Bangko Sentral ng Pilipinas

Fintech / Regtech

Philippines: UnionBank Commences Digital Banking Operations

By Editors | 20/07/2022

UnionDigital Bank commenced operations on Monday after receiving the BSP’s green light for the launch last week.

Market Infrastructure

BSP Designates Two “Prominently Important” Payment Systems

By Editors | 18/07/2022

The designation of PESONet and InstaPay as Prominently Important Payment Systems will mean they are subject to closer BSP supervision and monitoring.

AML / KYC

BSP Issues Guidance on Conducting AML/CFT Risk Assessments

By Editors | 18/07/2022

The findings from institutional risk assessments should be used to enhance AML/CFT/CPF/sanctions compliance programmes and made available to the BSP during examinations.

AML / KYC

BSP Reiterates Calls for FIs to Enhance Anti-Fraud Measures 

By Editors | 05/07/2022

The BSP has vowed to intensify monitoring and surveillance of the financial industry to ensure they “remain responsive to emerging risks”.

Fintech / Regtech

BSP Upgrades Infrastructure to Support Big Data Applications

By Editors | 16/06/2022

The BSP plans to start using big data sources and applications in 2023, starting with an index that will analyse online news to gauge the sentiment.

Market Infrastructure

Philippines Launches New Framework for Managing Crises

By Editors | 15/06/2022

The SRCM framework sets out how the FSCC should intervene in the event of a potential systemic risk that could negatively affect the macroeconomy.

AML / KYC

IMF Calls on Philippines to Enhance AML Supervision

By Sanday Chongo Kabange | 14/06/2022

Limited actions to amend bank secrecy laws present risks to the Philippines. Casinos, the gaming industry, and crypto exchanges are flagged as risky.

Capital / Liquidity

New Capital Rules May Force Philippine Rural Banks to Close

By Editors | 08/06/2022

RBAP president Albert Concha says higher capital requirements proposed by BSP will cause rural bank closures and stunt financial inclusion initiatives.

Crypto / Digital Assets

Crypto Ads to be Screened in the Philippines from 7 July

By Editors | 29/05/2022

Firms advertising crypto services to Philippine users will have to provide proof they have registered with the SEC as companies and with BSP as remittance and transfer providers.