The Philippines has been officially removed from the European Union’s (EU) list of countries considered to have a high risk for money laundering and terrorism financing. The Bangko Sentral ng Pilipinas (BSP) has vowed to continue strengthening safeguards against financial crimes following the decision.

The country has now made its third major exit from an international watchlist this year. The move was made official when the corresponding EU regulation took effect on August 5.

It follows the Philippines’ removal from the Financial Action Task Force (FATF) “grey list” in February and the United Kingdom’s high-risk list in March. The country had been on the FATF’s list of jurisdictions under increased monitoring since June 2021.

The European Commission’s decision highlighted the recent progress made by the Philippines. Specifically, the commission welcomed the strengthening of the country’s anti-money laundering and countering the financing of terrorism (AML/CFT) regime.

BSP Governor Eli M. Remolona Jr. said the central bank would continue its reform efforts.

“The BSP remains firmly committed to driving financial sector reforms, strengthening anti-money laundering/countering terrorism and proliferation financing supervision, and building a resilient, inclusive financial system that supports economic growth and global confidence,” Remolona stated.

Officials expect the delisting to generate several benefits for the country. These include lowering remittance fees for overseas workers and improving relationships between Philippine and foreign banks, which will help drive business activities.

Analysts also suggest the move could enhance investor confidence and improve the country’s access to global financial markets.

The Anti-Money Laundering Council is now pushing for amendments to the Anti-Money Laundering Act to ensure the Philippines remains off international watchlists.

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Global cross-border payments platform Wise has now fully integrated with the Philippines’ online payment systems, gaining access to the PESONet gateway.

This follows its previous integration with the real-time transfer service InstaPay and direct settlement through the Bangko Sentral ng Pilipinas’ (BSP) PhilPaSS Plus system.

Wise is integrating with PESONet to remove limits and delays when its customers send large sums of money for purposes such as overseas tuition or remittances.

Wise stated that its direct connections with local payment systems have reduced fund transfer costs, with fees for a PHP 50,000 transfer to a US dollar account dropping by over 10%.

In a separate development, Wise has also partnered with the Philippine Statistics Authority (PSA) to integrate its platform with the National ID eVerify system. This will allow Filipino users to authenticate their accounts using their National ID in card, paper, or digital format.

“With direct access to both InstaPay and PESONet, plus streamlined National ID verification, we are removing barriers to transparent, affordable international money transfers,” said Wise Philippines Country Manager Areson I. Cuevas.

PSA Undersecretary and National Statistician Claire Dennis S. Mapa commented on the collaboration’s goal to improve financial access.

“With over 88 million Digital National IDs already available… we are empowering millions of Filipinos — regardless of their location or background — this is a significant step towards financial inclusion,” Mapa said.

Featured image: Edited by Fintech News Philippines based on images by aileenchik and qalebstudio via Freepik.

While the Philippines has made progress in financial inclusion, a significant portion of the population remains underserved. According to the World Bank’s 2025 Global Findex, only 50.2% of Filipino adults had a financial account in 2024.

Fintech AI company Trusting Social is addressing this gap by providing alternative credit scoring to help lenders reach the country’s underbanked population.

The Vietnam-based company utilises an AI-driven platform that analyses masked, anonymised, and aggregated telco data to assess an individual’s creditworthiness.

Filipinos who lack a formal banking history, including those in remote provinces, can now access formal credit. Lenders are able to offer these loans by using this alternative to traditional scoring.

The company states its platform enables over a million borrowers monthly and facilitates around USD $500 million in unsecured loans.

The CEO founded the company specifically to address what he identifies as a core weakness in traditional finance.

“The traditional banking system was inherently blind to hundreds of millions of deserving individuals lacking financial history—that’s the fundamental flaw Trusting Social was built to fix,” shared Nguyen Nguyen, Founder and CEO of Trusting Social.

In the Philippines, Trusting Social partners with over 50 financial institutions, from major commercial banks to start-up lenders.

