Banks tell clients to be vigilant vs cybercriminals

The banking public should remain vigilant amid the increasing number of online fraud such as phishing and other cybercrimes amid the pandemic......»»

Category: financeSource: philstar philstarJul 31st, 2021

BSP to issue unified data framework

The Bangko Sentral ng Pilipinas plans to issue before the end of the year a unified policy governing the handling and use of digital data gathered by banks from their clients......»»

Category: financeSource:  philstarRelated NewsAug 22nd, 2021

Cybercriminals deploy pandemic, vaccine themes to target banks, cryptocurrency exchanges

COVID. Codes. Cash. What do they have in common? Cybercriminals......»»

Category: techSource:  thestandardRelated NewsMar 18th, 2021

Bank clients urged to use own ATM network

Banks urged clients to transact through the ATM network of their respective banks to avoid charges for withdrawal and balance inquiry transactions under the new charging method starting April 7, according to the Bankers Association of the Philippines......»»

Category: financeSource:  philstarRelated NewsFeb 11th, 2021

More banks to charge higher ATM fees

More banks are set to impose higher fees for ATM transactions done by non-bank clients using their networks amid the shift to a new charging method starting April 7......»»

Category: financeSource:  philstarRelated NewsFeb 8th, 2021

Digital validation of clients top pain points of Philippines banks

Silicon Valley-based global analytics software firm FICO said the complexity and cost of validating digital banking clients emerged as the top pain points of Philippine banks......»»

Category: financeSource:  philstarRelated NewsOct 21st, 2020

PNB plans to establish digital bank subsidiary

The Philippine National Bank (PNB) is thinking of putting up a digital bank either as a subsidiary or stand-alone unit, according to its president and CEO Jose Arnulfo “Wick” Veloso. PNB president and CEO Jose Arnulfo “Wick” Veloso  “We’re discussing internally with the principals,” said Veloso. “They really want us to set up a digital bank” and a pure digital bank at that. The Bangko Sentral ng Pilipinas (BSP) has drafted a circular for the establishment of digital banks in the country and the banking community is currently being consulted on this, including the proposal to impose a minimum capitalization of P1 billion for a digital banking license.  “Clearly, as we get to see more regulations (or) the regulatory body encouraging digital bank participation, we would like to also review that and probably put into a subsidiary or stand alone,” said Veloso. “I understand there is going to be different regulatory relief or ease of doing business for those that are going to set up purely digital banks. That is something that we are seriously reviewing.” Veloso, in a virtual press briefing on Friday, said that in the digital banking landscape as it is currently set up now, PNB is one of the leaders in the digital experience and since March when the lockdowns were implemented, the bank has been trying to convince clients to go digital.  “Others claim to be ahead of space in the digital world. I can proudly say that the only thing they are ahead of us are  — for one bank, the end-to-end account opening, and for another bank, it’s because of the end-to-end check deposit. But otherwise, there is no dfference with what they’re sharing with everyone else,” said Veloso. The bank has seen an increase of 18 percent in its digital and mobile transactions during the height of the pandemic lockdowns. As of end-September, they now have 696,000 users of their digital platforms, up 31 percent year-on-year.  “We want our customers to understand how they can easily manage their funds and transact by going online using our digital channels. We also want more people to learn about the products that are meant to fit all their needs (with digital banking experience),” said Veloso. Presently, PNB branches across the country are “reaching out to customers who have not yet registered with internet banking or mobile banking”. In the BSP proposed circular on digital banks, any existing banks applying to shift to digital banking are given three years to complete conversions including the closure of branches or branch lite units. The BSP said a digital bank will be confined to a digital platform and/or electronic channels “with minimal to no reliance” on physical touchpoints. It will not have a branch or branch-lite unit but it can offer offer financial products and services through cash agents and other delivery partners. However it will be required to keep a head office in the Philippines as its main point of contact and as a “central hub for receiving and resolving customer complaints.” There are three banks that are already applying to deliver digitized financial services but these applications are not digital bank applications but are applying under existing BSP banking classification, pending the digital banking regulation......»»

Category: lifestyleSource:  abscbnRelated NewsOct 18th, 2020

Banks extend relief to borrowers

Philippine banks continued to provide financial relief to borrowers severely affected by the pandemic and at the same time ensured continued access to essential financial services amid the lockdowns, according to the Bangko Sentral ng PIlipinas......»»

