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The Philippines has a comprehensive banking system encompassing various types of banks, from large universal banks to small rural banks and even non-banks. As of September 30, 2022, [1] there were 45 universal and commercial banks, [2] 44 savings banks, [3] 400 rural and cooperative banks, [4] 40 credit unions and 6,267 non-banks with quasi-banking functions, all licensed by the Bangko Sentral ...
Digital banking and financial technology have been one of the most rapidly growing industries in Asia, seeing large success in countries such as South Korea, China, and Japan. [3] In Southeast Asia, Singapore is at the top of the digital banking industry, with the Philippines only recently following suit when the need for digital transactions rose during the COVID-19 pandemic in 2020. [1] A ...
BPI was established on August 1, 1851, as the "El Banco Español Filipino de Isabel II" ( lit. 'The Spanish-Filipino Bank of Isabel II' ), named after the Queen of Spain, Isabella II, the daughter of King Ferdinand VII. It was the first government bank in the Philippines and the third Philippine bank during the Spanish era. One of the founders and primary shareholders at that time was José ...
The Bangko Sentral ng Pilipinas ( lit. 'Central Bank of the Philippines'; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on July 3, 1993, pursuant to the provision of Republic Act 7653 or the New Central Bank Act of 1993 as amended by Republic Act 11211 or the New Central Bank Act of 2019. The principal author was Senator ...
LifeBank is a rural bank based in Iloilo, Philippines. It started operations on March 21, 1970 in Maasin, Iloilo as Rural Bank of Maasin. It is divided into two corporate arms each with its own designated finance and banking services functions: the LifeBank RB (LifeBank - A Rural Bank) and LifeBank MFI (LifeBank Microfinance Foundation Inc.). As of 2021, it has a total of 4 branches and 44 ...
The Development Bank of the Philippines ( DBP) is a state-owned development bank headquartered in Makati, Philippines . It was established after World War II in 1947 on the government's effort through its mandate to rebuild the country's war torned infrastructure. It is the eighth-largest bank [4] in the Philippines in terms of assets as of ...
UnionBank is one of the first financial institutions in the Philippines to adopt cryptocurrency, and was the first local lender to release its own stablecoin in 2019, named PHX, which gives rural banks easier access to remittance and payments. In 2019, the bank also launched crypto ATMs that allow its account holders with crypto wallets to withdraw cash that is converted from crypto as well as ...
^ "MAYA BANK INC Published Balance Sheet As of 31 December 2023". BSP. bsp.gov.ph. Retrieved April 28, 2024.