Johnny Escaler, CEO of Trusting Social Philippines, said the company’s work is driven by the belief “that advanced data science can help bridge the financial inclusion divide in the country”.

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Maya has announced it will comply with the Bangko Sentral ng Pilipinas’ (BSP) directive to remove in-app links that connect users to online gambling applications.

The move follows a similar announcement from GCash, as the central bank takes action to delink payment apps from gaming websites.

In an advisory, Maya stated that it will disable access to gaming sites and apps through the “Games feature” on its app, effective from 8 PM on Saturday, August 16.

Until that deadline, customers can withdraw any remaining funds from their linked gaming accounts back to their Maya Wallet using the in-app Games feature.

After 8 PM on Saturday, users will need to withdraw their funds directly through the gaming provider’s own website or application.

The BSP’s order is part of a broader regulatory push to address the risks associated with the proliferation of online gambling in the Philippines.

According to data from the Philippine Amusement and Gaming Corp., more than 32 million Filipinos participate in licensed online gambling.

“We will always safeguard our customers and ensure uninterrupted availability of all our financial services,” the company stated. “Maya will continue working closely with regulators and industry partners to uphold the highest standards of consumer protection and full compliance with all regulations”.

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The Bangko Sentral ng Pilipinas (BSP) has appointed career central banker Lyn Javier as the new Deputy Governor for its Financial Supervision Sector (FSS). BSP Governor Eli Remolona Jr. administered her oath of office on August 11. Javier succeeds Chuchi Fonacier, who retired earlier in the month.

As head of the FSS, Javier will now oversee the regulation and supervision of banks, financial technology firms, and other financial institutions under the central bank’s jurisdiction.

In a statement, the BSP said that “Deputy Governor Javier will lead the BSP in supervising banks and other financial institutions under its jurisdiction, in line with the central bank’s mandate of promoting financial stability.”

Javier is a long-serving member of the central bank, having started her career as a bank officer in the supervision sector in 1998. She rose through the ranks and was appointed Assistant Governor in 2021.

In that role, she was responsible for supervisory policy development and the oversight of financial institutions’ treasury, trust, information technology, and anti-money laundering operations.

A Certified Public Accountant, Javier holds a bachelor’s degree from the University of the Philippines and a Master of Business Administration from Ateneo de Manila University.

She also serves as the BSP’s representative to several international bodies, including the Basel Consultative Group and the Executives’ Meeting of East Asia-Pacific Central Banks Working Group on Banking Supervision.

Featured image by the Bangko Sentral ng Pilipinas (BSP).

The Asia-Pacific fintech landscape is thriving, fueled by the rapid adoption of digital payments, online banking and alternative lending solutions.

With over a billion users projected to access digital financial services by 2026, the region is ripe with opportunity — and equally vulnerable to escalating fraud threats.

The region faces a wave of sophisticated attacks: payment fraud losses are forecast to surpass US$362 billion between 2023-2028, and identity fraud is rising sharply, exacerbated by data breaches and advanced AI-driven tactics.

As digital finance accelerates, fraudsters are evolving faster than ever, pushing fintechs and payment providers to rethink their approach to user registration and transaction monitoring.

Rethinking Registration to Stop Fraud Early

User registration is fintech’s critical first line of defense, but traditional methods, such as manual document verification and static data checks from consortia databases, are faltering against modern schemes.

Synthetic identity fraud, often enabled by stolen data or fabricated information and sometimes augmented with deepfakes, now slips past conventional Know Your Customer (KYC) checks with alarming ease.

These risks are amplified in APAC, where mobile-first onboarding is often frictionless by design.

To counter these attacks, fintechs are increasingly turning to digital footprint analysis.

By assessing the quality and breadth of digital identifiers — such as email addresses, linked social profiles and online presence — companies catch inconsistencies that signal fraud.

For example, a new registrant with minimal online history and recently created contact details raises immediate red flags, prompting enhanced scrutiny.