Category: financeSource:  philstarRelated NewsAug 22nd, 2021

Bank lending seen to recover in H2

Malaysian financial giant Maybank expects bank lending in the Philipppines to recover in the second half due to stronger demand from corporate and middle market clients......»»

Category: financeSource:  philstarRelated NewsAug 21st, 2021

Go prompts vigilance in outreach to essential workers

Senator Christopher “Bong” Go encouraged authorities and employers to provide a safe and healthy work environment in his outreach to essential workers in the towns of Biliran province Tuesday. The senator, on a video message, also reminded the worker beneficiaries themselves to stay vigilant against the new coronavirus variants, which could trigger a surge in […].....»»

Category: newsSource:  tribuneRelated NewsAug 21st, 2021

Banks lend P189 billion to MSMEs as compliance to reserve requirement

Loans extended by banks to micro, small and medium enterprises used as compliance with the central bank’s reserve requirement ratio amounted to P188.7 billion as of July, according to the Bangko Sentral ng Pilipinas......»»

Category: financeSource:  philstarRelated NewsAug 21st, 2021

Fitch sees new COVID-19 variants affecting profitability of banks

Banking operations in the Philippines face renewed challenges as the country continues to struggle to contain the pandemic with the emergence of new and more contagious variants, New York-based Fitch Ratings said......»»

Category: financeSource:  philstarRelated NewsAug 18th, 2021

BDO and BDO Foundation Cited by UK Body for Good Governance

BDO Unibank and its corporate social responsibility arm, BDO Foundation, were honored by UK-based Cambridge International Financial Advisory (IFA) at the 6th Global Good Governance (3G) Awards. BDO was recognized with the 3G Championship Award in Service Excellence for providing quality financial solutions and services that meet clients’ needs and exceed their expectations. The bank […].....»»

Category: newsSource:  metrocebuRelated NewsAug 18th, 2021

Retiring coal plants

For years now, environmental activists have been pressuring the finance sector to withhold their banking services on fossil fuel-based power generating projects as a way of slowing down the construction of multi-million dollar projects. Generally, this call had failed; for banks, the opportunity to make big money is just too irresistible to ignore......»»

Category: financeSource:  philstarRelated NewsAug 16th, 2021

How can banks implement the Netflix model in their ‘apps’? – Finance

“The entities are aware that they have very limited banking,” said German Rama, Vice President of Product at Infocorp. (Photo by EF) The stage where.....»»

Category: newsSource:  thedailyguardianRelated NewsAug 15th, 2021

Asset quality deterioration of Philippine banks has not yet peaked – IMF

Multilateral lender International Monetary Fund said the asset quality deterioration of Philippine banks has not yet peaked as the country continues to grapple with the pandemic......»»

Category: financeSource:  philstarRelated NewsAug 15th, 2021

More damaging excess nutrients seen in occupied Spratly reefs than unoccupied reefs — report

In a 29-page report released by Simularity on Thursday (Manila time), the think tank concluded that there is significant evidence that the Union Banks reefs "have more reef degrading macroalgae than similar reefs which are not occupied.".....»»

Category: newsSource:  philstarRelated NewsAug 12th, 2021

Profit of Phl banks jumps to P122.7 billion

The local banking industry is well on its way to recovery in terms of profitability as earnings jumped by 43 percent in the first half, but Moody’s Investors Service believes banks in the Philippines are still vulnerable as the country struggles to fully reopen the economy......»»

Category: financeSource:  philstarRelated NewsAug 10th, 2021

BSP rediscounting loans drop to P5.5 billion

Loans released by the Bangko Sentral ng Pilipinas to banks via its peso rediscounting loan facility plunged to P5.52 billion from January to July compared to P20.7 billion in the same period last year......»»

Category: financeSource:  philstarRelated NewsAug 10th, 2021

Banks offer restructuring amid lockdown

With the absence of new laws offering debt payment holidays, Philippine banks are ready to talk to borrowers severely affected by the COVID-19 pandemic as the National Capital Region and nearby provinces have been placed under hard lockdown due to the more contagious Delta variant......»»

Category: financeSource:  philstarRelated NewsAug 10th, 2021

Banks urged to extend relief measures

The Bangko Sentral ng Pilipinas is urging banks and financial institutions to extend relief measures to borrowers affected by the hard lockdown amid the resurgence of COVID-19 infections due to the more contagious Delta variant......»»

Category: financeSource:  philstarRelated NewsAug 9th, 2021