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BSP Allows Trust Companies to Outsource Internal Audit Function
By Sanday Chongo Kabange | 04/04/2022
The BSP says trust companies can use the internal audit function of a parent bank or NBFI, or outsource internal audit activities to an external firm.
Fintech / Regtech
BSP Requires Banks to Implement Real Time Fraud Monitoring
By Sanday Chongo Kabange | 31/03/2022
Under new relations, Philippine banks and NBFIs are required to implement automated and real-time fraud monitoring and detection systems by end-December.
Fintech / Regtech
BSP to Initiate Pilot Project to Test CBDC Use Cases
By Sanday Chongo Kabange | 16/03/2022
The BSP is looking to explore the use of CBDC in account-based distribution of cash assistance, as well as in cross-border money transfers.
Fintech / Regtech
BSP Revises Regulatory Framework for E-money Issuers
By Mark Johnston | 15/03/2022
E-money can refer to monetary value “electronically stored in an instrument or device” – including cash cards, prepaid cards, stored value cards or digital wallets.
Market Infrastructure
BSP Designates Two More Systemically Important Payment Systems
By Mark Johnston | 14/03/2022
The Philippine Domestic Dollar Transfer System and the PHP-USD Payment versus Payment System have been designated systemically important.
Market Infrastructure
Philippine Regulators Issue Guidelines on Streamlining Bank M&As
By Sanday Chongo Kabange | 10/03/2022
Five agencies including the BSP and SEC will have a total 55 business days to process merger, consolidation, acquisition applications from banks.
Philippine SEC Implements Caps on Loan Rates, Fees
By Mark Johnston | 07/03/2022
The caps were prescribed to curb predatory and abusive practices by lending and financing companies including on online platforms.
Market Infrastructure
BSP Approves Reporting Rules for Payment System Operators
By Mark Johnston | 07/03/2022
Compliance requires effective a management information system that enables independent validation and periodic independent review of reporting processes and procedures.
Securities / Derivatives
BIS Launches Green Bond Fund Dedicated to APAC Region
By Editors | 28/02/2022
This is the third green bond fund launched by the BIS. It will help channel central bank reserves to green projects in the Asia and Pacific region.
Market Infrastructure
BSP Issues Revised Outsourcing Rules for Banks
By Editors | 27/02/2022
Banks need BSP approval to enter into material outsourcing arrangements. They must also conduct periodic assessments to ensure outsourcing risks are properly managed.
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