The Bangko Sentral ng Pilipinas (BSP) has approved the suspension of licensing fees for mobile applications and digital channels that provide electronic payment and financial services (EPFS).
Philippine-based WonderTech team was selected for the top honor for its Agree Farm App, besting more than 1,000 developers and data scientists from around the world.
The government and the private sector are moving to further cement the role of the country as a hotspot for innovation in the fintech space via the inaugural Philippine Fintech Festival (PFF) to be held on May 20 to 21.
BSP Center for Learning and Inclusion Advocacy managing director Pia Bernadette Roman-Tayag said fintechs are helping people in their everyday lives, there is a need to “look past the hype and constantly discern whether they have the real potential to solve financial inclusion problems and the real pain points that lead to inclusion.”
Financial technology startup PearlPay has signed a strategic partnership with the Association of Pangasinan Rural Banks (APRUB) as part of its push to enable financial institutions to be more commercially competitive through digital transformation.
The Philippine fintech industry is currently growing at an unprecedented pace with another local player, Zybi Tech, launching on Monday, July 22, its own digital products JuanCash and JuanExchange
Cashalo has also partnered with Cebu Pacific for its air ticketing project, which aims to serve Filipinos who do not own a credit card. With this service it would be possible to purchase a ticket and pay for it later on installment.
Over 400 harassment complaints from customers were reported to the National Privacy Commission (NPC), who said online lending apps misused the borrower?s information, including the disclosure of unpaid balances to other people.
