Cashalo, a mobile lending platform backed by local conglomerate JG Summit and Hong Kong-based tech firm Oriente, has P10 billion as initial lending fund for underbanked consumers and MSMEs in the Philippines.
Done via the GCash App, customers can transfer funds for free from their GCash wallet to participating banks -- BPI, BDO, MetroBank, and others -- as long as they have the account name, the account number of the receiver, and Internet connectivity.
A circular that will require banks to report as soon as possible any cyber attack and other information technology-related incidents in their systems is expected to be released in September.
The Bangko Sentral ng Pilipinas (BSP) is currently working with stakeholders to develop a national QR code in line with its program to establish an effective electronic retail payment system.
Cashless transactions or electronic payment ratio in the Philippines have reportedly improved to as much as 10 percent in the first quarter of this year compared to just 3 percent three years ago.
A city legislator has urged all local banks to allow persons with disabilities (PWD) to open an account after it was reported that a group of visually-impaired persons were unable to remit their government contributions through a small lender.
BSP governor Nestor Espenilla has raised the possibility of linking instant payment networks within member states of the Asean to enable cross-border payments, following the launch of the country's second automated clearing house called InstaPay.
