Digital banks can help boost the economic recovery in the Philippines, according to BSP. BSP — The Bangko Sentral ng Pilipinas said on Wednesday that digital banks, along with traditional banks, can help boost the country’s economic recovery from the pandemic as it pushed for a “tech-savvy” economy. Digital banks were financial institutions without physical … Read more
The BSP was assuring the public of sufficient supply of banknotes for the holidays. BSP — The Bangko Sentral ng Pilipinas was assuring the public that there’s an adequate supply of new coins and banknotes in anticipation of the higher currency demand during the holidays. According to BSP Governor Benjamin Diokno, the peak of currency … Read more
The BSP will start the testing of polymer PHP 1,000 banknotes in 2022. BSP — The Bangko Sentral ng Pilipinas on Monday said that it will start the testing of polymer PHP 1,000 banknotes in 2022. On Monday, the central bank said that it will start the testing of PHP 1,000 polymer banknotes in 2022, … Read more
BSP welcomed LYKA’s plan to apply as a payment system operator. LYKA — The social media platform‘s plan to register as a payment system operator got a positive response from the Bangko Sentral ng Pilipinas (BSP). In a statement released over the weekend, the Bangko Sentral ng Pilipinas said that the BSP welcomed the reported … Read more
BSP officially launched QR Ph P2M digital payment stream. BSP – The Bangko Sentral ng Pilipinas officially launched QR Ph P2M digital payment stream. Because of the successful launch and adoption of the QR Ph P2P (Person-to-Person) facility, the QR Ph P2M stream extended the payment use case of QR Ph in order to enable … Read more
LYKA was set to “immediately” open its own office in the Philippines. LYKA – The social media platform has decided to “immediately” open its own office in the Philippines as the Bangko Sentral ng Pilipinas (BSP) upheld its cease and desist order against the company. LYKA’s decision, which will allow the company to “move closer” … Read more
The BSP was calling for a strong law against coin hoarding in the Philippines. BSP — The Bangko Sentral ng Pilipinas was calling for a strong law against coin hoarding in the Philippines following law enforcers’ crackdown of some PHP 50-million worth of bagged 1-piso coins in a warehouse in Quezon City. In a statement, … Read more
PayMaya has obtained the BSP approval to set up a digital bank. Voyager Innovations has obtained the Bangko Sentral ng Pilipinas (BSP) approval to set up a digital bank through its financial technology arm PayMaya Philippines. Manila Bulletin reported that Paymaya’s digital bank Maya Bank was currently the 6th out of seven to be BSP-licensed … Read more
Axie Infinity was not considered as a virtual asset service provider, according to BSP. The Bangko Sentral ng Pilipinas (BSP) said that popular online play-to-earn game Axie Infinity wasn’t considered as a virtual asset service provider (VASP). Manila Bulletin reported that the Bangko Sentral ng Pilipinas emphasized in an email interview with Business Bulletin that … Read more
The BSP ordered LYKA to halt its operation as an Operator of Payment System. On Friday, the Bangko Sentral ng Pilipinas (BSP) had issued an order to social media platform LYKA to halt its operation as an Operator of Payment System (OPS). In a statement, the BSP had issued an order to LYKA to suspend its … Read more