Two Singapore-headquartered fintech companies – UNObank and Tonik – have received approval from the Bangko Sentral ng Pilipinas (BSP) to operate digital banks in the country.
The BSP said a turning point in the country’s digital transformation journey is the National QR Code Standard or QR PH, which leverages on the efficiency and affordability of the QR technology.
The Electronic Money Issuer (EMI) license from the Bangko Sentral ng Pilipinas (BSP) authorizes Bayad to deliver e-wallet services through its newly revamped mobile app.
The Bangko Sentral ng Pilipinas (BSP) officially launched on Friday, April 30, the national quick response (QR) code standard for consumer-to-business payments with PayMaya as the first financial technology firm in the country to adopt QR PH for merchants.
Bangko Sentral ng Pilipinas governor Benjamin Diokno said the central bank is putting a cap on the initial set of digital banking players as it wants to observe first the operations of these entities.
Bangko Sentral ng Pilipinas governor Diokno said he wants the Philippines to become a digital-heavy, cash-light society to help achieve inclusive growth.
Under the acquirer-based fee charging (ABFC), which took effect on Wednesday, April 7, banks can set the ATM fees they want to charge on cardholders of other banks who use their machines.
The BSP said around 13 percent of the complaints involved fraudulent or unauthorized transactions of various financial products and services like deposit, credit card, electronic money, and remittance.
Starting April 7, the Acquirer-Based ATM Fee Charging (ABFC) model will take effect wherein the bank that owns the ATM will be the one charging the fee for each withdrawal or balance inquiry.
The Bangko Sentral ng Pilipinas has named Mamerto Tangonan as deputy governor for the newly-established Payments and Currency Management Sector (PCMS), which is tasked to manage the interplay of physical currency and digital money.
