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March 02, 2024

BSP grants OPS license to Singapore’s Hitpay

Bangko Sentral ng Pilipinas (BSP) has granted HitPay, a Singapore-based payment platform for SMEs, a license to be a registered Operator of Payment System (OPS).

“We’re thrilled to launch HitPay in the Philippines and aid businesses in managing their payments with ease. Securing our OPS license marks a milestone in our goal of building strategic collaborations with local payment partners, and empowering Filipino businesses with an accessible, all-in-one payment solution,” said Aditya Haripurkar, HitPay’s Co-founder and CEO.

HitPay will allow SMEs to integrate a full suite of payment options on a single platform as well as set up no-code business tools to accept payments.

HitPay’s gateway is compatible with readily available payment methods including InstaPay QR PH, PESONet, GrabPay, Billease, over-the-counter payments, cards, e-wallets, and online bank transfers.

The firm also has a pending application to become a licensed major payment institution with the Monetary Authority of Singapore (MAS).


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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