BANGKO SENTRAL NG PILIPINAS

Securities / Derivatives

BSP Issues New Guidelines on FX Reporting and Penalties

By Sanday Chongo Kabange | 18/07/2024

The BSP says reporting entities have until 31 December to make the necessary preparations and adjustments to their systems and processes.

Crypto / Digital Assets

Philippine Crypto Firm Launches First Peso Stablecoin

By Sanday Chongo Kabange | 09/07/2024

Coins.ph has launched its Peso-backed stablecoin to enhance efficiency and reduce costs of transactions and payments.

Market Infrastructure

BSP Ramps Up Financial Inclusion Efforts

By Sanday Chongo Kabange | 05/07/2024

The BSP will explore open finance use cases to enhance financial inclusion efforts and get more citizens into the formal financial system.

Market Infrastructure

Project Nexus Completes Blueprint; Prepares for Live Implementation

By Nithya Subramanian | 02/07/2024

To facilitate live implementation, a new entity named the Nexus Scheme Organisation, will be established.

Fintech / Regtech

BSP Delays Implementation of New Data Collection System

By Sanday Chongo Kabange | 26/06/2024

The implementation of BSP’s new ITRS has been deferred to 2025 to allow banks to address “emerging technical and report-related concerns”.

AML / KYC

BSP Issues New Guidance on Beneficial Ownership Due Diligence

By Sanday Chongo Kabange | 25/06/2024

The paper is intended to help FIs in benchmarking best practices and calibrating their policies, systems, processes and controls.

AML / KYC

BSP Details Efforts to Address Fraud and Scam Threats

By Bradley Maclean | 25/06/2024

BSP officials discuss efforts to address fraud and scam threats through new requirements for banks and a thematic review of fraud management during 2024.

Capital / Liquidity

BSP Directs All Banks to Submit Recovery Plans by 30 June

By Sanday Chongo Kabange | 05/06/2024

The requirements on the submission of recovery plans are also applicable to thrift, rural, and cooperative banks.

Fintech / Regtech

BSP Eyes Open Finance Platform for Pensions, Insurance

By Mark Johnston | 28/05/2024

The open finance platform will use APIs to support access to different pension and insurance products and boost financial inclusion.