Lawmakers have backed calls for a House inquiry into the ATM fee increases in the horizon, following the move of bank regulators to lift a six-year freeze.
The Bangko Sentral ng Pilipinas (BSP) said it has launched a number of initiatives aimed at establishing adequate safeguards to manage the potential risks brought by financial technologies (fintech) while providing enough room for companies to develop and implement their innovations.
The BSP has given BSP-supervised financial institutions (BSFIs) not later than March 31, 2019 to ensure that all its frontline personnel have the necessary know-how to implement fund transfer services PesoNet and InstaPay.
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.
Online shopping site Lazada Philippines has expressed optimism on its use of PesoNet, an interbank electronic funds transfer service.