account from ₱1mn to ₱100,000.
Fintech / Regtech
BSP Set to Issue Digital Bank Licensing Framework
By Editors | 07/07/2020
Foreign individuals will be allowed to own up to 40% of a digital bank, while qualified foreign banks can own up to 100%.
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