February 24, 2018, 12:25 am
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1 Philippine Peso = 0.07045 UAE Dirham
1 Philippine Peso = 2.04297 Albanian Lek
1 Philippine Peso = 0.03415 Neth Antilles Guilder
1 Philippine Peso = 0.38059 Argentine Peso
1 Philippine Peso = 0.02443 Australian Dollar
1 Philippine Peso = 0.03415 Aruba Florin
1 Philippine Peso = 0.03837 Barbados Dollar
1 Philippine Peso = 1.59409 Bangladesh Taka
1 Philippine Peso = 0.0304 Bulgarian Lev
1 Philippine Peso = 0.00723 Bahraini Dinar
1 Philippine Peso = 33.58872 Burundi Franc
1 Philippine Peso = 0.01918 Bermuda Dollar
1 Philippine Peso = 0.02533 Brunei Dollar
1 Philippine Peso = 0.13159 Bolivian Boliviano
1 Philippine Peso = 0.06235 Brazilian Real
1 Philippine Peso = 0.01918 Bahamian Dollar
1 Philippine Peso = 1.2325 Bhutan Ngultrum
1 Philippine Peso = 0.18295 Botswana Pula
1 Philippine Peso = 384.03989 Belarus Ruble
1 Philippine Peso = 0.03832 Belize Dollar
1 Philippine Peso = 0.02429 Canadian Dollar
1 Philippine Peso = 0.018 Swiss Franc
1 Philippine Peso = 11.42605 Chilean Peso
1 Philippine Peso = 0.12152 Chinese Yuan
1 Philippine Peso = 54.88202 Colombian Peso
1 Philippine Peso = 10.87186 Costa Rica Colon
1 Philippine Peso = 0.01918 Cuban Peso
1 Philippine Peso = 1.71801 Cape Verde Escudo
1 Philippine Peso = 0.39493 Czech Koruna
1 Philippine Peso = 3.3921 Djibouti Franc
1 Philippine Peso = 0.11601 Danish Krone
1 Philippine Peso = 0.94226 Dominican Peso
1 Philippine Peso = 2.17652 Algerian Dinar
1 Philippine Peso = 0.24369 Estonian Kroon
1 Philippine Peso = 0.33858 Egyptian Pound
1 Philippine Peso = 0.52177 Ethiopian Birr
1 Philippine Peso = 0.01557 Euro
1 Philippine Peso = 0.03825 Fiji Dollar
1 Philippine Peso = 0.01371 Falkland Islands Pound
1 Philippine Peso = 0.01377 British Pound
1 Philippine Peso = 0.08533 Ghanaian Cedi
1 Philippine Peso = 0.89967 Gambian Dalasi
1 Philippine Peso = 172.74122 Guinea Franc
1 Philippine Peso = 0.14073 Guatemala Quetzal
1 Philippine Peso = 3.9296 Guyana Dollar
1 Philippine Peso = 0.15011 Hong Kong Dollar
1 Philippine Peso = 0.45024 Honduras Lempira
1 Philippine Peso = 0.11584 Croatian Kuna
1 Philippine Peso = 1.216 Haiti Gourde
1 Philippine Peso = 4.85824 Hungarian Forint
1 Philippine Peso = 261.23153 Indonesian Rupiah
1 Philippine Peso = 0.06714 Israeli Shekel
1 Philippine Peso = 1.24329 Indian Rupee
1 Philippine Peso = 22.71245 Iraqi Dinar
1 Philippine Peso = 713.12103 Iran Rial
1 Philippine Peso = 1.9248 Iceland Krona
1 Philippine Peso = 2.40936 Jamaican Dollar
1 Philippine Peso = 0.01359 Jordanian Dinar
1 Philippine Peso = 2.0619 Japanese Yen
1 Philippine Peso = 1.9413 Kenyan Shilling
1 Philippine Peso = 1.3061 Kyrgyzstan Som
1 Philippine Peso = 77.09572 Cambodia Riel
1 Philippine Peso = 7.62709 Comoros Franc
1 Philippine Peso = 17.26453 North Korean Won
1 Philippine Peso = 20.55496 Korean Won
1 Philippine Peso = 0.00575 Kuwaiti Dinar
1 Philippine Peso = 0.01573 Cayman Islands Dollar
1 Philippine Peso = 6.12565 Kazakhstan Tenge
1 Philippine Peso = 158.52676 Lao Kip
1 Philippine Peso = 28.96605 Lebanese Pound
1 Philippine Peso = 2.97621 Sri Lanka Rupee
1 Philippine Peso = 2.45904 Liberian Dollar
