Philippines - FinTech Futures

Philippines

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Payments infrastructure firm Xendit secures $150m funding round

Company plans to expand beyond its Indonesian and Philippines strongholds.

DWG expands into Singapore with remittance app acquisition

Fintech says Singapore will act as a springboard for expansion into North America and Europe.

Russian digital bank Tinkoff plans Philippine expansion

Reports suggest the move is part of a wider strategy to enter the Asian market.

Philippines to close digital bank licence applications as GOtyme gets the nod

Central bank says the window for digital banking licence applications will close on 31 August.

Voyager Innovations raises $167m to power digital banking push

Tech firm aims to provide banking to 38 million customers.

BaaS-based Netbank goes live in the Philippines

Netbank plans to offer a “full range” of banking services to migrating firms.

Philippines grants digital banking licence to Unobank holding company

Unobank aims to bridge the financial inclusion gap in its home country.

UnionBank plans total cloud migration with Amazon Web Services

It aims to be the first entirely cloud-hosted bank in the Philippines.

Pine Labs raises $285m in venture funding to reach $3bn valuation

Merchant payments platform Pine Labs plans regional expansion.

PBCOM goes live on cloud-based Temenos core banking system

Philippine bank first signed for Temenps back in 2012.

Dutch VC Finch Capital snaps up Wirecard’s APAC assets

The purchases were made through Nomu Pay.

Philippines-based neobank Uno boosts AI services with Xebia deal

The prospective bank is pushing its AI capabilities as a unique selling point.

Tyme lands $110m in Series B funding, plans Asia-Pacific expansion

TymeBank looks to expand beyond its South African headquarters.

Philippines neobank Tonik signs credit assessment deal with FinScore

The challenger wants to extend loan applications to more underbanked Filipinos.

Philippines’ mobile wallet GCash closes on $1bn valuation with new funding

Mynt-operated firm raises $175m from US investor.

Fintech funding deals globally 4-10 January 2021

Featuring Grab, Mynt, Divvy, Mambu, and SimpleNexus.

Prospective Philippines digital bank Uno picks Mambu

Uno’s parent DigiBankAsia is working with Philippine regulators to obtain a licence.

Philippines central bank to publish digital bank framework this month

A basic digital bank will require a minimum capitalisation of $8.2 million.

Wirecard business partner reported dead in Philippines

Bauer’s company made up €291.4m of Wirecard’s 2018 profits.

GoBear and UnionBank launch new lending service in the Philippines

Partnership claims to be first of its kind in the country.

UAE’s remittance fintech Denarii Cash expands beyond Middle East

The new corridors span the Middle East, and into South East Asia and Africa.

The Philippines launches government-owned OFBank for overseas citizens

Filipinos will be able to sign up to the new service with a selfie.

UnionBank to tap rural Philippines with 11,000 remittance counters

70% of Filipino adults are still unbanked.

Philippines challenger Tonik raises $21m ahead of 2020 launch

The bank has raised $27m since being founded in 2018.

Bank of the Philippine Islands deploys Avaloq Banking Suite as SaaS

The new client is Avaloq’s first in the Philippines.

Singapore’s GoBear snaps up fintech AsiaKredit

GoBear’s bank partners will be able to tap underserved consumers.

Visa invests in open banking platform Railsbank

The regtech firm gained extra capital from Japanese VC Global Brain.

Wirecard and Singapore’s Grab partner on payments

The partnership will begin in Malaysia, the Philippines and Singapore.

How Ripple and Azimo are using XRP for remittances in the Philippines

Azimo and Ripple speak to FinTech Futures about their new partnership.

Tonik digital bank raises $6m as it gears up for launch

It’s set to be the first of its kind in the country.

Wells Fargo cuts 700 jobs, overhauls exec suite and invests $5m in crypto start-up

The bank is splitting its three-part structure into five.

CIMB Bank Philippines deploys Jumio authentication tech

Its mobile app will integrate “AI-driven” Jumio identity verification technology for its KYC.

Tonik digital bank selects Finastra Fusion Essence

The Philippines’ first digital bank selects its new core.

The Philippines set for first digital-only bank as Tonik gets green light

Tonik Financial will set up the island nation’s first online bank.

Covered Bond Bank migrates international branches to Avaloq Banking Suite

New York, Singapore, and Shanghai all switch to Avaloq system.

Latvia’s Robocash set to raise $5m for P2P investments in Southeast Asia

European investors can now back 12-month commercial loans in Singapore.

Railsbank raises $10m to expand into Southeast Asia and beyond

The open banking platform has opened an office in Singapore.

WeChat Pay and Alipay partner QFPay raises $20m

The latest funding round brings QFPay’s total to $36.5 million.

BHF Rural Bank pilots programme with PearlPay

BHF becomes first ever Filipino rural bank to use core banking solutions.

UnionBank pilots blockchain-based cross-border remittance

It’s the first Philippine bank to successfully remit to Singapore.

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