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September 24, 2023

PayMongo enhances anti-money laundering measures with Singaporean firm’s software

PayMongo Philippines Inc. has invested in the anti-money laundering software developed by Singapore-registered Tookitaki Holding Pte. Ltd. to enhance its risk management and compliance capabilities.

The move will align PayMongo with the standards set by the Bangko Sentral ng Pilipinas.

The implementation of Tookitaki’s product is expected to enable PayMongo to identify and manage suspicious transactions efficiently and stay compliant with evolving regulatory requirements, ensuring the safety and trust of its customers.

Tookitaki’s CEO, Abhishek Chatterjee, highlighted the collaborative nature of their anti-financial crime ecosystem and the utilization of machine-learning technology in their software to stay ahead of financial criminals.


Three rural banks merge to enhance financial stability

Three rural banks have successfully merged in a move aimed at bolstering their financial stability, as confirmed by the Bangko Sentral ng Pilipinas (BSP). The merger officially took effect on July 13, following the necessary regulatory approvals, as detailed in a circular letter signed by Bankero and BSP Deputy Governor Chuchi G. Fonacier on September 15.

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