Conversely, genuine users benefit from a smooth onboarding experience without unnecessary delays.

Prominent APAC organisations have reported reductions in fraudulent registrations after introducing digital footprint analysis and enhanced KYC at scale.

This approach translates into lower operational costs and higher customer satisfaction scores.

Real-Time Transaction Monitoring as the New Standard

Even with strong onboarding processes, risks remain throughout the customer lifecycle. Every payment transfer represents a potential threat vector.

Traditional batch monitoring and manual reviews simply cannot keep pace with the volume and speed of today’s real-time digital economy.

Real-time transaction monitoring addresses this challenge head-on by analysing every transaction instantaneously, using AI to flag anomalies in behavior, velocity, amount and context.

These adaptive systems recognise new threats and evolving patterns more quickly than static logic.

For example, digital payment providers and remittance services have cut down on fraud, resulting in a reduction in false positives and investigation workloads, allowing teams to focus better on customer service and innovation.

Device and Behavioral Intelligence: Enhancing Precision

Beyond digital footprints and transaction analytics, fintechs in APAC are embracing device intelligence and behavioral biometrics for even greater accuracy.

Device intelligence scrutinises hardware characteristics, network attributes and software configurations to spot devices often associated with fraudulent activity, such as spoofed IP addresses or emulator usage common among fraud rings.

Behavioral biometrics complements device intelligence by evaluating how users physically interact with platforms.

Tracking navigation patterns, typing speeds and swipe behaviors allows fintechs to differentiate human users from automated scripts or bots.

Integrated into real-time monitoring, these insights help organisations preemptively block malicious activity without disrupting genuine user experiences.

Proactive Security Fuels Sustainable Growth

Implementing advanced registration and transaction monitoring measures does more than merely protect against fraud — it positions companies for sustained competitive advantage.

Reduced fraud losses and fewer false positives translate directly into operational savings.

Resources previously spent on manual verification or recovery from fraud incidents can be redirected to innovation, enhancing service quality and customer loyalty.

Companies increasingly recognise these benefits, reflected by escalating investments in proactive security measures.

As digital finance expands rapidly throughout the region, fintechs equipped with robust, adaptive monitoring frameworks will lead the charge, balancing innovation with uncompromising security.

Toward a Safer Digital Ecosystem

The future of fintech in APAC rests on fostering trust through secure yet frictionless interactions.

Advanced registration and real-time transaction monitoring, enriched by device intelligence and behavioral biometrics, are essential in this mission.

Fintech companies adopting these measures combat fraud effectively and deliver the superior, secure experiences customers demand. As fraud evolves, so must defenses.

Fintechs that embrace this proactive security approach are poised to thrive in APAC’s competitive, digital-first financial landscape, turning strong fraud prevention programs into their ultimate competitive advantage.

 

 

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Digital lender GoTyme Bank has reached 7 million users and has disbursed over PHP 5 billion in loans as of the end of July, putting it on track to meet its target of nine million customers by the end of 2025. The bank also reported holding PHP 32 billion in customer deposits.

GoTyme is expanding its services, recently launching a buy-now-pay-later product and a partnership with TikTok to provide data-driven loans to online sellers. The bank also plans to roll out a local stock investing feature this quarter, with cryptocurrency trading and new self-service cash deposit and withdrawal machines to follow.

Co-CEO Albert Tinio attributed the user growth to the bank’s focus on a straightforward user experience.

“We just make it simple for people to onboard, simple for people to use … it’s where it’s convenient,” Tinio said. “All of that makes sense for them, and that’s why it’s being used.”

GoTyme’s major shareholder, Tyme Group, will support the expansion using the USD $250 million in fresh funding it recently secured, a deal that valued the company at USD $1.5 billion.

While growing its user base and loan book, GoTyme Bank reported a net loss of PHP 2.47 billion in 2023, which widened from the previous year due to higher expenses associated with its growth phase.

