finance
Showing posts with label finance. Show all posts

UBX joins BSP pilot run of open finance ecosystem

Saturday, July 8, 2023

open finance ecosystem

UBX, the leading open finance platform in the Philippines, has joined the Bangko Sentral ng Pilipinas’ (BSP) pilot run of the open finance ecosystem within its sandbox and proof-of-concept framework, pursuant to the administration’s goal of digitally transforming the economy.

Collaborating with industry players from relevant sectors in finance such as electronic money issuers, banks, payment operators, and other financial service providers, the pilot program explores the use of Application Programming Interface (API) technologies to manage the issues of information asymmetry and data aggregations in the delivery of financial products and services tailored for their customers.

With the pilot program, the BSP promises a more “responsive, inclusive, and responsible digital financial ecosystem that is characterized by innovation and permission driven use of consumer data.”

All activities undertaken by the program will be under the supervision of the Open Finance Oversight Committee Transition Group (OFOC TG) of the BSP.

“UBX was born out of the desire to drive financial inclusion to the unserved and the underserved – both in the consumer and enterprise spaces. This pilot is a huge step forward for the Philippines to achieve its real inclusion goals. As the leading open finance platform in the Philippines, we fully support the open finance pilot program of the BSP to accelerate progress for the Philippine economy,” UBX President and CEO John Januszczak said.

The BSP defines open finance as the extension of data sharing principles, assigning greater control to customers over their own data and enabling third party providers with access to their data across multiple financial products and services.

BSP Governor Felipe Medalla emphasized that introducing Open Finance in the country’s financial system is more about governance, than it is about technology.

“Rest assured that the BSP will continue to strive for a regulatory environment that promotes the right balance between innovation, competition, and consumer protection. We also remain committed to establishing robust frameworks that protect the interest of all stakeholders. With Open Finance PH, we attained a big step in unlocking equal access to financial services for all Filipinos,” Medalla said. 

The government’s pilot program is supported by the World Bank, the International Finance Corp., and the Open Banking Exchange, taking best practices from different jurisdictions and tailoring it to the needs of the Philippine market. 

With over 200 financial institutions and thousands of agents in its ecosystems, UBX has cemented its position as the leader in open finance in the country, offering the most extensive range of financial services and solutions with a fully-onboarded network of the biggest and most reputable financial institutions and service providers, lenders, and payment channels in the country since its launch in 2018.

Since it was founded in 2018, UBX has built award-winning and globally-recognized agnostic, open and interoperable platforms that can serve as the backbone of Open Finance in the Philippines. has provided its natively open finance technologies to businesses that serve millions of customers daily. It has since grown its customer base by 184x with transaction volumes reaching P41 billion at end-2022. 

Its three main verticals–SeekCap, leading online lending marketplace for micro, small and medium-sized enterprises (MSMEs), BUx, an end-to-end payment gateway for businesses of all sizes, and i2i, the Philippines’ fastest-growing banking-as-a-service solution–have made a significant impact on uplifting the lives of Filipinos across the archipelago.

UBX has also empowered local government units (LGUs) as well as other agencies to leverage open finance technologies to bring critical government services closer to those who need them. These include the province of Oriental Mindoro, Quezon City, and the Philippine Postal Corp. 

“Seeing the BSP share the same goals as UBX brings us much joy. The integration of open finance as part of public policy is a welcome development that we at UBX have hoped and have been working on for so long. Needless to say, we promise to give the BSP our full cooperation and support for the success of this program,” Januszczak said.
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PayMongo Enhances Compliance with Tookitaki's AMLS

Monday, July 3, 2023

Tookitaki



PayMongo Selects Tookitaki's AMLS to Bolster Risk Management and Compliance Measures


PayMongo, a premier payment gateway in the Philippines, has teamed up with Tookitaki to combat financial crime. It has gone live with the Tookitaki’s Anti-Money Laundering Suite (AMLS) to monitor transactions. The move strengthens PayMongo's commitment to reducing risk and enhancing its anti-money laundering program, aligning with compliance norms set out by the Bangko Sentral ng Pilipinas.

Tookitaki's AMLS helps PayMongo to swiftly identify and manage suspicious transactions, ensuring that the platform remains compliant with changing regulatory requirements. This collaboration underscores PayMongo's proactive approach to adhering to anti-money laundering policies while facilitating a seamless online payment experience for its customers.

Tookitaki’s innovative approach starts with the AFC ecosystem which is a community of AML experts that come together from around the world to share their knowledge and experience. The community helps to uncover hidden money trails that traditional methods cannot detect and is dedicated to making the world a safer and more secure place. Powered by federated machine learning, the AMLS collaborates with the AFC Ecosystem to ensure that financial institutions always have access to the latest money laundering scenarios and stay one step ahead of financial criminals. 

