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With the evolution of the payments industry, Grab has expanded its payment options to include five digital currencies, offering users in Singapore more efficient and smoother transactions.
Intending to advance technological innovation and economic growth in the Philippines, Microsoft has disclosed a set of initiatives aimed at accelerating the country's AI adoption.
University of the Philippines’ Professor Eugene Jalao points out the Philippines' need to develop AI legislation in the face of growing AI adoption that will help trigger innovation and address industry gaps.
Wholesale CBDC Project Agila is on track to be completed by the end of 2024, with the BSP looking to have it issued to banks and other financial institutions to enhance the country's payment system.
Philippine-based digital asset exchange and wallet provider Coins.ph reported hitting $142.5 million in trading volume for its over-the-counter service TradeDesk in January.
While Philippine Senator Sherwin Gatchalian agreed to the need to utilize blockchain tech cautiously, tax advisor Mon Abrea emphasized the importance of institutionalizing digitalization in government systems.
The Philippine central bank said it would not develop a retail central bank digital currency, and the wholesale CBDC will be deployed on a custom-built infrastructure independent of blockchain technology.
BSP Deputy Governor Mamerto Tangonan credited the significant strides in digital payments to the implementation of the central bank's 2020-2023 Digital Payments Transformation Roadmap.
The Philippines scored 34 out of 100 in the 2023 Corruption Perception Index, up from 33 in the 2022 report; however, the country's score is still below the global average of 43.
Zach Marks, co-founder and CEO of Jia, shared that this development represents the tangible impact the company is making in the lives of small businesses in emerging markets.
The Philippines-based Coins.ph plans to expand further its global operations into Europe and Latin America, making its operation present in five continents. With this, the exchange hopes to double its user base in 2024.
With a Philippine banking license now at hand, Salmon can offer AI-centric consumer and debit products to Filipinos, fulfilling its mission to provide the banking needs of underserved communities.
