Binance: “We want to help bring those businesses into the blockchain world.” BINANCE — The world’s largest crypto exchange is planning to pour in investment in Philippine banks and payment service providers. The company is eyeing to provide more localized services in the country. On Wednesday, Binance founder and CEO Changpeng Zhao said at a … Read more
Banks must improve cybersecurity, according to BSP. BSP — The Bangko Sentral ng Pilipinas is requiring stronger, more adequate IT and cybersecurity risk management practices in non-banks and banks’ use of application programming interfaces (APIs) and its interconnections. On Wednesday, the central bank released Memorandum No. M-2022-016 — a new memorandum for API security controls … Read more
BSP is reminding banks and non-banks to deal only with licensed gambling businesses. BSP — The Bangko Sentral ng Pilipinas is reminding banks and non-banks to transact only with licensed gambling and online gaming businesses. The central bank is reminding BSFIs (BSP supervised financial institutions) to transact only with gambling and online gaming businesses that … Read more
BSP told banks and financial institutions to work with AMLC. BSP — On Tuesday, the Bangko Sentral ng Pilipinas told banks and financial institutions to work with the Anti-Money Laundering Council (AMLC). The central bank reminded all of its BSFIs (BSP supervised financial institutions) to report and coordinate with AMLC any suspicious transactions following its … Read more
Senator Poe: “Ang mababang bayarin ay hindi lamang makakabawas sa kanilang gastusin, kundi mag-uudyok din ng lalong paggamit sa mga e-wallet.” On Friday, Senator Grace Poe has asked for the help of the Bangko Sentral ng Pilipinas (BSP) to urge banks and financial institutions to lower digital payment charges and e-wallet fees. In a statement, … Read more
DOJ and banks will sign a Memorandum of Understanding (MOU) to detect and prevent cybercrime. DOJ — The Department of Justice and the Bankers Association of the Philippines (BAP) will sign a Memorandum of Understanding (MOU) on February 4 to detect and prevent cybercrime. The MOU enabled both DOJ and BAP to work closely together … Read more
Senator Grace Poe called on financial institutions and banks to fortify digital platforms against cybercrimes. On Tuesday, Senator Grace Poe called on financial institutions and banks to fortify digital platforms against cybercrimes, especially at a time more people were turning to digital transactions. The senator, who chaired the Senate Committee on Banks, Financial Institutions, and … Read more
The BSP was eyeing for more regulatory incentives for banks to boost sustainable finance shift BSP — The Bangko Sentral ng Pilipinas said that it was eyeing more regulatory incentives for banks that “embrace” sustainable financing. According to BSP Governor Benjamin Diokno, the use of preferential rediscount rates or the provision of higher loan values … Read more
BSP urged banks to use “alternative data” in order to assess the creditworthiness of borrowers. BSP — The Bangko Sentral ng Pilipinas has urged banks to use “alternative data” in order to assess the creditworthiness of borrowers. The central bank was encouraging banks and financial institutions to make use of other sources or “alternative data” … Read more
BSP told banks to clamp down on digital vote selling and vote buying. BSP — The Bangko Sentral ng Pilipinas told banks and financial institutions to clamp down on digital vote selling and vote buying ahead of the 2022 elections. The central bank has strongly called for the adoption of enhanced surveillance and monitoring measures … Read more