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Archive for the ‘Banking & Finance’ Category

More Foreign Banks Open in the Philippines

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The entry of more foreign bank opening to operate in the Philippine can only mean increased competition to the local banks. The latter will have to find more creative ways to keep their customers away from their foreign rivals. They could partner with these foreign imports, improve their service specific to the Filipino habits and lifestyles, or tap into the market which really doesn’t benefit from all these new foreign banks – the low income consumers and small businesses.

Recently, the Banko Sentral ng Pilipinas or BSP (Philippine Central Bank) has allowed the entry of four new foreign banks into the country, on top of the 28 now operating. These four new foreign banks are:

  • Cathay United Bank
  • Industrial Bank of Korea
  • Shinhan Bank
  • Sumitomo Mitsui Banking Corp.

The 28 foreign banks now operating in the Philippines are the following:

  1. ANZ Banking Group
  2. Bangkok Bank
  3. Bank of America
  4. Bank of China
  5. Bank of Singapore
  6. Barclays Bank
  7. BNP Paribas
  8. Citibank
  9. DBS Bank
  10. Deutsche Bank
  11. ING Bank
  12. J.P. Morgan Chase Bank
  13. J.P. Morgan International Finance
  14. Japan Bank For International Cooperation
  15. Korea Development Bank
  16. Korea Exchange Bank
  17. Mega International Commercial Bank
  18. Mizuho Bank
  19. Rothschild (Singapore)
  20. Standard Chartered Bank
  21. State Bank of India
  22. Taiwan Cooperative Bank
  23. The Bank of New York Mellon
  24. The Bank of Tokyo-Mitsubishi UFJ
  25. The Export-Import Bank of Korea (Korea Eximbank)
  26. The Hongkong & Shanghai Banking Corporation (HSBC)
  27. UBS
  28. Wells Fargo Bank

Source: GMA News Online | Wikipedia.org

Title photo from Wikipedia.org.

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Association Filipino-Canadian Accountants in Toronto

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Miniphilippines.com is a sucker for introducing migrant Filipino groups and networks. One such organization is the Association of Filipino Canadian Accountants or AFCA. This non-profit organization boasts 400 members and is affiliated with the National Council of Philippine American Canadian Accountants (NCPACA), an umbrella organization of Filipino accountants from 10 major cities in North America.

Accountants and students alike list the AFCA roster whose jobs as accounting clerks, bookkeepers to accounting managers, controllers and even government auditors. The association also helps in evaluating credentials and qualifications for new immigrant members with Canadian accounting bodies. Free income tax preparation programs for seniors and low income groups, and personalized training on computerized bookkeeping are some the community services AFCA does.

The AFCA was formed in 1978 by a group of six accountants and auditors in Toronto, mostly working at Revenue Canada. After one year, together with five other accountants, they formally called themselves the AFCA. Winston Lim served as its first president. In ten years time, AFCA joined NCPACA. It was only in 1996 that AFCA was incorporated and received the Letters Patent from the Ministry of Consumer and Commercial Relation in Canada.

Today, the AFCA is organizing its two-day 4th Professional Development Convention on September 26 and 27, 2015, at The Crowne Plaza Toronto Airport. Technical sessions featuring accounting and business topics, and forums on tax, public accounting and politics will run from 9:00 am to 5:00 pm on the first day and 8:00 to 12:00 noon on the second day. These sessions will feature dynamic and popular speakers who are highly respected in the accounting and business industry in Canada. Convention fee for members is $150 while non-members pay $185.

For more information, visit their website at www.afcatoronto.ca.

Title photo from philippinereporter.com.

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First Metro Securities Joins SunGard Global Network

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Philippine based First Metro Securities Brokerage Corporation is now a member of the SunGard Global Network (SGN), the first broker in the country to allow access to Philippine Stock Exchange trade securities for the SGN user community.

SunGard’s community of users includes over 1,800 buy-side firms connected to more than 530 liquidity providers through SGN’s broker-neutral platform.

First Metro Securities Brokerage Corporation is a stockbrokerage house licensed to trade in the Philippine Stock Exchange (PSE). It is wholly-owned by First Metro Investment Corporation (FMIC), the investment banking arm of the Metropolitan Bank and Trust Company (Metrobank).

Read more at Automated Trader.

Photo by Stuart Miles at freedigitalphotos.net

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Globe GCash Soon Good for Online Purchases

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Globe Telecom's GCash mobile wallet

At the GSM Mobile World Congress in Barcelona, Spain, Globe Telecom launched a customer strategy for the unbanked — paying for mobile apps and other Web goods through GCash, its internationally acclaimed micro payment service that transforms a mobile phone into a virtual wallet for money transfers at the speed and cost of a text message.

Though the Philippines has over 70 million mobile phone subscribers that have catapulted it as the world’s text messaging capital, its market is traditionally constrained by low credit card ownership that hampers full participation in today’s digital life.

To start off the service, Globe has partnered with Research in Motion (RIM) to allow Globe subscribers using BlackBerry devices to charge purchases for mobile applications from the BlackBerry App World onto their monthly-postpaid bill or prepaid account credits. The new service is expected to roll out in the second quarter this year.

A tie-up with American Express will roll out an online payment solution that will enable Globe subscribers to purchase goods such as electronics, toys, apparel, and many other goods from popular US and UK online sites that accept American Express.

Read more at CRM Innovation

Photo by GSMA MMU at Flickr.com

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