FinTech welcomes Phl’s digital banking system

Emerging financial technology firms welcomed the recent decision of the Monetary Board to recognize digital banking platform as a new bank category that’s separate and distinct from the traditional bank classifications. According to Lito Villanueva, chair at Fintech and RCBC EVP and chief innovation and inclusion officer, the FinTech Alliance and the entire Philippine […] The post FinTech welcomes Phl’s digital banking system appeared first on Daily Tribune......»»

Category: newsSource: tribune tribuneDec 1st, 2020

Latest Fintech Trends and More in One Place: Qazikoo

There has never been a Unicorn company that takes all the Fintech trends and put them in one digital banking app however that is exactly what Qazikoo plans to do. A trend that Qazikoo implements is being able to personalize card images and layout. Whether you want the design to be the solar system or […] The post Latest Fintech Trends and More in One Place: Qazikoo appeared first on Kagay An......»»

Category: newsSource:  kagay_anRelated NewsMay 8th, 2020

Using fintech to benefit the unbanked

Without doubt, new and improved financial technologies many spawned by the pandemic-induced quarantine restrictions are bringing more unbanked Filipinos into the realm of digital banking, and more importantly, digital payment transactions......»»

Category: financeSource:  philstarRelated NewsJan 4th, 2021

No turning back for digital banking in Philippines

With well over a million users, China’s leading mobile-payments system, Alipay, posted $17.3 trillion in payment volume in China alone and $91.2 billion from abroad......»»

Category: financeSource:  philstarRelated NewsNov 2nd, 2020

Opportunity to reform market economy

The crisis brought about by the COVID-19 pandemic provides a singular opportunity to significantly reform the so-called free market economy that has been embraced by countries of different political shades and persuasions, from socialist China to capitalist America.  Although it cannot be denied that the experiment with market-oriented economic policies by China has resulted in the liberation from dehumanizing poverty of hundreds of millions of people over the last 20  to 30 years, there continues to be scandalous disparity of income and wealth among those who have benefited from these reforms and those who have been left behind.  The massive unemployment that has been caused by the lockdowns of  economies all over the world has worsened the inequity in the distribution of income even in the most developed countries of Europe and elsewhere. The human sufferings that we are witnessing during the worst global economic crisis in 150 year  should bring world leaders to finally come to their senses and listen to what Pope Francis has been saying about   the limitations of the free market economy in respecting the dignity of each human person and in pursuing the common good of society. In The Joy of the Gospel, Pope Francis clearly states that “the dignity of each human person and the pursuit of the common good are concerns which ought to shape all economic policies. At times, however, they seem to be a mere addendum imported from without in order to fill out a political discourse lacking in perspectives or plans for true and integral development.”  The Holy Father points out that  growth in social justice “requires more than economic growth, while presupposing such growth.”  it requires decisions, programs, mechanisms, and processes especially geared to a better distribution of income, the creation of sources of employment, and an integral promotion of the poor which goes beyond a simple welfare mentality.”  In the publication “This Economy Kills,” authors Andrea Tornielli and Giacomo Galeazzi, inspired by the teachings of Pope Francis, enumerate the types of leaders who are needed for authentic human development in both developed and emerging markets.  According to them, we need “men and women who look to the future, who are committed to pursue the common  good and whose goal is not just the next election campaign.  It requires men and women who not only look at the spread and stock market indices as indicators of the health of a country but inquire whether the younger generations have a job, a future, and hope; whether children have kindergartens and schools that can educate them by introducing them to reality; whether couples have the opportunity to buy a house; whether there are effective welfare programs available for the elderly; and whether those who still bet on the future by putting children into the world are justly taxed, rather than penalized.  It requires men and women who are engaged in politics and work in institutions without corrupting themselves or letting others corrupt them, even managing perhaps to revive a minimum of esteem (which has never been so in decline) for that ‘highest form of charity’—that is, politics—in as much as it is exclusively committed to the common good and to the real lives of people, with special attention   and dedication to those in difficulty, those left behind, those  who are excluded and should be included.” We have in the above quote a program that should permeate the so-called new normal post-pandemic.  What I have read so far about prognostications concerning the “new normal” are mostly about means, not ends. There is a lot of talk about the digital transformation that all economic sectors shall have undergone as a response to the changes in consumer lifestyle and business practices brought about by COVID-19. It asserted that digitalization will be a universal practice. Online purchases of practically all types of consumer goods and services; modes of payments; delivery of formal education and all types  of skills training; banking practices; religious services; sports events; forms of entertainment; etc.  These transformations, however,  could occur without addressing the fundamental problem of great disparities in the distribution of income and wealth and may even exacerbate the problem of the poor if, for example, their children are further left behind because they lack the resources to participate in online learning.  Although the means are also important, there should be greater emphasis in the transformation of the ends or objectives of the economic system.  Our leaders should ask themselves how to make the structural changes necessary to reduce mass poverty (which has worsened during the many lockdowns made necessary by the pandemic).  In more concrete terms, the economic system should be geared to providing more nutritious food to the poorest of the poor; better quality education and health care to the bottom 20 percent of the population; free health services to those who cannot afford them;  socialized housing for the homeless; and well paying jobs for the unemployed and underemployed. The new normal should give the highest priority to providing the small farmers with what they need to eke out a decent living by providing them with the necessary infrastructures such as farm-to-market roads, irrigation systems, post-harvest facilities, access to credit and other farm support services that have long been denied the Filipino farmers.  I have always maintained that the first cause of dehumanizing poverty in the Philippines is the long-term neglect of rural and agricultural development.  It is not a coincidence that 75 percent of those who fall below the poverty line are in the rural areas. Many of them are the beneficiaries of agrarian reform who, after being provided with one or two hectares of land, were completely abandoned to their own resources.  They are the landless farm workers, the “kaingeros” (slush-and-burn farmers), and the subsistence fisherfolk. Hopefully, the shortage of food during  the pandemic has made it crystal clear that food security should be on top of our economic objectives.  Food security now and in the future can be made possible only by a significant increase in the productivity with which we use our agricultural resources.  To be continued For comments, my email address is»»

Category: sportsSource:  abscbnRelated NewsAug 3rd, 2020

Now at a bank near you: one-day check clearing

CHECK PROCESSING can now be done in just one working day -- instead of three to five banking days previously -- giving consumers faster access to funds as banks roll out today the Philippine Clearing House Corp.'s (PCHC) digital clearing system roughly four months after the central bank approved the system......»»

