Bangko Sentral ng Pilipinas

Market Infrastructure

Philippine Banks Adopting Global Best Practices in FX Settlement

By Jimmy Ho | 13/09/2021

Jimmy Ho and Sammie Chan discuss Metrobank’s adoption of PvP settlement and how it reflects a broader trend in the Philippine banking industry.

Fintech / Regtech

Philippines: BSP Has 11 Digital Bank Applications to Review

By Editors | 12/09/2021

Two applications were already under review. Nine new applications were received before the deadline. Only two more licences may be up for grabs.

Market Infrastructure

BSP to Roll Out Unified Data Standards for FIs by Year-End

By Ranamita Chakraborty | 25/08/2021

The framework seeks to ensure that all the information obtained by and passed through different digital channels is handled ethically.

Fintech / Regtech

BSP to Close Application Window for Digital Banks

By Editors | 23/08/2021

The application window will be closed for three years. Applications received by 31 August will be processed on a first-come, first-served basis.

Market Infrastructure

BSP Designates RTGS System as Systemically Important

By Ranamita Chakraborty | 23/08/2021

The BSP was granted authority to designate systemically important payment systems under the National Payment Systems Act, which was signed into law in 2018.

Market Infrastructure

BSP Relaxes Rules on FX Trade Approval for Banks

By Editors | 22/08/2021

Banks can sell FX without prior BSP approval if they will be used for activities such as online e-commerce payments, certain imports of goods, and fee payments.

Fintech / Regtech

BSP Grants Digital Bank Licence to Gokongwei-Tyme Joint Venture

By Editors | 20/08/2021

The application window for the submission of applications from new digital banks, including converting banks, will close on 31 August​ 2021.

AML / KYC

Philippine President to Prioritise Bill to Ease Bank Secrecy Rules

By Manesh Samtani | 20/08/2021

The BSP welcomed the move, saying the bill will provide the central bank tools to investigate illegal activity and improve the safety of the banking system.

AML / KYC

BSP to Finalise Members of Open Finance Body This Year

By Sanday Chongo Kabange | 10/08/2021

The open finance oversight committee which will formulate standards for consent-based data sharing will include representation from across the financial industry.