Philippines Mulls Digital Bank Limits

October 9, 2020 Editor Ripple 0

In today’s top news in digital-first banking, the government of the Philippines is considering limiting the number of digital banks that run in the country, while Ripple introduced its Line of Credit beta offering. Plus, the Federal Reserve is working with seven central banks and the Bank for International Settlements (BIS) on a framework for digital currency.

Philippine Government Considers Digital Bank Limits

The Philippines government is mulling restricting the count of digital banks that run in the nation. The consideration of possible restrictions is part of a policy review procedure that could create new laws governing digital banks by the close of 2020. Bangko Sentral ng Pilipinas Governor Benjamin Diokno said during an online meeting that digital banks might face the same rules as traditional banks when the review is finished.

Ripple Announces Line Of Credit Offering

Ripple unveiled its Line of Credit beta offering that it says lets its FinTech clients harness the XRP cryptocurrency to send international payments. The enterprise blockchain service firm said on its website that Line of Credit could assist in bringing down the cost of capital for companies. Line of Credit functions on the RippleNet platform, and Ripple said it had successfully tested out the program with current RippleNet clients.

Fed, Central Banks Frame Criteria For Digital Currency

The Fed is working with seven central banks and the Bank for International Settlements (BIS) to figure out a structure for cryptocurrency. The Swiss National Bank, the European Central Bank and Bank of Japan are among the central banks working with BIS. A May BIS poll of 66 central banks found that 80 percent are working on central bank digital currencies (CBDCs).

BoA Goes Micro With Consumer Loan Up To $500

Bank of America (BoA) introduced its Balance Assist short-term loan program designed for clients who require a few hundred dollars to make ends meet. Clients can seek as much as $500 in increments of $100 for a fixed $5 charge with repayment in three installments during a time frame of three months.

——————————

NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.