Zed secures BSP license, begins rolling out invitations to 40k waitlist

Zed, a credit-led neobank, announced today it has received its Certificate of Authority to Operate as a standalone credit card issuer from the Bangko Sentral ng Pilipinas (BSP). 

"Our BSP license makes us the first Philippine neobank to offer credit cards as a standalone issuer," said Danielle Cojuangco Abraham, "This independence and our foundation as a technology company means we can rapidly and continuously improve our product, unconstrained by legacy systems.”

UBX joins, vows to fully support BSP’s open finance pilot

UBX, the leading open finance platform in the Philippines, has joined the Bangko Sentral ng Pilipinas’ (BSP) pilot run of the open finance ecosystem within its sandbox and proof-of-concept framework, pursuant to the administration’s goal of digitally transforming the economy.

Collaborating with industry players from relevant sectors in finance such as electronic money issuers, banks, payment operators, and other financial service providers, the pilot program explores the use of Application Programming Interface (API) technologies to manage the issues of information asymmetry and data aggregations in the delivery of   financial products and services tailored for their customers.

Providing access to the gatekeepers of the family’s finance: GCash empowers Filipino women to be included in the financial landscape

For Filipinos, mothers are considered to be their light of the homes. They provide direction, clarity in difficult situations, and they manage the everyday lives of the Filipino family.

Women also play as the gatekeepers of the finances of Filipino homes. Typical in the Philippines, the husbands give their salaries to the wives, who then distributes the total household earnings to the daily needs and occasional wants of each member of the family.

Given this, it comes at no surprise that women are much more included in the local financial landscape, according to data from the Bangko Sentral ng Pilipinas (BSP). Based on the latest central bank survey on financial inclusion, 38.9 percent of women in the Philippines have formal bank accounts, while only 30 percent of adult men hold savings accounts.

UnionBank wins multiple awards from BSP

UnionBank President and CEO Edwin Bautista (4th from left), Chairman Justo Ortiz (3rd from left), Chief Transformation Officer and Chief Technology and Operations Officer Henry Aguda and Transaction Banking Group head John Ong receive the 3 awards for the bank from BSP Gov. Benjamin Diokno and Monetary Board Member V. Bruce Tolentino in ceremonies at the central bank.

Union Bank of the Philippines (UnionBank) won three awards at  the 16th Awards Ceremony and Appreciation Lunch for Bangko Sentral ng Pilipinas stakeholders held last Wednesday at the BSP Complex in Manila.

GCash bags BSP awards for digital transformation and innovative mobile financial services

For its innovative and responsive digital financial services, the Bangko Sentral ng PIlipinas (BSP) recognized G-Xchange Inc. as its Outstanding Partner for Digital Transformation and Outstanding Partner for Innovative Financial Services for 2019.

On top of bagging the two awards, G-Xchange, the registered entity for GCash, was also a finalist for Outstanding Partner for Digital Excellence and Top Instapay Volume Contributor, which recognizes InstaPay participants that contributed significantly toward the realization of the BSP’s 20% by 2020 vision under the National Retail Payment System project.

Cashless Shopping Race

The aspiration of the Bangko Sentral ng Pilipinas (BSP) for the country is to transform a fifth of total volume of transactions to non-cash methods by 2020.

Achieving this goal might sound to be a bit of a stretch, but it is highly doable, as the signs of the time point to two things — that Filipinos are now more receptive to disruptive technology and that handling cash is quickly becoming a thing of the past.

Cebuana Lhuillier launches easier, more convenient way to save through micro savings product

Launch coincides with the introduction of “#KayaNa: Unbanked Filipinos No More Movement” 

Cebuana Lhuillier, one of the country’s leading microfinancial services company, recently unveiled the Cebuana Lhuillier Micro Savings, which will provide Filipinos with a more convenient and affordable means to save their hard-earned money. 

Acting as a cash agent of the Cebuana Lhuillier Rural Bank (CLRB), micro savings is Cebuana Lhuillier’s platform for Filipinos to overcome the barriers to saving. While Filipinos like to save, they opt to keep it at home according to the Bangko Sentral ng Pilipinas (BSP).

RCBC widens its online fund transfer network, offers lower interbank transfer rates with Instapay

Many Filipinos today are turning to various digital platforms to make their everyday transactions quick and easy. Even local companies and organizations are shifting to online channels with programs that provide convenience and efficiency for their consumers.

Recently, the Bangko Sentral ng Pilipinas (BSP) has introduced the National Retail Payment System (NRPS) framework to help create a safe, efficient, affordable and reliable electronic payment system that is interconnected and interoperable, to pave the way for the country’s transition to a cash-lite economy.

In support of this endeavor, RCBC further elevates its services to bring a more efficient and affordable way of sending and receiving money anytime and anywhere in the country, with Instapay. Through this partnership, RCBC expands its network for interbank fund transfer to more than 20 financial institutions - including Bancnet banks and Instapay partners – enabling their clients to do real-time electronic payments & credit transfers.