Mr. Abhishek Chatterjee, Founder and Chief Executive Officer of Tookitaki, said, "We are excited to partner with PayMongo in their journey towards strengthening their AML compliance strategy. With the integration of our AMLS, PayMongo can create a robust and secure environment for their customers while maintaining alignment with local regulations."

Mr. Jojo Malolos, Chief Executive Officer of PayMongo, stated, "As a payments provider, we place paramount importance on risk management and compliance. Our collaboration with Tookitaki, a pioneer in AML solutions, empowers us to meet and surpass the anti-money laundering norms set by the local regulator, thereby ensuring the safety and trust of our customers."

Tookitaki's AMLS is meticulously designed to offer financial institutions a comprehensive solution for AML compliance. By harnessing the power of technology and unique community-based methodologies, Tookitaki delivers efficient and effective AML processes. With the implementation of Tookitaki's AMLS, PayMongo fortifies its commitment to secure and compliant financial transactions.
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Your house needs fixing ? The best time is now

Saturday, May 6, 2023

home repairs

The hot summer months are here! Now is the best time for you to plan house repairs. Does your roof have a leak from last year that needs to be fixed, or do you need to replace broken doors? Or perhaps you want to repaint your entire house?

No matter what house repairs you need, it is important to plan everything in advance. This means that you know the scope of repairs needed, have the funds you need for the project, and know who to work with. Here are some things to remember when planning for home repairs or improvement:

Assess and Identify Repairs

Identifying which repairs you need, and the materials required for them, are the first important elements to consider, as this will give you a rough idea of how much funding and time you’ll need. Depending on the scope of the repair, you might need to find a temporary place to stay at too—you probably won’t need to move elsewhere if the only renovation needed is an exterior repaint, but you might consider it if extensive interior work will be done. Electrical or plumbing repairs might also interfere with daily life, so planning and assessment is vital before you commit to anything.

Get The Right People for the Job

Good planning must also be accompanied by good work—you need to contact the right people for the job. Find properly vetted contractors that can help you find the best tools and materials. Make sure to ask extensively about their experience. As much as possible, you would want the contractors’ specialties to line up with the renovation or repair that you have in mind. This won’t necessarily be the most affordable, and while cost is an important factor to consider, keep in mind that good repairs will last a long time and give you the most value for your hard-earned money.

Fund Your Repairs with the Right Partner

The best way to get funds for your repair and improvement needs without dipping into your personal savings is through a loan, such as EastWest Home Loan. There are many reasons why this is the way to go:

Get the funds you need—If you’re short on cash, an EastWest Home Loan can help you get the exact amount you need for your home repair.

Fixed term rate options—Protect yourself from rate fluctuations by choosing your own fixed term.

Light and easy repayments—Depending on the amount you loaned, EastWest allows you to stretch the repayment period for up to 30 years, making payments easier and more affordable.

Our families’ safety, security, and comfort start with a well-maintained home. Make sure that you have all you need to keep your house in tip-top shape by considering an EastWest Home Loan. Visit www.eastwestbanker.com/loans/home-loan to learn more.
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How BDO find ways to meet the financial needs of Filipinos through technology and innovation

Thursday, April 6, 2023


Filipinos are known for their resilience. Time and again, we have picked ourselves up after every disaster, natural calamities, and even the recent pandemic. But in terms of financial resilience, how are we faring? 

The unbanked suffered the most when the pandemic hit the Philippines. The unbanked are those who do not have access to traditional financial services such as checking or savings account. These Filipinos use the alternative way of conducting financial transactions which are oftentimes more costly. 


The Bangko Sentral ng Pilipinas (BSP) has been working towards the betterment of the financial landscape in the country. The goal is to increase financial literacy and financial resilience for the Filipinos. 

Banking the unbanked leads to financial resilience

Financial literacy is learning how to manage your money, understanding your spending and saving habits, making good use of the financial products available, and having access to financial services to make it advantageous for an individual to recover when faced with financial difficulty. 

Banco de Oro (BDO) has the same vision as the BSP for the Filipinos -- to be able to promote financial literacy by banking the unbanked, most especially the vulnerable sector of the society and to provide them with the products and services that can help them build financial resilience.

Finding ways to make banking accessible   

It isn't surprising that most people find going to the bank intimidating. It's probably because we are uncomfortable talking to a stranger about money. Another reason is the location of the bank. The idea of dressing up and traveling to the nearest bank makes a person resort to the most convenient way of saving money -- the alkansya. 

