The Bangko Sentral ng Pilipinas (BSP) and the Department of Labor and Employment (DOLE) are urging labor and employer sector leaders to transition to digital wage payments, highlighting the benefits of safe and efficient payroll solutions.

The strategic alliance aims to strengthen the platform in the rapidly evolving consumer finance market in the Philippines.

Following its latest investment, Mynt is now worth an impressive $5 billion, more than doubling its $2 billion valuation from the last funding round in 2021.

Blockchain plays a pivotal role in the success of this microfinancing model, from transparency, security, and efficiency to serving as a strategic tool in capital markets and global financial inclusion.

Visa recently teamed up with Oxfam America to serve as a payments partner in the Philippines, Columbia, Puerto Rico and Kenya.

The investment will enable Voyager to grow its platform and offer integrated, end-to-end digital financial services to consumers, micro, small, and medium-sized enterprises (MSMEs), and large enterprises.

Under the terms of the agreement, CIMB Bank Philippines will leverage Zoloz's eKYC solution for frictionless user onboarding and enhanced payment experience, making financial services more accessible and inclusive to Filipinos.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the establishment of a digital banking framework is particularly relevant as billions of people affected by the pandemic are driving a historic and dramatic shift in consumer behavior.

The value of transactions using the QR (quick response) technology via the national QR code standard reached almost P1 billion as of end-May, as more Filipinos embrace digital channels amid the pandemic.

"COVID-19 has underscored how important digital systems and contactless transactions are for economic resilience."