April 27, 2018, 8:27 am
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1 Philippine Peso = 0.07067 UAE Dirham
1 Philippine Peso = 2.04214 Albanian Lek
1 Philippine Peso = 0.03425 Neth Antilles Guilder
1 Philippine Peso = 0.39475 Argentine Peso
1 Philippine Peso = 0.02545 Australian Dollar
1 Philippine Peso = 0.03425 Aruba Florin
1 Philippine Peso = 0.03848 Barbados Dollar
1 Philippine Peso = 1.61997 Bangladesh Taka
1 Philippine Peso = 0.03093 Bulgarian Lev
1 Philippine Peso = 0.00725 Bahraini Dinar
1 Philippine Peso = 33.69213 Burundi Franc
1 Philippine Peso = 0.01924 Bermuda Dollar
1 Philippine Peso = 0.02511 Brunei Dollar
1 Philippine Peso = 0.13181 Bolivian Boliviano
1 Philippine Peso = 0.06731 Brazilian Real
1 Philippine Peso = 0.01924 Bahamian Dollar
1 Philippine Peso = 1.27622 Bhutan Ngultrum
1 Philippine Peso = 0.18873 Botswana Pula
1 Philippine Peso = 385.22224 Belarus Ruble
1 Philippine Peso = 0.03844 Belize Dollar
1 Philippine Peso = 0.02475 Canadian Dollar
1 Philippine Peso = 0.01901 Swiss Franc
1 Philippine Peso = 11.59746 Chilean Peso
1 Philippine Peso = 0.12188 Chinese Yuan
1 Philippine Peso = 54.13893 Colombian Peso
1 Philippine Peso = 10.81297 Costa Rica Colon
1 Philippine Peso = 0.01924 Cuban Peso
1 Philippine Peso = 1.75101 Cape Verde Escudo
1 Philippine Peso = 0.40451 Czech Koruna
1 Philippine Peso = 3.40254 Djibouti Franc
1 Philippine Peso = 0.11828 Danish Krone
1 Philippine Peso = 0.95228 Dominican Peso
1 Philippine Peso = 2.20275 Algerian Dinar
1 Philippine Peso = 0.24835 Estonian Kroon
1 Philippine Peso = 0.33981 Egyptian Pound
1 Philippine Peso = 0.52376 Ethiopian Birr
1 Philippine Peso = 0.01587 Euro
1 Philippine Peso = 0.03935 Fiji Dollar
1 Philippine Peso = 0.01378 Falkland Islands Pound
1 Philippine Peso = 0.01381 British Pound
1 Philippine Peso = 0.08579 Ghanaian Cedi
1 Philippine Peso = 0.89994 Gambian Dalasi
1 Philippine Peso = 173.19607 Guinea Franc
1 Philippine Peso = 0.14116 Guatemala Quetzal
1 Philippine Peso = 3.98422 Guyana Dollar
1 Philippine Peso = 0.15097 Hong Kong Dollar
1 Philippine Peso = 0.45338 Honduras Lempira
1 Philippine Peso = 0.11771 Croatian Kuna
1 Philippine Peso = 1.2411 Haiti Gourde
1 Philippine Peso = 4.96671 Hungarian Forint
1 Philippine Peso = 267.13488 Indonesian Rupiah
1 Philippine Peso = 0.06892 Israeli Shekel
1 Philippine Peso = 1.28763 Indian Rupee
1 Philippine Peso = 22.78237 Iraqi Dinar
1 Philippine Peso = 808.15854 Iran Rial
1 Philippine Peso = 1.95209 Iceland Krona
1 Philippine Peso = 2.37271 Jamaican Dollar
1 Philippine Peso = 0.01363 Jordanian Dinar
1 Philippine Peso = 2.10216 Japanese Yen
1 Philippine Peso = 1.92419 Kenyan Shilling
1 Philippine Peso = 1.32033 Kyrgyzstan Som
1 Philippine Peso = 77.1599 Cambodia Riel
1 Philippine Peso = 7.74909 Comoros Franc
1 Philippine Peso = 17.31768 North Korean Won
1 Philippine Peso = 20.73446 Korean Won
1 Philippine Peso = 0.00578 Kuwaiti Dinar
1 Philippine Peso = 0.01578 Cayman Islands Dollar
1 Philippine Peso = 6.31441 Kazakhstan Tenge
1 Philippine Peso = 159.45738 Lao Kip
1 Philippine Peso = 28.95901 Lebanese Pound
1 Philippine Peso = 3.03079 Sri Lanka Rupee
1 Philippine Peso = 2.52088 Liberian Dollar
1 Philippine Peso = 0.23908 Lesotho Loti
