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The Bangko Sentral ng Pilipinas (BSP) announced the resumption of its acceptance of applications for digital banking licenses starting January 1, 2025 after a three-year moratorium. This decision marks a significant development in the financial sector opening its door to new players for the digital banking space. The moratorium imposed in 2021 allowed the BSP to closely monitor and assess the performance of the existing digital banks and their impact on the financial system. With the reopening of the digital banking license applications, the BSP aims to enhance innovation and competition in the financial sector for the advancement of financial inclusion and economic growth and also aims at harnessing the potential for banks to have a positive impact on the Philippines’ financial system. The licensed digital banks are leveraging on mobile technology and artificial intelligence and primarily serves the unbanked Filipinos with largely untested credit profiles. Despite the sector facing challenges such as profitability and high non-performing loan (NPL) ratios, digital banks show strong performance in raising deposits. #digitalbanking #fintechph #digitalizationph #digitalbanklicense

🚀 Top Digital Banks Transforming the Philippines' Financial Landscape 💳 Digital banking in the Philippines is booming! With 25.2% of bank accounts now digital and digital payment transactions making up 52.8% of total retail payments, the future of banking is undeniably digital-first. The convenience, security, and innovation offered by digital banks are revolutionizing how Filipinos manage their finances. Here are the top digital banks leading this transformation: 1. CIMB Bank Philippines 2. Tonik 3. UnionDigital Bank 4. RCBC DiskarTech 5. GoTyme Bank 6. SeaBank Philippines, Inc. (A Rural Bank) 7. UNO Digital Bank Read more - https://lnkd.in/gB58TntP These digital banking pioneers are offering seamless, secure, and innovative financial solutions, ensuring access anytime, anywhere. 🌐💸 #DigitalBanking #Philippines #FinTech #FinancialInclusion #Innovation #TechForGood

𝗣𝗵𝗶𝗹𝗶𝗽𝗽𝗶𝗻𝗲𝘀 𝗼𝗽𝗲𝗻𝘀 𝗱𝗼𝗼𝗿𝘀 𝗳𝗼𝗿 𝗺𝗼𝗿𝗲 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗕𝗮𝗻𝗸𝘀 The Bangko Sentral ng Pilipinas (BSP) recently announced that it will lift the moratorium on new digital banking licenses starting January 1. This decision aims to promote digitization and financial inclusion in the country by introducing new players to the market, following a period of observation on the performance of the initial wave of digital banks. With the issuance of 4 new #digitalbanking licenses, competition will increase among the 6 existing digital banks, including UNO Digital Bank, UnionDigital Bank, GoTyme Bank, Overseas Filipino Bank (LandBank of the Philippines ), Tonik & Maya. These banks, have been operating since a 2020 circular allowed their entry. The digital banking sector in the #Philippines initially flourished as a response to the increased demand for cashless options during the pandemic, with more consumers embracing QR code payments and digital wallets like GCash. Traditional banks, with their extensive customer bases and established brands, are well-positioned to enter the digital space. The outcome of this new chapter will hinge on how effectively new and existing players navigate challenges related to monetization, credit risk management & the push for #innovation. PC: Fintech News Philippines (Aug’23)

"DiBa" - as in Digital Banks, diba? I'm definitely using that 😆 🇵🇭 (diba = "right?" in english)

“We see this as more than a financial endorsement from the global and local investment communities; it’s a recognition of the sector’s potential to drive economic inclusivity and innovation, setting a new standard for the future of banking in the Philippines,” said Henry Aguda, FICD, trustee, Digital Bank Association of the Philippines (DiBA PH) and President & CEO, UnionDigital Bank Since the establishment of a new digital banking category by the Bangko Sentral ng Pilipinas in 2021, the sector has not only attracted funds but also significantly increased the accessibility of financial services to millions of Filipinos. This evolution marks a critical step toward inclusive economic growth and positions the Philippines as a leader in banking innovation, ensuring that the benefits of digital financial solutions extend across the entire population. Read more about the story here: https://lnkd.in/gWdHb5ek

Like many countries in the SADC region, South Africa’s payments landscape is evolving at a rapid pace. The emergence of non-bank FinTech's and PSPs, the proliferation of non-cash payment methods, and the launch of initiatives such as PayShap are forging an ecosystem in which fast and inclusive digital payments are at the center. These developments — and many more — will be explored at the upcoming EMEA Cash Cycle (ICCOS) & Payments Seminar. An expert panel featuring Kim Dancey (Yoco), Rahul Jain (Peach Payments), Lincoln Mali (Lesaka Technologies Inc.), and Mpho Sadiki (Network International) will share their perspectives on the transformation of South Africa’s payments industry. There’s still time to join. Sign up today to meet these leading payments figures in Cape Town, November 25–27, 2024, at the EMEA Cash Cycle (ICCOS) & Payments Seminar. Click here: https://hubs.li/Q02V-_-w0 #EMEACCPS2024 #EMEACCS2024 #iccos #Cash #CashManagement #FutureofCash #Centralbanks #CurrencyNews #FinancialInclusion #CashCycle #CommercialBanks #RiskManagement #CashManagement

