NextPay, launched in 2020 amid the pandemic, is a platform that provides underserved customers democratized access to easy and affordable financial services such as digital invoicing, cash management, and batch payments to any bank or e-wallet in the Philippines.
Tech firm Smile API said its platform allows local businesses to add features and functionality that is specific to their products and facilitates the application approval (or rejection) within just a few seconds.
The National Privacy Commission (NPC) has joined hands with two groups from the finance sector in urging online lenders to stop excessive data collection and start complying with the Data Privacy Act.
Under the B-READY program, smart data is used for the community's early warning system. Even before a typhoon strikes, digital cash transfers are disbursed straight to the PayMaya accounts of identified beneficiaries, enabling them to better prepare.
Kelvin Lester K. Lee, supervising commissioner of the SEC’s Philifintech Innovation Office (PIO), said regulators have a crucial role in managing the benefits and risks associated with fintech.
The PhiliFintech Innovation Office (PIO), under the SEC’s Corporate Governance and Finance Department (CGFD), will focus on the regulation of the use of fintech, or financial technology, in the Philippines.
The National Privacy Commission (NPC) said on Tuesday, July 27, that anti-fraud data sharing initiatives of the financial services industry must eliminate potential risks on the personal data of data subjects.
In the Philippines, digital banking dominates 69% of all finance app installs, showing the high adoption rate that Filipinos have when it comes to fintech products.
The Open Finance Framework promotes consent-driven data portability, interoperability, and collaborative partnerships between financial institutions and fintech players, according to the BSP.
The framework, which will cover all financial institutions performing multiple regulated activities using a single application platform, aims to facilitate seamless regulation and supervision of fintech companies.
