– Fintechs focused on remittances are capturing legacy lenders’ market share – The UN and other bodies are calling for remittance fees to be capped at 3% – Emerging markets have been at the forefront of mobile-first fintech growth – Cryptocurrency is also increasingly disrupting the remittances space A number of remittance-focused financial technology (fintech) start-ups are gaining…
– Cryptocurrency uptake continued to grow exponentially in 2021 – Emerging nations led the world in terms of crypto adoption – The new incarnation of blockchain-based currencies is driving uptake – Adoption is set to expand despite ecological and economicconcerns Emerging markets were at the forefront of last year’s massive growth in global cryptocurrency adoption. With this…
The Philippines posted average economic growth of 6.4% over 2010-19. While the Covid-19 pandemic tested the country’s resilience during 2020, the response measures contained within the two national stimulus packages, Bayanihan 1 and 2, provided support to vulnerable industries. Meanwhile, the rollout of the imminent Corporate Recovery and Tax Incentives for Enterprises bill is expected to create
In this Global Platform video, Simoun Ung, CEO of OmniPay, Inc., unpacks the opportunities and challenges facing both regulators and financial technology (fintech) players as societies around the world accelerate the shift towards digital payments. With fintechs looking to expand their service offering beyond the upper echelons of society, successfully managing cybersecurity risk and promoting consumer
Q&A Sessions With Tax Experts on Create Implications and Other Issues at The Inaugural Create Summit As the first-ever revenue-eroding tax reform package and the largest economic stimulus program in Philippine history, Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law is seen to push for national accelerated economic recovery by attracting more foreign direct investment into the…
– Many emerging nations’ central banks are trialling or considering CBDCs – South-east Asia is at the forefront of digital banking and cryptocurrency – Cambodia has launched a CBDC, while several other states are undertaking trials – An East Asian common currency based on blockchain has been proposed The coronavirus pandemic gave rise to a massive acceleration in the spread of digital…
While the pandemic has placed extra strain on the Philippines’ health care system, increased awareness of health risks could lead to a spike in private insurance coverage. With around 415,000 recorded cases and 8000 virus-related deaths as of mid-November, 2020, the Philippines has been one of the hardest-hit countries in South-east Asia–despite the implementationof stringent…
The Philippines is experiencing a boom in digital banking as a result of the Covid-19 pandemic, with several digital-only banks announcing plans to enter the market and legacy banks rapidly upgrading their online offerings. East-West Banking Corporation, the country’s 11th-largest bank by assets, launched its own fully digital bank, Komo, in the third quarter of 2020. Furthermore, the state-owned…
The Philippines’ financial services sector entered the Covid-19 pandemic on a solid footing, thanks to decades of regulatory reform to address the vulnerabilities exposed by the 1997-98 Asian financial crisis. Strong capital buffers, high levels of provisioning and near-universal public health cover insulated the country from many of the impacts that other markets continue to wrestle with.…
Interview: Kelvin Ang How would you assess the pace of digital transformation in the Philippines’ insurance sector? KELVIN ANG: Several factors are shaping the digital transformation of the insurance industry, including the maturity of the economy and the sector itself; customer sophistication; and evolving regulations. Most companies in the market are focused on embracing digital tools and technology,…
