Grab announced today the launch of the GrabPay Card in the Philippines, a fully digital prepaid card powered by Mastercard that extends GrabPay’s reach globally with unparalleled card security, hassle-free online payments and expanded rewards ecosystem to bring the convenience of cashless payments to more Filipinos.

Regulated by the Bangko Sentral ng Pilipinas (BSP), GrabPay is a mobile wallet that can be used to transact within and outside the Grab app safely and securely. With a 24/7 fraud detection engine, users are assured that their personal information and payment transactions remain encrypted and protected. To use the GrabPay Card, simply upgrade the GrabPay wallet by following the in-app verification process.

In a survey conducted by Mastercard in the Philippines in April 2020, 40% of Filipino consumers are now using contactless payments more often in light of the COVID-19 pandemic.

“As cities slowly get back on their feet after months of lockdown brought about by the COVID-19 pandemic, digital payments become the critical enabler to embrace this new reality. The launch of the digital GrabPay Card powered by Mastercard supports our mission of providing safer transactions and bringing more cashless opportunities to Filipinos not only for local transactions but also everywhere in the world,”

said Jonny Bates, Head of GrabPay Philippines.

“Mastercard is pleased to further expand the partnership with Grab in Southeast Asia with the launch of GrabPay Mastercard in the Philippines. Now Filipino GrabPay users can enjoy a seamless digital payment experience through the GrabPay Mastercard. This partnership also gives GrabPay users access to an e-wallet that is now accepted worldwide, unlocking a whole new world of possibilities for them,”

said Rowell del Fierro, Country Manager, Philippines, Mastercard.

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https://fintechnews.sg/40848/fintechphilippines/grab-launches-its-numberless-grabpay-card-in-philippines/

The Monetary Authority of Singapore (MAS) announced today that it will extend the assessment period for the award of digital bank licences. Successful applicants will be informed in 2H 2020 instead of June 2020 as originally intended.

In January 2020, MAS released an update that it had received 21 applications for digital bank licences and planned to announce the successful applicants in June 2020. The global escalation of the COVID-19 pandemic since then has prompted the implementation of enhanced safe distancing measures in Singapore, and many companies are allowing staff to work from home to the extent possible.

In view of these developments, MAS will extend the assessment period for the award of digital bank licences. This will allow the digital bank licence applicants to dedicate their resources and attention towards managing the immediate impact of the COVID-19 pandemic on their businesses. It will also enable MAS to focus resources on ensuring monetary and financial stability, and ensuring that financial institutions remain resilient, and able to perform their role in supporting businesses and individuals through this challenging time.

Similarly, its neighbour, Malaysia has also announced a delay in its consultation period for their virtual banking framework

https://fintechnews.sg/39118/virtual-banking/mas-extends-digital-bank-assessment-period-in-view-of-covid-19-pandemic/

The Monetary Authority of Singapore (MAS), together with the Association of Banks in Singapore (ABS), the Life Insurance Association (LIA), the General Insurance Association (GIA), and the Finance Houses Association of Singapore (FHAS), today announced a package of measures to help ease the financial strain on individuals and SMEs caused by the COVID-19 pandemic. The package of financial measures complements the initiatives in the Government's Unity Budget and Resilience Budget to preserve jobs and support enterprises and households.

The COVID-19 outbreak is now global, and increasing in intensity. Stringent measures are being adopted around the world to contain the virus, severely curtailing economic activity. Uncertainty about the trajectory of the pandemic and the depth and duration of an economic recession have also created strains in financial markets globally, which can in turn accentuate the economic crunch.

The Singapore economy contracted sharply in the first quarter of this year, faced with the sudden decline in external demand, disruption in supply chains, and reduced spending at home. MAS expects the economy to remain weak beyond the first half of the year.

In the months ahead, many individuals and SMEs in Singapore will continue to face challenges in managing their cash flows and meeting their financial obligations, such as loan repayments and insurance premiums.

MAS and the financial industry have collaborated on a package of measures to help individuals and SMEs facing temporary cashflow difficulties to ride through the storm. The package has three components:

1. Help individuals meet their loan and insurance commitments;
2. Support SMEs with continued access to bank credit and insurance cover; and
3. Ensure interbank funding markets remain liquid and well-functioning.

The relief for individuals and SMEs will be provided on an opt-in basis, as their cashflow circumstances will differ. Deferring payments increases future obligations and hence borrowers and policyholders should weigh their options carefully. Financial institutions will process all applications expeditiously.

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https://fintechnews.sg/38786/covid19/mas-and-financial-industry-to-support-individuals-and-smes-affected-by-the-covid-19-pandemic/