Wednesday, November 29, 2023
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Senate bill imposes prison term, P5-M fine for e-wallet thieves

Senate Bill 2171 seeks to declare the commission of large-scale offenses or the use of a mass mailer as a form of economic sabotage and a heinous crime, punishable with life imprisonment and a fine ranging from P1 million to P5 million.

Maya Bank gains 1 million customers 5 months after launch

In five months, digital lender Maya Bank announced that has amassed one million customers and a total deposit balance of P10 billion.

Senate seeks probe on loan, sale of mobile wallet accounts

Sen. Sherwin Gatchalian said that online scammers usually use or buy SIM cards in the black market that are registered with e-wallets under people who sell or lend their identities.

Landbank enables e-wallet payments via MyEG PH

Landbank clients can now use GCash, Maya, GrabPay, and other e-wallet payment facilities to pay for government services and documents.

E-wallet platforms being used by minors to bet on ‘e-sabong’, senators say

Senators have called on authorities and financial institutions to closely monitor e-wallet providers whose platforms are allegedly being used by minors to place bets on e-sabong or online cockfighting.

BSP pushes use of alternative data, including from social media, for credit scoring

The Bangko Sentral ng Pilipinas (BSP) has also reminded banks and e-wallet providers to enhance their surveillance and monitoring measures to deter digital vote-buying and selling schemes in relation to the upcoming elections in May 2022.

Public urged to transact only with BSP-registered virtual asset providers

At the same time, the BSP said it will also “recalibrate” its approach in handling applications from non-bank institutions for new EMI (electronic money institution) or e-wallet licenses.

PayMaya says it’s ‘too good to be No. 2’, touts better e-wallet features

While admitting it “may not be the no. 1 e-wallet right now”, PayMaya said its “superior features” make it better than its main rival GCash.

Poe files bill against phishing on e-wallets, bank accounts

The bill will also require banks and non-bank financial institutions not only to respond to cybercrime reports with more urgency, but also strengthen their online platforms, payment systems, and data security.

House panel begins deliberations on bill regulating e-wallets

The House Committee on Banks and Financial Intermediaries began on Tuesday, Aug. 17, to fine-tune House Bill 9615, which seeks to regulate the use of e-wallets and prohibit their use for any unlawful activity.
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