July 23, 2017, 8:53 am
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07443 UAE Dirham
1 Philippine Peso = 2.4017 Albanian Lek
1 Philippine Peso = 0.03628 Neth Antilles Guilder
1 Philippine Peso = 0.32436 Argentine Peso
1 Philippine Peso = 0.02723 Australian Dollar
1 Philippine Peso = 0.03626 Aruba Florin
1 Philippine Peso = 0.04054 Barbados Dollar
1 Philippine Peso = 1.63579 Bangladesh Taka
1 Philippine Peso = 0.03534 Bulgarian Lev
1 Philippine Peso = 0.00763 Bahraini Dinar
1 Philippine Peso = 34.60377 Burundi Franc
1 Philippine Peso = 0.02027 Bermuda Dollar
1 Philippine Peso = 0.02797 Brunei Dollar
1 Philippine Peso = 0.13904 Bolivian Boliviano
1 Philippine Peso = 0.06579 Brazilian Real
1 Philippine Peso = 0.02027 Bahamian Dollar
1 Philippine Peso = 1.30624 Bhutan Ngultrum
1 Philippine Peso = 0.20692 Botswana Pula
1 Philippine Peso = 405.75598 Belarus Ruble
1 Philippine Peso = 0.04049 Belize Dollar
1 Philippine Peso = 0.02733 Canadian Dollar
1 Philippine Peso = 0.01952 Swiss Franc
1 Philippine Peso = 13.57175 Chilean Peso
1 Philippine Peso = 0.13799 Chinese Yuan
1 Philippine Peso = 58.59343 Colombian Peso
1 Philippine Peso = 11.43535 Costa Rica Colon
1 Philippine Peso = 0.02027 Cuban Peso
1 Philippine Peso = 1.98075 Cape Verde Escudo
1 Philippine Peso = 0.47231 Czech Koruna
1 Philippine Peso = 3.59951 Djibouti Franc
1 Philippine Peso = 0.13357 Danish Krone
1 Philippine Peso = 0.95278 Dominican Peso
1 Philippine Peso = 2.19181 Algerian Dinar
1 Philippine Peso = 0.28109 Estonian Kroon
1 Philippine Peso = 0.36583 Egyptian Pound
1 Philippine Peso = 0.46433 Ethiopian Birr
1 Philippine Peso = 0.01797 Euro
1 Philippine Peso = 0.04244 Fiji Dollar
1 Philippine Peso = 0.01573 Falkland Islands Pound
1 Philippine Peso = 0.01572 British Pound
1 Philippine Peso = 0.08685 Ghanaian Cedi
1 Philippine Peso = 0.91021 Gambian Dalasi
1 Philippine Peso = 182.75233 Guinea Franc
1 Philippine Peso = 0.1491 Guatemala Quetzal
1 Philippine Peso = 4.14512 Guyana Dollar
1 Philippine Peso = 0.15784 Hong Kong Dollar
1 Philippine Peso = 0.47422 Honduras Lempira
1 Philippine Peso = 0.13229 Croatian Kuna
1 Philippine Peso = 1.24625 Haiti Gourde
1 Philippine Peso = 5.54195 Hungarian Forint
1 Philippine Peso = 269.57844 Indonesian Rupiah
1 Philippine Peso = 0.07211 Israeli Shekel
1 Philippine Peso = 1.30521 Indian Rupee
1 Philippine Peso = 23.93595 Iraqi Dinar
1 Philippine Peso = 657.62059 Iran Rial
1 Philippine Peso = 1.9771 Iceland Krona
1 Philippine Peso = 2.6139 Jamaican Dollar
1 Philippine Peso = 0.01433 Jordanian Dinar
1 Philippine Peso = 2.23666 Japanese Yen
1 Philippine Peso = 2.0906 Kenyan Shilling
1 Philippine Peso = 1.38113 Kyrgyzstan Som
1 Philippine Peso = 81.57681 Cambodia Riel
1 Philippine Peso = 9.12404 Comoros Franc
1 Philippine Peso = 18.24078 North Korean Won
1 Philippine Peso = 22.6366 Korean Won
1 Philippine Peso = 0.00614 Kuwaiti Dinar
1 Philippine Peso = 0.01662 Cayman Islands Dollar
1 Philippine Peso = 6.364 Kazakhstan Tenge
1 Philippine Peso = 166.08836 Lao Kip
1 Philippine Peso = 30.51277 Lebanese Pound
1 Philippine Peso = 3.08877 Sri Lanka Rupee
1 Philippine Peso = 1.84435 Liberian Dollar
1 Philippine Peso = 0.25922 Lesotho Loti
1 Philippine Peso = 0.06179 Lithuanian Lita
1 Philippine Peso = 0.01258 Latvian Lat
1 Philippine Peso = 0.02821 Libyan Dinar
1 Philippine Peso = 0.19642 Moroccan Dirham
1 Philippine Peso = 0.36735 Moldovan Leu
1 Philippine Peso = 1.09972 Macedonian Denar