Category: newsSource:  bworldonlineRelated NewsJan 19th, 2017

1-day check clearing set next year

THE BANGKO SENTRAL ng Pilipinas (BSP) has approved a digital check clearing system to be rolled out by early 2017 that will enable quicker access to funds as processing time will be reduced to just one banking day from three to five currently......»»

Category: newsSource:  bworldonlineRelated NewsSep 14th, 2016

Cebu City Launches Modernized Traffic System

Cebu City hopes Cebuanos experience better traffic flow in the city as the local government launches the first phase of the “modernize traffic system project.” 18 intersections in various parts of the city now have digital timers for traffic lights, which will help motorists in anticipating traffic situations and help in keeping the smooth flow […].....»»

Category: newsSource:  metrocebuRelated NewsJan 13th, 2021

Fintech helps transform Philippines into a cash-lite economy

Financial technology firm Zybi Tech Inc. is further expanding its digital services amid a shift in consumer behavior due to the COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsJan 9th, 2021

BSP adopts new bank assessment framework

The Bangko Sentral ng Pilipinas said Thursday it will push through with the implementation of the Supervisory Assessment Framework this month to help enhance the stability of the banking system under the New Economy......»»

Category: lifestyleSource:  abscbnRelated NewsJan 8th, 2021

PNB, PSBank continue to offer free online fund transfer

Lucio Tan-led Philippine National Bank and Metrobank’s consumer banking arm Philippine Savings Bank have joined the growing list of banks that have extended free digital cash transfer services to help achieve the Bangko Sentral ng Pilipinas goal of transforming the country to a cash-lite economy......»»

Category: financeSource:  philstarRelated NewsDec 31st, 2020

PNB, Metrobank extend waiver of InstaPay and PesoNet fees

Philippine National Bank said Tuesday it extending the waiver for InstaPay and PesoNet fund transfer fees until March 31, 2021 to encourage more customers to use digital banking channels......»»

Category: financeSource:  thestandardRelated NewsDec 29th, 2020

MOZARK, Consistel Philippines and AFL Networks announce merger to improve digital experience in Southeast Asia

Consistel Philippines Inc. and AFL Networks Sdn Bhd, a wireless solutions provider and system integrator, announce a definitive merger agreement with MOZARK Pte. Ltd. to revolutionize their services and leverage a global platform on digital experience management......»»

Category: newsSource:  philstarRelated NewsDec 29th, 2020

China Bank taps Multisys for digital solution

China Banking Corp. has tapped leading software company Multisys Technologies Corp. to deliver game-changing digital solutions for the bank’s clients......»»

Category: financeSource:  philstarRelated NewsDec 25th, 2020

Duterte: Health sector, digital economy to spur economic activity in 2021

President Rodrigo Duterte is banking on “heightened demand” for health and digital products to spur the Philippines’ economic recovery in 2021 after the country plunged into a recession amid the coronavirus pandemic. In an interview with Oxford Business Group, transcripts of which were shared to the media on Friday, Duterte said he is expecting that […] The post Duterte: Health sector, digital economy to spur economic activity in 2021 appeared first on Daily Tribune......»»

Category: newsSource:  inquirerRelated NewsDec 18th, 2020

Fintech Festival-PH features digital workforce, healthtech

The week-long event of the World Fintech Festival-Philippines culminated in the signing of three major partnerships between international organizations and tech associations in the country showing that continuous collaboration is the next step forward. .....»»

Category: techSource:  thestandardRelated NewsDec 14th, 2020

BSP circulates open banking framework to stakeholders

The Bangko Sentral ng Pilipinas has circulated the proposed open finance framework to stakeholders as part of the regulator’s three-year digital payments transformation program to boost financial inclusion and transform the country to a cash-lite from a cash-heavy economy......»»

Category: financeSource:  philstarRelated NewsDec 13th, 2020

BSP issues rules for new digital banks

The Bangko Sentral ng Pilipinas has released the guidelines for the establishment of digital banks as it seeks to promote innovation in the banking sector and improve the accessibility of financial products to Filipinos......»»

Category: financeSource:  philstarRelated NewsDec 4th, 2020

Firms urged to use digital contact tracing system

With the increasing operational capacity of businesses this holiday season amid the continuing threat of COVID-19, firms nationwide are highly encouraged to adapt a digital contact tracing system......»»

Category: newsSource:  philstarRelated NewsDec 3rd, 2020

Jordan Brand welcomes sneakerheads to new normal with book and shop system

The first of its kind in the whole of Southeast Asia, the 2,500-square-meter store will employ a "book and shop" system to serve consumers in a healthy and safe manner amid the novel coronavirus (COVID-19) pandemic......»»

Category: newsSource:  philstarRelated NewsNov 30th, 2020

RCBC mobile app raises bar for digital transactions

Rizal Commercial Banking Corp. continues to refresh its award-winning financial services mobile app through the launch of loans and skills marketplace to boost financial inclusion in the country......»»

Category: financeSource:  philstarRelated NewsNov 28th, 2020