The Bangko Sentral ng Pilipinas (BSP) will lift the moratorium on new digital banking licenses starting 1 January 2025, allowing four more digital banks to operate. This move aims to boost financial inclusion by encouraging innovative business models. This decision contrasts with the Hong Kong Monetary Authority's recent halt on new licenses. Exciting times ahead for digital banking in the Philippines! #DigitalBanking #FinancialInclusion #Innovation #Philippines https://lnkd.in/gVUQEtS8

Philippine digital banks attract $700 million in investments! The #Philippines’ #digital #banking sector is experiencing a #digital gold rush, attracting over #$700 million in investments since 2021. According to the Digital Bank Association of the Philippines (#DiBA PH), this influx of #capital has fueled a surge in #customer adoption. Depositors in Philippine digital banks jumped to 5.9 million by year-end 2023, nearly doubling from the previous year. Deposits followed suit, reaching #P69 billion, reflecting #growing trust in these new #financial players. DiBA PH attributed this success to the #potential of digital banks to #unlock #economic growth, create jobs, and broaden #financial inclusion for Filipinos. This boom follows the #Bangko Sentral ng Pilipinas’ creation of a new #digital banking category in 2021 to strengthen #financial #services. Currently, only six BSP-licensed digital banks operate: GoTyme Bank, Maya Bank, Overseas Filipino Bank (OF Bank), Tonik Digital Bank, UnionDigital Ba https://lnkd.in/gBQncZmP

Cash is still king in South Africa, but digital payments are on the rise! 🇿🇦💸 At the 2024 Payments Conference, SARB Governor Lesetja Kganyago unveiled the Payments Ecosystem Modernisation Programme (PEMP), the most ambitious initiative since SAMOS over 30 years ago. This program aims to develop a public payments utility, enhancing digital payment infrastructure. Despite the convenience of digital payments via phones and smartwatches, cash remains the most used and perceived as the cheapest option. However, Kganyago highlighted the inefficiencies and risks of cash, especially for women managing family finances. With a decline in cash demand and inspiration from systems like India’s UPI and Brazil’s PIX, SARB is committed to a secure, inclusive payment system for all South Africans. The goal is to embrace the digital shift while ensuring safety and inclusivity. #digitalstokvelplatform is committed to capitalize on these opportunities, further driving the transition towards digital payments. Exciting times ahead for South Africa’s payment landscape! 🚀 #DigitalPayments #FinancialInclusion #SARB #Innovation #DigitalStokvelPlatform

🌟 Transforming Payments in Cambodia: NBC Leads the Way 🌟 The National Bank of Cambodia (NBC) led by Serey Chea has been at the forefront of modernizing the country's payment systems, leveraging cutting-edge financial technology. 🚀 Here's a glimpse into the remarkable advancements that are shaping Cambodia's digital financial landscape: 1️⃣ 📈 Surging Digital Payments: In 2023, digital payment usage soared to around 12 times GDP, with the total value reaching approximately USD 600 billion! This growth is powered by systems like Bakong and KHQR, making transactions simpler and more secure. 💹💸 2️⃣ 📱 Rise of Mobile Banking: With a shift towards mobile-first solutions, mobile banking transactions hit KHR 746.7 trillion in 2023. Convenience and user-friendliness are driving this trend, reflecting the global move towards mobile financial services. 📲🌍 3️⃣ 💳 E-Wallet Explosion: Registered e-wallet accounts reached 19.7 million, with payments increasing by 76% to USD 111+ billion. The surge in e-wallet usage shows the growing trust in digital financial services. 👜💳 4️⃣ 🤝 Seamless Transactions: The Cambodian Shared Switch (CSS) has revolutionized interbank transactions, making it easier for financial institutions to process payments seamlessly. This integration is crucial for a more efficient financial ecosystem. 🔄🏦 5️⃣ 🌐 Cross-Border Connectivity: NBC's focus on cross-border payment connectivity is enhancing economic cooperation with other countries. This initiative is set to position Cambodia as a regional leader in digital finance, promoting the use of local currencies. 🌍💱 Read the full report on the comments below! #DigitalTransformation #CambodiaFinance #NBC #FinTech #DigitalPayments #FinancialInclusion #EconomicGrowth 🌐💼📊💵