1 Philippine Peso = 0.05866 Lithuanian Lita
1 Philippine Peso = 0.01194 Latvian Lat
1 Philippine Peso = 0.02571 Libyan Dinar
1 Philippine Peso = 0.17834 Moroccan Dirham
1 Philippine Peso = 0.3172 Moldovan Leu
1 Philippine Peso = 0.97229 Macedonian Denar
1 Philippine Peso = 25.57245 Myanmar Kyat
1 Philippine Peso = 45.98807 Mongolian Tugrik
1 Philippine Peso = 0.15549 Macau Pataca
1 Philippine Peso = 6.79238 Mauritania Ougulya
1 Philippine Peso = 0.64845 Mauritius Rupee
1 Philippine Peso = 0.2996 Maldives Rufiyaa
1 Philippine Peso = 13.77275 Malawi Kwacha
1 Philippine Peso = 0.36266 Mexican Peso
1 Philippine Peso = 0.07533 Malaysian Ringgit
1 Philippine Peso = 0.239 Namibian Dollar
1 Philippine Peso = 6.90783 Nigerian Naira
1 Philippine Peso = 0.5965 Nicaragua Cordoba
1 Philippine Peso = 0.15376 Norwegian Krone
1 Philippine Peso = 2.05118 Nepalese Rupee
1 Philippine Peso = 0.02719 New Zealand Dollar
1 Philippine Peso = 0.0074 Omani Rial
1 Philippine Peso = 0.01924 Panama Balboa
1 Philippine Peso = 0.06226 Peruvian Nuevo Sol
1 Philippine Peso = 0.06253 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.22244 Pakistani Rupee
1 Philippine Peso = 0.06713 Polish Zloty
1 Philippine Peso = 106.81739 Paraguayan Guarani
1 Philippine Peso = 0.07004 Qatar Rial
1 Philippine Peso = 0.07398 Romanian New Leu
1 Philippine Peso = 1.20728 Russian Rouble
1 Philippine Peso = 16.27497 Rwanda Franc
1 Philippine Peso = 0.07215 Saudi Arabian Riyal
1 Philippine Peso = 0.15075 Solomon Islands Dollar
1 Philippine Peso = 0.25842 Seychelles Rupee
1 Philippine Peso = 0.34734 Sudanese Pound
1 Philippine Peso = 0.1666 Swedish Krona
1 Philippine Peso = 0.02553 Singapore Dollar
1 Philippine Peso = 0.01378 St Helena Pound
1 Philippine Peso = 0.42728 Slovak Koruna
1 Philippine Peso = 150.08659 Sierra Leone Leone
1 Philippine Peso = 10.83317 Somali Shilling
1 Philippine Peso = 389.09177 Sao Tome Dobra
1 Philippine Peso = 0.16837 El Salvador Colon
1 Philippine Peso = 9.90918 Syrian Pound
1 Philippine Peso = 0.23902 Swaziland Lilageni
1 Philippine Peso = 0.60785 Thai Baht
1 Philippine Peso = 0.04673 Tunisian Dinar
1 Philippine Peso = 0.04257 Tongan paʻanga
1 Philippine Peso = 0.07818 Turkish Lira
1 Philippine Peso = 0.13 Trinidad Tobago Dollar
1 Philippine Peso = 0.57066 Taiwan Dollar
1 Philippine Peso = 43.7945 Tanzanian Shilling
1 Philippine Peso = 0.50356 Ukraine Hryvnia
1 Philippine Peso = 71.29113 Ugandan Shilling
1 Philippine Peso = 0.01924 United States Dollar
1 Philippine Peso = 0.54531 Uruguayan New Peso
1 Philippine Peso = 155.05099 Uzbekistan Sum
1 Philippine Peso = 1284.77966 Venezuelan Bolivar
1 Philippine Peso = 438.02193 Vietnam Dong
1 Philippine Peso = 2.04753 Vanuatu Vatu
1 Philippine Peso = 0.04934 Samoa Tala
1 Philippine Peso = 10.40485 CFA Franc (BEAC)
1 Philippine Peso = 0.05195 East Caribbean Dollar
1 Philippine Peso = 10.40485 CFA Franc (BCEAO)
1 Philippine Peso = 1.88359 Pacific Franc
1 Philippine Peso = 4.80854 Yemen Riyal
1 Philippine Peso = 0.23908 South African Rand
1 Philippine Peso = 99.85568 Zambian Kwacha
1 Philippine Peso = 6.96363 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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