Featured Product

    BSP Authorizes Two More Digital Banks, Focuses on Cyber Resilience

    August 31, 2022

    The Central Bank of Philippines (BSP) recently allowed two more banks—UnionDigital Bank Inc. and GoTyme Bank Corporation—to operate as digital banks, thus taking the number of digital banks in Philppines to six; other banks with digital bank approvals are Tonik Digital Bank, Inc. and Maya Bank Inc, Overseas Filipino Bank Inc (a digital banks of LANDBANK), and UNObank Inc. BSP also announced completion of the Advanced SupTech Engine for Risk-Based Compliance (ASTERisC*), which is a solution that streamlines and automates regulatory supervision, reporting, and compliance assessment of cybersecurity risk management of the supervised financial institutions.

    BSP plans to deploy ASTERisC* solution among select BSP-supervised financial institutions to further enhance cyber resilience and public trust and confidence in the financial system. As part of the Lead Computer Emergency Response Team (CERT) covering all BSP supervised financial institutions, the Financial Supervision Sector—Technology Risk and Innovation Department of BSP plans to issue the Financial Services Cyber Resilience Plan, which will serve as the primary framework for policies and strategies to strengthen cyber defense in the financial services industry and is expected to bolster the regulatory and supervisory environment for cyber security. Going forward, BSP will continue to engage the BSP supervised financial institutions, relevant government agencies, and industry associations for a cohesive and industry-wide approach to address emerging threats and risks as well as to enhance the cyber incident response and threat intelligence. Coming back to the increase in the number of digital banks, the regulator notes that the operations of digital banks support the BSP Digital Payments Transformation Roadmap, which aims to digitalize half of the total volume of retail payments in the country and onboard at least 70% of Filipino adults into the formal financial system by 2023.​

     

    Related Links

     

     

    Keywords: Asia Pacific, Philippines, Banking, Cyber Risk, Regtech, Suptech, Basel, Digital Banks, BSP

    Featured Experts
    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514