1 Philippine Peso = 0.22463 Lesotho Loti
1 Philippine Peso = 0.05848 Lithuanian Lita
1 Philippine Peso = 0.0119 Latvian Lat
1 Philippine Peso = 0.02544 Libyan Dinar
1 Philippine Peso = 0.17647 Moroccan Dirham
1 Philippine Peso = 0.31853 Moldovan Leu
1 Philippine Peso = 0.95396 Macedonian Denar
1 Philippine Peso = 25.47477 Myanmar Kyat
1 Philippine Peso = 45.90946 Mongolian Tugrik
1 Philippine Peso = 0.15451 Macau Pataca
1 Philippine Peso = 6.71398 Mauritania Ougulya
1 Philippine Peso = 0.62536 Mauritius Rupee
1 Philippine Peso = 0.29868 Maldives Rufiyaa
1 Philippine Peso = 13.76098 Malawi Kwacha
1 Philippine Peso = 0.35911 Mexican Peso
1 Philippine Peso = 0.07494 Malaysian Ringgit
1 Philippine Peso = 0.22327 Namibian Dollar
1 Philippine Peso = 6.88663 Nigerian Naira
1 Philippine Peso = 0.59477 Nicaragua Cordoba
1 Philippine Peso = 0.15035 Norwegian Krone
1 Philippine Peso = 1.98703 Nepalese Rupee
1 Philippine Peso = 0.02611 New Zealand Dollar
1 Philippine Peso = 0.00738 Omani Rial
1 Philippine Peso = 0.01918 Panama Balboa
1 Philippine Peso = 0.06229 Peruvian Nuevo Sol
1 Philippine Peso = 0.0629 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.11989 Pakistani Rupee
1 Philippine Peso = 0.06472 Polish Zloty
1 Philippine Peso = 106.82716 Paraguayan Guarani
1 Philippine Peso = 0.06982 Qatar Rial
1 Philippine Peso = 0.07256 Romanian New Leu
1 Philippine Peso = 1.0862 Russian Rouble
1 Philippine Peso = 16.12737 Rwanda Franc
1 Philippine Peso = 0.07193 Saudi Arabian Riyal
1 Philippine Peso = 0.14866 Solomon Islands Dollar
1 Philippine Peso = 0.2582 Seychelles Rupee
1 Philippine Peso = 0.34501 Sudanese Pound
1 Philippine Peso = 0.15536 Swedish Krona
1 Philippine Peso = 0.02534 Singapore Dollar
1 Philippine Peso = 0.01372 St Helena Pound
1 Philippine Peso = 0.42597 Slovak Koruna
1 Philippine Peso = 146.36485 Sierra Leone Leone
1 Philippine Peso = 10.78074 Somali Shilling
1 Philippine Peso = 381.75523 Sao Tome Dobra
1 Philippine Peso = 0.16785 El Salvador Colon
1 Philippine Peso = 9.87876 Syrian Pound
1 Philippine Peso = 0.22325 Swaziland Lilageni
1 Philippine Peso = 0.60368 Thai Baht
1 Philippine Peso = 0.04586 Tunisian Dinar
1 Philippine Peso = 0.0428 Tongan paʻanga
1 Philippine Peso = 0.07262 Turkish Lira
1 Philippine Peso = 0.12717 Trinidad Tobago Dollar
1 Philippine Peso = 0.55966 Taiwan Dollar
1 Philippine Peso = 43.06541 Tanzanian Shilling
1 Philippine Peso = 0.51746 Ukraine Hryvnia
1 Philippine Peso = 69.67197 Ugandan Shilling
1 Philippine Peso = 0.01918 United States Dollar
1 Philippine Peso = 0.54556 Uruguayan New Peso
1 Philippine Peso = 156.62766 Uzbekistan Sum
1 Philippine Peso = 478.3426 Venezuelan Bolivar
1 Philippine Peso = 435.71839 Vietnam Dong
1 Philippine Peso = 1.98465 Vanuatu Vatu
1 Philippine Peso = 0.04817 Samoa Tala
1 Philippine Peso = 10.20986 CFA Franc (BEAC)
1 Philippine Peso = 0.05179 East Caribbean Dollar
1 Philippine Peso = 10.20986 CFA Franc (BCEAO)
1 Philippine Peso = 1.85248 Pacific Franc
1 Philippine Peso = 4.79474 Yemen Riyal
1 Philippine Peso = 0.22325 South African Rand
1 Philippine Peso = 99.5492 Zambian Kwacha
1 Philippine Peso = 6.94226 Zimbabwe dollar