To address this, you can now open an account with BDO without visiting a branch


You can go through the process of account opening at the comfort of your home. While you still have to visit the BDO branch of your choice to pick up the passbook, checkbook, or debit card, your future transactions can be done online via BDO Online Banking or BDO Mobile Banking app available for download on the App Store or Google Play. 

Finding ways to quick access to cash

The lockdown during the height of the pandemic has exposed the challenges in meeting the most common financial needs of Filipinos: quick access to cash. The ATM has been very helpful when making cash withdrawals. But there are places in the provinces that do not have banks or a nearby ATM. Our kababayans need to travel in order to transact. 

BDO has solved this through Cash Agad POS machines available at partner agents such as sari-sari store, bakeries, gas stations, and other MSMEs located in the community. Using the POS terminal, you can perform banking transactions such as balance inquiry and cash withdrawal. All Philippine-issued ATM cards (BDO and non-BDO) are accepted.  The balance inquiry is FREE of charge while a convenience fee is charged for cash withdrawal. The fee is cheaper compared to the transportation expense you'll incur if you travel to a nearby city where a bank or ATM is located. 

Currently, there are over 9,500 partner agents and Cash Agad sa mahigit 1,400 municipalities nationwide. 

Finding ways to support overseas Filipinos

Working abroad for the betterment of the family's way of living requires a lot of sacrifice. Our OFWs have to deal with loneliness. Being far from the family also means missing out important occasions and gatherings. BDO understands the importance of helping our kababayans save money so that they can be reunited with their loved ones soon.


We often hear sad stories of OFWs who have worked for decades only to come home to retire without money. BDO Kabayan Savings makes saving and remitting money easier. Overseas Filipinos and their beneficiaries may open an account online or at simply visit any BDO branch in the Philippines. You only need one (1) valid ID and 100 Pesos initial deposit for a Peso account and 100 US Dollars for a Dollar account.

Paying your bills in the Philippines even when you are abroad is another innovation to make life manageable. BDO Kabayan Bills Bayad allows you to pay directly your utility bills, credit card bills, and even your loan amortization instead of sending money to a relative in the Philippines.

Finding ways to protect

Have you saved enough money to be financially stable? My parents have saved up for their retirement. But when my mom had cancer, our family savings started to deplete. Good thing, they bought different insurance policies to financially secure us. 


The most important asset that you have is your family. You would do anything to protect them. If your family depends on you financially, it is very important to have an insurance to help you get through during difficult times.  BDO Insure find ways to protect you by offering insurance policies such as medical, travel, car, and even for your pet. The best part of it is that you can purchase all these insurance policies online. All you have to do is choose the insurance that best suit your need and BDO will assist you all the way.

Finding ways to reach your dreams

What do you wish for? Drive your own brand new car? Build your dream house? Or expand your business? BDO find ways to help you reach your dreams by offering BDO Loan products with low interest rates. You don't need to go to the bank too because you can apply online for your Auto Loan, Home Loan, SME Loan, and Personal Loan. 

Finding ways to reward

A reward is a good motivation to achieve your goals and to challenge yourself to aim higher. BDO find ways to reward you for using the bank's financial tools though the BDO Rewards loyalty program.  When you open an account, you can qualify for rewards membership depending on your monthly average balance.


  • Emerald - maintain P100,000 monthly average balance
  • Sapphire - maintain P500,000 monthly average balance
  • Diamond - maintain P5,000,000 monthly average balance
You will earn 10 Rewards Peso Points for every P100,000 you maintain in your account. Accumulated points can be redeemed to pay when you shop with partner merchants or convert to SMAC points. Members are also entitled to exclusive perks and privileges such as free airport lounge access. 

Finding ways to make banking safe

The #BDOAntiScam campaign educates Filipinos to become smarter than the scammer.  These scammers are getting better at making their fake websites look legit. BDO regularly post advisories and reminders for the accountholders to be extra vigilant. 


BDO also makes sure that security features to protect your account are in place. 

Financial literacy key to financial resilience

Understanding personal finance helps you become more aware of how to improve your financial standing and make effective financial decisions to meet your financial goals. BDO, through technology and innovation has allowed Filipinos to explore and acquire understanding of financial products such as savings, mobile banking, instant loans, money transfers, and even insurance. 

Achieving financial literacy through technology and innovation requires the availability of financial products that provides immediate solution to a person's needs. That is why BDO does not only present you the product but also provides information about the product. There are also financial tools such as loan calculator and investment yield calculator to empower you in choosing what works best for you. 

BDO will continue finding ways for technology and innovation to make real difference in the lives of the Filipinos by making their products easily available whenever you need them and wherever you are. 



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