GoTyme Bank began commercial operations in October 2022 and is one of six digital banks licensed by the Bangko Sentral ng Pilipinas.

Its parent company is planning further expansion into other Southeast Asian markets ahead of a potential public listing in New York by 2028.

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Tendo, the financial wellness unit of digital bank Tonik, has made its financial services available to the employees of business process outsourcing (BPO) company Concentrix in the Philippines.

The partnership gives over 100,000 Concentrix team members access to Tendo’s services, which include automated savings, salary advances, buy-now-pay-later schemes, bill payments, and insurance products.

Hazel Banas, VP for People Solutions at Concentrix Philippines, stated that Tendo’s services support the BPO’s efforts to enable its workers to manage their financial needs in a secure and responsible way.

Tendo anticipates that its collaboration with the large workforce of Concentrix will drive its own user growth.

“Making this available for Concentrix ensures thousands more people can easily access financial tools designed to reduce stress, encourage savings, and strengthen overall workplace engagement,” said Kacper Marcinkowski, CEO of Tendo by Tonik.

As an affiliate of Tonik, Tendo utilises AI-driven risk management and underwriting models for its lending products.

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The Rural Bank of Sta. Rosa (Laguna), Inc., a subsidiary of financial technology company Salmon Group Ltd., has reported a net profit of PHP 151.1 million for the first half of the year. This figure is up significantly from the PHP 82.5 million recorded in the same period a year ago.

The bank also saw its consumer lending portfolio grow by 33.8% to PHP 1.2 billion. Its deposits also increase by 66.7% to PHP 952 million from their end-2024 levels.

According to Raffy Montemayor, Salmon Co-Founder and the bank’s Chairman, the results stem from profitable loans and an efficient, low-cost business model.

“Our core banking system is cloud-based, so we don’t invest in data centres that are very costly to maintain. We also have two branches, so we’re lean,” Raffy said.

He added that the mobile app reduces the need for physical branch visits. Since then, it has allowed savings to be passed to customers through higher deposit interest rates.

The growth in deposits was attributed to the bank’s 8.88% interest rate on its time deposit product.

“Before it was only for one year, and now we’re providing it for up to five years,” Raffy noted, adding that customers have flexible interest payment options.

The bank reported a return on equity of 58.9% and a capital adequacy ratio of 32.7%.

Last month, Salmon announced it had raised USD $88 million from a funding round. Raffy confirmed this capital will be used to support the bank’s continued growth and fund its loan portfolio.

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The Philippines Securities and Exchange Commission (SEC) is cautioning the public, particularly job seekers, against the proliferation of “Job Offer Scams”. The commission reports these scams aim to defraud individuals through a method described as a “tasking and recharging scheme”.

The SEC’s Enforcement and Investor Protection Department (EIPD) has noted a significant number of reports concerning this fraudulent activity.

The scheme typically begins with perpetrators contacting potential victims via messaging apps like Viber, Messenger, and Telegram. They offer simple online tasks, such as sorting or purchasing items for a supposed e-commerce business.

To participate, the scammers first require victims to deposit a small sum of money to gain access to the dubious online platform that assigns the tasks. Initially, these small deposits yield the promised returns, a tactic used to build trust and encourage larger investments.

For instance, an individual might be asked to deposit PHP 500 to perform tasks that pay PHP 1,000. After receiving this initial payment, the scammer will offer higher-paying assignments that require a much larger deposit, such as depositing PHP 5,000 to access tasks worth PHP 10,000.

This cycle of depositing increasingly larger amounts continues until victims have invested a substantial sum. When individuals attempt to withdraw their earnings, the platform operators demand more payments for various fabricated reasons before they ultimately disappear with the invested money.

The EIPD strongly advises people in the Philippines not to engage in these job offer scams and to exercise vigilance when encountering such offers.

The commission encourages anyone who comes across these schemes to report them immediately to the EIPD via email at epd@sec.gov.ph.

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