Payment operator Pouch has launched its “Send Globally” feature, allowing customers in the Philippines, including expats, to make instant and cost-effective transfers from the Philippines to any US bank account.
This eliminates the need for physical bank visits and reducing transaction times to 0-3 days.
Pouch aims to enhance cross-border payments and promote financial inclusivity while leveraging the Bitcoin Lightning Network for fast and affordable transactions.
The Land Bank of the Philippines (Landbank) is poised to restart the distribution of a P6,500 fuel subsidy to eligible recipients as soon as it receives approval from the Land Transportation Franchising and Regulatory Board (LTFRB) and the Commission on Elections (Comelec) amid an election-related spending ban.
Rizal Commercial Banking Corp. (RCBC), owned by the Yuchengco Group, reported an impressive P7.5 billion in transactions through its “phygital” solutions from July 2022 to July 2023, covering 100 percent of its nationwide banking operations and experiencing a 43 percent year-on-year growth in transaction volume.
The Bangko Sentral ng Pilipinas (BSP) reported a net income of P19.86 billion for the first six months of 2023, reflecting a 64% decrease compared to the same period in 2022.
The Bangko Sentral ng Pilipinas is actively promoting the Philippines as a destination for Islamic banking and finance, with a flexible regulatory environment and an underserved market, drawing inquiries from potential investors, and plans to issue its first sovereign sukuk bond soon.
This fund, managed by experts from the Association of Independent Asset Managers Singapore, will provide potential dividend payouts to investors, offering a sustained growth opportunity while earning additional income.
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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