Banking & Insurance
RCBC launches tap-to-phone service for MSMEs
Rizal Commercial Banking Corp. (RCBC), led by the Yuchengco Group, has launched a digital payment solution for the country's micro, small, and medium enterprises (MSMEs). On Monday, the bank unveiled its partnership with fintech-as-a-service provider Soft Space to introduce RCBC Tap-to-Phone, a SoftPOS (software point-of-sale) solution that enables businesses to accept digital payments effortlessly.
Security Bank boosts auto loan offering with Tesla financing deal
Security Bank Corp. announced on Monday that it is enhancing its auto loan offerings and positioning itself as one of Tesla’s preferred financing providers in the Philippines. The collaboration aims to make owning the electric vehicle (EV) a more accessible and seamless experience for Filipinos.
New ADB chief Masato Kanda takes office
Masato Kanda officially assumed the role of the 11th president of the Asian Development Bank (ADB) today, Monday, signaling a new phase in the institution's leadership. Kanda, who succeeds Masatsugu Asakawa, brings nearly four decades of experience in international finance and development policy, having previously served as Japan’s vice-minister of finance for international affairs. His leadership is expected to bolster ADB’s efforts to tackle pressing development challenges in Asia and the Pacific.
PH FATF grey list exit sets stage for econ growth, credit rating boost
The Bangko Sentral ng Pilipinas (BSP) has celebrated the country's removal from the Financial Action Task Force’s (FATF) grey list, a significant milestone in the country’s financial reforms in combating money laundering and terrorism financing. The FATF’s recent statement confirms that the Philippines has addressed critical deficiencies in its anti-money laundering (AML) and counter-terrorism financing (CFT) framework.
BSP unfreezes P300B in deposit reserves
The Bangko Sentral ng Pilipinas (BSP) has determined that the inflation and liquidity dynamics is such that the monetary board reduced the banks' reserve requirement ratios (RRRs) by 200 basis points (bps) beginning 28 March 2025.