1 Philippine Peso = 27.52331 Myanmar Kyat
1 Philippine Peso = 48.27726 Mongolian Tugrik
1 Philippine Peso = 0.16258 Macau Pataca
1 Philippine Peso = 7.25578 Mauritania Ougulya
1 Philippine Peso = 0.70024 Mauritius Rupee
1 Philippine Peso = 0.31394 Maldives Rufiyaa
1 Philippine Peso = 14.54094 Malawi Kwacha
1 Philippine Peso = 0.37863 Mexican Peso
1 Philippine Peso = 0.08672 Malaysian Ringgit
1 Philippine Peso = 0.2604 Namibian Dollar
1 Philippine Peso = 6.52615 Nigerian Naira
1 Philippine Peso = 0.59972 Nicaragua Cordoba
1 Philippine Peso = 0.17055 Norwegian Krone
1 Philippine Peso = 2.08654 Nepalese Rupee
1 Philippine Peso = 0.02835 New Zealand Dollar
1 Philippine Peso = 0.00779 Omani Rial
1 Philippine Peso = 0.02027 Panama Balboa
1 Philippine Peso = 0.06622 Peruvian Nuevo Sol
1 Philippine Peso = 0.06654 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.11897 Pakistani Rupee
1 Philippine Peso = 0.0753 Polish Zloty
1 Philippine Peso = 112.82935 Paraguayan Guarani
1 Philippine Peso = 0.0738 Qatar Rial
1 Philippine Peso = 0.08196 Romanian New Leu
1 Philippine Peso = 1.14766 Russian Rouble
1 Philippine Peso = 16.61897 Rwanda Franc
1 Philippine Peso = 0.076 Saudi Arabian Riyal
1 Philippine Peso = 0.16004 Solomon Islands Dollar
1 Philippine Peso = 0.26836 Seychelles Rupee
1 Philippine Peso = 0.13498 Sudanese Pound
1 Philippine Peso = 0.17451 Swedish Krona
1 Philippine Peso = 0.02797 Singapore Dollar
1 Philippine Peso = 0.01573 St Helena Pound
1 Philippine Peso = 0.45006 Slovak Koruna
1 Philippine Peso = 152.00649 Sierra Leone Leone
1 Philippine Peso = 11.08634 Somali Shilling
1 Philippine Peso = 435.85326 Sao Tome Dobra
1 Philippine Peso = 0.17678 El Salvador Colon
1 Philippine Peso = 10.43737 Syrian Pound
1 Philippine Peso = 0.26014 Swaziland Lilageni
1 Philippine Peso = 0.6897 Thai Baht
1 Philippine Peso = 0.04917 Tunisian Dinar
1 Philippine Peso = 0.04647 Tongan paʻanga
1 Philippine Peso = 0.0711 Turkish Lira
1 Philippine Peso = 0.13537 Trinidad Tobago Dollar
1 Philippine Peso = 0.61011 Taiwan Dollar
1 Philippine Peso = 45.17633 Tanzanian Shilling
1 Philippine Peso = 0.53223 Ukraine Hryvnia
1 Philippine Peso = 72.78071 Ugandan Shilling
1 Philippine Peso = 0.02027 United States Dollar
1 Philippine Peso = 0.57377 Uruguayan New Peso
1 Philippine Peso = 77.82732 Uzbekistan Sum
1 Philippine Peso = 0.20216 Venezuelan Bolivar
1 Philippine Peso = 459.54601 Vietnam Dong
1 Philippine Peso = 2.18241 Vanuatu Vatu
1 Philippine Peso = 0.05201 Samoa Tala
1 Philippine Peso = 11.77483 CFA Franc (BEAC)
1 Philippine Peso = 0.05472 East Caribbean Dollar
1 Philippine Peso = 11.82205 CFA Franc (BCEAO)
1 Philippine Peso = 2.13174 Pacific Franc
1 Philippine Peso = 5.06546 Yemen Riyal
1 Philippine Peso = 0.25921 South African Rand
1 Philippine Peso = 105.17835 Zambian Kwacha
1 Philippine Peso = 7.33482 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. 
Rating: 
No votes yet

Column of the Day

Decades of garlic/onion smuggling

By DAHLI ASPILLERA | July 21,2017
‘It is now Garlic & Onion Harvest Time. Lea Cruz et al ought to restrain their Recados Cartel from bringing in undocumented and untaxed China and Taiwan garlic and onion.’

Opinion of the Day

Explaining (without much success) Duterte

By ELLEN TORDESILLAS | July 21, 2017
‘In his one year in office, President Duterte has shocked, stunned, and bewildered not only Filipinos but also the international community with his pronouncements.’