The Bangko Sentral ng Pilipinas (BSP) has approved the recognition of digital bank as a new bank category that is separate and distinct from existing bank classifications.
BSP governor Benjamin Diokno said that if the multiple daily clearing of PesoNet transactions works smoothly, then the central bank will allow clearing for these transactions on weekends and holidays.
Suspicious transaction reports (STRs) submissions by electronic money issuers (EMIs) rose by 688 percent, while submissions by pawnshops and money service businesses (MSBs) increased by 51 percent.
Current indicators show that the Philippines is ready to shift to digital payments and other financial technology (fintech) innovations. The Philippine government, particularly the Bangko
Online crimes and threats were prevalent during the earlier days of the community quarantine but these were sufficiently addressed by local banks and other financial institutions, the Bangko Sentral ng Pilipinas (BSP) said.
Bangko Sentral ng Pilipinas (BSP) governor Benjamin E. Diokno reminded the public that the ceilings on interest rate, finance charges, and fees on all credit card transactions took effect on Tuesday, Nov. 3.
Government officials and private sector leaders said during an online forum on Wednesday, October 28, that shifting to digital payments will bring economic growth and create a more inclusive Philippines.
EGov Pay was launched in November 2019 as a payment solution for taxes, licenses, and permits.