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 DOF wanted fintech companies to be “properly” taxed and regulated. DOF — The Department of Finance wanted fintech companies in the Philippines to be properly taxed and regulated while urging the sector’s growth and continued innovation. On Tuesday, DOF Secretary Carlos G. Dominguez III said in a statement that he has tasked the Bureau … 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
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
