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5 Digital Banks transforming the FinTech landscape in Philippines

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Digital banks, also known as neobanks or virtual banks, represent a new breed of financial institutions that operate exclusively online, without physical branch networks. Leveraging technology and streamlined processes, digital banks offer a range of banking services entirely through digital channels, accessible via web or mobile applications. This innovative approach allows customers to conduct various financial transactions, such as account management, payments, lending, and investment, conveniently and efficiently from their devices.

In the Philippines, the digital banking ecosystem is robust and diverse, comprising traditional banks, neobanks, and FinTech startups. With increasing smartphone penetration and regulatory support from the Bangko Sentral ng Pilipinas (BSP), digital banks are reshaping the financial landscape, driving financial inclusion, and empowering customers to manage their finances conveniently and efficiently.

Digital bank’s heightened adoption is poised to play a pivotal role in shaping the future of banking in the Philippines, driving greater financial inclusion and empowering individuals and businesses to thrive in the digital economy.

 

Listed below are 5 digital banks transforming the FinTech landscape in Philippines:

  • GoTyme Bank

GoTyme Bank is at the heart of next-level banking in the Philippines, one that puts customer service and ease of access at the forefront of the Filipino banking experience. GoTyme Bank aims to unlock Filipinos’ financial potential with the convenience and security of digital banking, supported by best-in-class personal customer service available 24/7. Together, these make up our high-tech-high touch approach to banking.

  • Maya

Maya is the all-in-one money platform that is bringing Filipinos bolder ways to master their money. It is powered by a unique integrated financial services ecosystem that addresses the ever-evolving needs of today’s generation of money-makers through cutting-edge technology. Maya is powered by the country’s end-to-end digital payments company Maya Philippines, Inc. and Maya Bank, Inc. for digital banking services.

  • Tonik

Tonik is a neobank based in the Philippines. It was founded in 2018 and received its banking license from the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, in 2020. Tonik operates as a digital-only bank, offering various financial products and services entirely through its mobile app. The bank primarily focuses on providing high-interest savings accounts and flexible deposit products to its customers. Tonik aims to offer a user-friendly and seamless banking experience, leveraging technology to streamline processes and reduce fees typically associated with traditional banks.

  • UNO Digital Bank

Uno Digital Bank is the first licensed digital bank in the Philippines, authorized by the Bangko Sentral ng Pilipinas. It provides a range of banking services, including savings accounts, loans, and investments, all accessible through its digital platform. Uno Digital Bank operates solely online, offering convenient and innovative solutions to Filipino consumers without the need for physical branches.

  • UnionDigital Bank

UnionDigital Bank is a digital bank, wholly owned by Union Bank of the Philippines. It aims to make banking safer and more accessible to Filipinos, empowering the country’s digital economy. It enables Filipino communities, businesses, problem solvers, and regulators to leverage on FinTech, Blockchain, and Open Finance technologies, to move towards one goal of achieving inclusive prosperity.

Source: ibsintelligence.com

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Fintech

Central banks and the FinTech sector unite to change global payments space

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The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).

At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

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TD Bank inks multi-year strategic partnership with Google Cloud

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TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.

TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.

Source: fintechfutures.com

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MAS launches transformative platform to combat money laundering

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The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.

According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).

Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.

Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.

Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.

Source: fintech.global

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