Fintech not a threat to local banking industry

The new wave of financial technology – better known as fintech – is often portrayed as a disruptive force now threatening banks with new, agile and savvy competitors. 

All around the world, fintech is transforming the way people and companies connect with their banks, and the way banks manage their back-office operations. 

Wick Veloso, HSBC Philippines President and CEO, said fintech complements rather than threatens banking institutions. 

“In my experience, banking has always been about technology, so today’s financial-technology innovation boom represents evolution rather than revolution for traditional banking. It is supplementing and diversifying the existing financial system – not replacing or disrupting it,” Veloso said.

In the Philippines, Veloso said the opportunities for partnerships between banks and fintechs are being shaped by a growing middle class poised to increase take up of financial services and strong digital adoption across all demographic segments. 

“There is also huge potential in helping access still a significant unbanked sector,” he said.

Within the Asean region specifically, the internet economy is expected to grow to $200 billion by 2025, and Internet users will almost double to 480 million by 2020.  

Fintechs will have a key role to play in spurring this growth so much so that Asean financial institutions must embrace the fintech wave or risk losing competitive edge. 

Since the global financial crisis of 2007-2008, regulations have continued to evolve and become increasingly complex, which means more costly and time-consuming processes for banks. 

At the same time, the fintech sector is harnessing internet and mobile technologies and big data to offer a range of tools and services – from tech-enabled payments and crowd funding, to currency exchange, online lending and wealth management services. 

The fintech market has attracted a gold rush of investment in recent years, particularly by venture capital firms that are eager to back start-ups in the sector. 

In the Asia Pacific region alone, investment in fintech players has risen from $103 million in 2010 to $4.3 billion in 2015, according to Accenture.

Furthermore, in the first seven months of 2016, investment in the region has reached $9.6 billion, doubling 2015’s figure.

Currently, fintech has been focussing on a mere fraction of the financial-services spectrum. 

To date, much of the focus of fintechs has been on retail banking services – lending and financing along with payments-related products and services, where mobile and e-commerce has led to real demand from consumers. 

Similarly, peer-to-peer lenders appear to be more focused on small businesses and higher-credit-risk borrowers than on mainstream banked clients. 

On the other hand, banks are investing heavily in new technologies. And spending is expected to continue to grow as banks seek to take advantage of new IT and digital solutions to make their operations more efficient, comply with regulators whilst simultaneously increasing interaction with customers in order to maintain competitiveness. 

Cloud computing, big data, advanced analytics such as data storage technology that enables high-speed analysis of massive data sets, blockchains, artificial intelligence and quantum computing – to name just a few – offer significant opportunities for banks. 

Another approach gaining traction with many major banks is the creation of innovation labs: semiautonomous groups funded to accelerate innovation and incorporate new technologies and skill sets. 

These labs are creative think-tanks where the futures of traditional financial institutions are being nurtured. But equally, with fintech gaining significant momentum, banks are now looking at how they can cooperate or co-innovate with start-ups, rather than compete directly. 

“Big banks and fintechs have a great deal to offer each other. Banks have the trust of a large customer base, stable infrastructure, assets and regulatory know-how. Start-ups can provide out-of-the-box thinking, technical expertise, and agility to adapt quickly to change. We expect greater collaboration in the future.  It is clear that retail banking, particularly, will look quite different in the coming year than it does today – with regulation, technology, demographics and changing customer expectations. In as much as financial technology is putting pressure on banks, it is a lot further away from a disruption. The established banks are likely to remain key players”, concludes Veloso. 

Asean fintech is at a nascent stage but investment activity in fintechs is predicted to increase especially considering the multitude of opportunities available in the asset and wealth, credit, insurance, and blockchain arenas. 

In Malaysia for example, the financial sector blueprint has considered fintech as a new initiative to achieve the objectives of the country’s ten-year plan as it will extend the provision of financial services beyond the traditional purview of banks. 

The financial sector blueprint sets out a ten-year strategic plan to increase the resilience, efficiency and competitiveness of Malaysia’s financial sector. 

In line with this, Bank Negara (BNM) has adopted an agile mind-set to the fintech wave. 

This has manifested itself in the form of the sandbox approach which has provided four fintechs with licenses to operate within its regulatory sandbox. The development of these fintechs will be observed over the span of a year allowing BNM to learn from these start-ups and by the time they are ready to launch, new regulations will be put into place to cater for their services. 

On the other hand, in Singapore, The Monetary Authority of Singapore (MAS) is encouraging more FinTech experimentation. 

The regulatory sandbox will enable financial institutions and FinTech players to test innovative financial products or services within boundaries, building the country’s profile as a smart financial centre where innovation is pervasive and technology is used widely. 

Over here in the Philippines, the Bangko Sentral ng Pilipinas (BSP) has put in place both its e-money and IT Risk framework to enable and environment of fintech innovation and support. 

The BSP issued its Consumer Protection Framework that focuses on pro-active interventions such as financial literacy initiatives and the necessity of having remedial recourse by way of redress. 

In other parts of Asean such as Indonesia, the Otoritas Jasa Keuangan (OJK) has also implemented a regulatory sandbox, in which fintech firms can test any service they want to offer to consumers under the supervision of the authority before it issues further regulations. 

The central bank of Thailand has also opened the regulatory sandbox for applicants early this year, and set up the Fintech Clinic, wherein fintech firms can consult with the central bank on topics such as regulations and the potentials of their business. 
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