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October 01, 2023

Philippines rated least attractive market for digital bank fundraising in Southeast Asia

According to BMI Country Risk & Industry Research (BMI), the research arm of the Fitch Group, the Philippines is considered the least favorable market in Southeast Asia for an equity offering of a digital bank.

According to BMI, Malaysia is the most conducive market in Southeast Asia, followed by Indonesia and the Philippines.

The country’s regulatory framework and government intervention were cited as impeding factors in the growth of its financial institutions.

PLDT’s Voyager Innovations Inc. was advised to cautiously assess the regulatory environment before proceeding with further fundraising for Maya, its digital bank venture.

Digital banks in Southeast Asia are expected to receive investor support for capital expansion, but the lack of consumer maturity may limit oversubscription.


BSP disqualifies unregistered money service business

The Bangko Sentral ng Pilipinas (BSP) has disqualified Riyben Foreign Exchange for operating an unregistered money service business, part of BSP’s ongoing efforts to curb unauthorized MSBs, following similar actions taken against six other firms earlier this year.

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