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Technology

Bonds.PH app makes bond investing easy for unbanked

Union Bank of the Philippines President and CEO Edwin R. Bautista says the Bonds.PH mobile app will benefit every Filipino.
Union Bank of the Philippines President and CEO Edwin R. Bautista says the Bonds.PH mobile app will benefit every Filipino.

Have you ever thought of investing in retail treasury bonds? Now the Bonds.PH mobile app makes it easy for every Filipino, even the unbanked, to do so for as low as US$100.

The Philippine Bureau of the Treasury (BTr) is the first in Asia to launch an app for the distribution of retail treasury bonds enabled by Distributed Ledger Technology (DLT).

“The launch of Bonds.PH paves the way for all Filipinos, particularly the unbanked, to easily and affordably invest in the BTr’s newest retail treasury bond, RTB-24 or the Progreso Bonds. The mobile app presents a compelling opportunity for all to invest and help the Republic raise funds for economic recovery and COVID-19 response,” Philippine National Treasurer Rosalia V. De Leon said in a press statement.

The launch was made possible in partnership with Union Bank of the Philippines (UnionBank) and Philippine Digital Asset Exchange (PDAX).

“This is the first retail treasury bond issuance to leverage on blockchain technology in Asia, and likely the world. The Philippines is ready to lead the way into the future and tech up the nation with innovative, inclusive opportunities, powered by emerging technologies, for the benefit of all Filipinos,” said UnionBank President and CEO Edwin R. Bautista.

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Technology

TrueMoney supports sari-sari stores via Dagdag Puhunan

Sari-sari store owner Amy Garcia is thankful that TrueMoney is giving her convenient access to essential food and non-food products.
Sari-sari store owner Amy Garcia is thankful that TrueMoney is giving her convenient access to essential food and non-food products.

Amy Garcia, a sari-sari store owner for more than two decades, is one of the many beneficiaries of the low touch economy innovations of the award-winning Dagdag Puhunan program of TrueMoney Philippines.

“In these extraordinary times, TrueMoney Philippines accepts the challenge of helping the simple Filipino sari-sari store owner to thrive and survive,” TrueMoney Philippines CEO and Country Managing Director Eugene Go told Digital Life Asia.

TrueMoney, a payments and remittance network, has rolled out Dagdag Puhunan for the benefit of local communities amid the COVID-19 pandemic. In partnership with Unilever, it enables cashless payment for the purchase of essential food and non-food products.

“The sari-sari store is now more important than ever to supply the basic needs of the neighborhood given the mobility constraints and health safety precautions that everyone needs to observe in this time of the pandemic. While online groceries are now gaining popularity, a large number of consumers will most likely spend the money for delivery fees on their basic necessities instead,” TrueMoney Loans Business Unit Head Rocio-An Rentuza said.

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Technology

Cryptocurrency compliance to ensure bright future in PH

SEC Commissioner Kelvin Lee talks about cryptocurrency regulation in the Philippines
Commissioner Kelvin Lee of the Securities and Exchange Commission talks about cryptocurrency regulation

As cryptocurrency continues to grow in popularity in the Philippines, industry stakeholders launched on March 5 the first in a series of quarterly meetups.

Securities and Exchange Commission (SEC) Commissioner Kelvin Lee was the keynote speaker at the first “Crypto Compliance Conversations” meetup. The meetups will provide a deep dive into compliance issues for virtual asset service providers (VASPs) while also encouraging innovation.

Also joining via Zoom from Singapore were Elliptic Chief Operating Officer Simone Maini and Elliptic Head of Growth Seimin Kuan. They shared the blockchain analytics firm’s expertise in helping businesses protect themselves from financial crime in cryptocurrency.