Latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances coursed through banks declined by 6.4 percent to $11.55 billion from January to May compared to $12.35 billion in the same period last year.

The aim of the additional financing is to help local businesses with disrupted cash flows sustain operations and maintain jobs.

Ministry of Economy and Finance undersecretary of state Ros Seilava told a news conference that the economic crisis instigated by COVID-19 had been the primary trigger for the emergency SME lending endeavours.

Singapore is planning an online and physical fintech festival amid the spread of the coronavirus across the globe.

Moody’s said the fall in remittances could further widen the current account deficit of the Philippines and other countries.

This tie up highlights Western Union’s efforts to strengthen presence in the Philippines, which has been recognized as the fourth-largest remittance recipient country in 2019 according to the World Bank.

The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.

As governments issue movement restrictions to help curb COVID-19, businesses accelerated their digital transformation which includes, among others, digital payments.

Debt relief measures by micro-loan providers in Cambodia are failing to alleviate the serious financial burdens on indebted families affected by the COVID-19 pandemic.

Where does Myanmar’s fintech industry stand after its first decade?