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Published January 25, 2021, 6:00 AM
The COVID-19 pandemic has put on hold foreign banks’ plan to establish local units or branches in the Philippines.
“As of now, no application to establish foreign bank is received by the FSS (Financial Supervision Sector),” according to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier, who heads the FSS.
Before the global pandemic was declared in March last year, there were at least three foreign banks based in Hong Kong, South Korea and Indonesia that were in the preparation stage to set up local branches here.
Since 2014, when Republic Act No. 10641 or An Act Allowing the Full Entry of Foreign Banks in the Philippines amended the previous foreign bank entry law, a total of 12 foreign banks were allowed to set up bank branches in the country.
Japan to launch a CBDC feasibility study in 2021: report Business
Japan has become the latest major economy to begin exploring the feasibility of a central bank digital currency (CBDC). The Bank of Japan (BoJ) is reportedly conducting research on a digital yen as it aims to keep up pace with neighboring China. A local digital currency forum is also working on “some form of digital currency” for Japan’s private sector to complement the central bank’s efforts.
Japan has been closely monitoring China’s rapid progress in the CBDC efforts, according to the Japan Times. As CoinGeek reported, the People’s Bank of China has accelerated its efforts in recent months, with its latest pilot seeing 150,000 Suzhou residents participate.