BSP officially unveiled the new design for the P1,000 banknote. BSP — On Saturday, the Bangko Sentral ng Pilipinas officially unveiled the new design for the P1,000 banknote. BSP Governor Benjamin Diokno told reporters in a Viber group message that the new P1,000 banknote was designed by the central bank and approved by NHI (National … Read more
Tonik has secured more than P5 billion worth of consumer deposits. TONIK — The digital bank has secured more than P5 billion (around USD 100 million) in consumer deposits only about 8 months after its launch in the Philippines. Tonik Digital Bank was launched by Singapore-based Tonik Financial Pte. Ltd. last March and became the … Read more
New polymer P1,000 banknotes will start circulation in mid-2022, according to BSP. BSP — On Thursday, the Bangko Sentral ng Pilipinas said that the new polymer P1,000 banknotes will start circulation in mid-2022. BSP Governor Benjamin Diokno said that the new polymer P1,000 banknotes will start circulation in mid-2022 after the central bank signed a … Read more
LYKA promoted cashless and paperless gift-giving LYKA — The social media app sought to push the promotion of a cashless and paperless form of gift-giving to Filipinos. According to LYKA Global CEO Ryan Baird, the social media app was currently promoting its Giftcard in Electronic Mode (GEMs) and also pointed out that GEMs will be … Read more
The BSP was eyeing offline digital payment solutions. BSP — The Bangko Sentral ng Pilipinas said on Tuesday that it was eyeing offline digital payment solutions in order to allow transactions without the need for an internet connection. The central bank said in a statement that offline digital payments solutions will boost financial inclusion in … Read more
The BSP was backing the mandatory SIM card registration amidst the recent influx of spam messages. BSP — The Bangko Sentral ng Pilipinas was backing the mandatory SIM (subscriber identification module) card registration amidst the recent influx of spam messages. BSP Governor Benjamin Diokno said at his weekly virtual press chat that the increase in … Read more
BSP encouraged Filipinos to send cash gifts through digital wallets. BSP — The Bangko Sentral ng Pilipinas encouraged Filipinos to send cash gifts through digital wallets this holiday season. In a statement issued last November 22, the central bank said that digital wallets or e-wallets were the way to go when sending cash gifts this … Read more
The central banks of the Philippines and Singapore signed an accord on strengthening cross-border digital payments. The central banks of Singapore and the Philippines recently signed an accord on strengthening cross-border digital payments in the ASEAN (Association of the Southeast Asian Nations) region. On Friday, digitalization advocacy group Digital Pilipinas said in a statement that … Read more
The BSP will implement a two-year ban on all e-money applications. BSP — The Bangko Sentral ng Pilipinas will implement a two-year ban on all non-bank electronic money issuer (EMI) applications including those bank-owned EMIs starting December 16 in order to ensure a liquidity-strong digital payments sector. In a text message to Manila Bulletin last … Read more
The BSP wanted to amend single borrower’s limit rules BSP — The Bangko Sentral ng Pilipinas was proposing changes to the rules governing single borrower’s limit in terms of credit exposure and minimum capital. Manila Bulletin reported that the central bank wanted to amend the single borrower’s limit (SBL) and the definition of capital “for … Read more