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Dec 17 2020 Fintech group wants industry-crafted rules
THE CENTRAL BANK should allow market players to develop their own open finance framework, with the Bangko Sentral ng Pilipinas (BSP) only providing support when needed in the process, an industry group said.
Through open finance, permissioned data sharing and third-party access is extended to a wider range of financial sectors and products in a bid…
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Dec 17 2020 FINTECH.PH top brass pushes for open finance regime
The evident role of the digital economy in a country empirical as this made transactions safe, fast, and efficient notwithstanding the fact that this empowers many people and defies the borders and space.Corollary to this, the FinTech industry in the Philippines supports Bangko Sentral ng Pilipinas adoption of an open finance regime to serve as…
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Dec 16 2020 BSP proposes self-governing open finance body
The Bangko Sentral ng Pilipinas (BSP) is proposing the creation of an Open Finance Oversight Committee (OFOC), an industry-led self-governing body, as part of the country’s open finance framework.
Based on the draft circular on open finance, the BSP said the OFOC which it will oversee, will set its own standards and procedures and promote “non-discriminatory…
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Dec 16 2020 Plans for the Launch of Philippines Fintech Sandbox Are Underway
The two Philippines fintech groups, Fintech Alliance.PH and Fintech Philippines Association, announce plans to collaborate on the launch of the Philippines Fintech Industry Sandbox which is supported by the UK Prosperity Fund ASEAN Economic Reform Programme (ASEAN ERP). The initiative was announced during the World Fintech Festival which is a satellite event at the Singapore Fintech Festival 2020.
The…
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Dec 15 2020 How MSMEs can seize opportunity under the ‘New Normal’
The global economic impact of the pandemic that put it in a standstill has affected many business sectors, and in the Philippines the micro, small and medium enterprises are greatly affected given the fact that this sector is backbone of the economy.
The undeniable impact of the coronavirus pandemic and the varying degrees of quarantine measures…
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Dec 15 2020 PHL finishes in lower half of rankings for digital readiness
THE PHILIPPINES was ranked towards the lower half of a 90-country study on digital infrastructure quality, according to a study conducted by Tufts University in Massachusetts and Mastercard, Inc.
The study, Digital in the Time of COVID, classified the Philippines as among those countries that need to “reduce its infrastructure friction for better digitalization.” It ranked…
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Dec 15 2020 ‘Fintech tools can be used for data for green financing’
THE financial technology (fintech) sector can leverage its tools to collect climate-related data in line with the country’s initiative of promoting sustainable financing, a fintech group said.
FintechAlliance.ph Chairman Angelito M. Villanueva told the BusinessMirror that the fintech industry can help in coming up with the valuation of climate-related risks for green financing.
“We can play a…
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Dec 15 2020 BSP OKs new regulatory relief for savings and loan associations
THE BANGKO Sentral ng Pilipinas (BSP) will allow non-stock savings and loan associations (NSSLAs) to include accrued interest on some loans in their 2020 net profit, for the purpose of income distribution to members, as a way to extend relief to the industry during the pandemic.
Memorandum No. M-2020-088 signed by BSP Deputy Governor Chuchi G.…
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Dec 14 2020 Provenir Links up With FinScore for AI-Powered Credit Decisioning
Provenir, risk decisioning and data analytics software provider, announced a new data integration partnership with FinScore, an alternative credit scoring company in the Philippines that uses proprietary AI and machine learning technology in its predictive models to help financial institutions reduce defaults, increase approval rates, and combat fraud.
The partnership aims to empower financial institutions in…
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Dec 13 2020 Digitalization seen to boost PHL trade with key partners
DIGITALIZATION in the 15-country mega trade deal could improve trade systems with key partners, a research fellow from the Philippine Institute for Development Studies (PIDS) said.
The world’s biggest trade deal, the Regional Comprehensive Economic Partnership (RCEP), was signed by China, Australia, New Zealand, Japan, South Korea and all 10 Association of Southeast Asian Nations (ASEAN)…