The Fintech Alliance Philippines celebrates a major milestone as the Philippines is officially removed from the Financial Action Task Force (FATF) gray list after nearly four years. This achievement strengthens financial safeguards and bolsters global confidence in the country’s financial system.
The Philippines was placed on the FATF gray list in June 2021 due to strategic deficiencies in its anti-money laundering (AML) and counter-terrorism financing (CTF) measures. With this removal, the country now gains significant economic and financial advantages, including:
✅ Stronger Investor Confidence – A more attractive business environment for foreign and local investors.
✅ Easier & Cheaper Transactions – Reduced scrutiny on international banking, trade, and remittances.
✅ Improved Credit Ratings – Better borrowing terms for the government and private sector.
✅ Enhanced Trade & Remittances – Faster and more efficient cross-border transactions.
✅ Global Reputation Boost – Strengthened standing in the international financial community.
Fintech Alliance PH commends the relentless efforts of Team Philippines, led by Bangko Sentral ng Pilipinas Governor Eli Remolona, Securities and Exchange Commission Chairman Emil Aquino, and Executive Secretary Lucas Bersamin, for ensuring the country meets global AML and CTF standards.
“This marks a turning point for the Philippine financial sector,” said Lito Villanueva, founding chairman of FinTech Alliance PH and executive vice president and chief innovation and inclusion officer. Of RCBC. “Being off the gray list enhances trust in our financial system, benefiting fintech companies, businesses, and consumers alike,” Villanueca added.
Fintech Alliance PH remains committed to fostering a secure, transparent, and innovative digital finance ecosystem, working closely with regulators and stakeholders to sustain these positive reforms.
The FinTech Alliance PH is comprised of over 100 corporate members collectively generating more than 95% of digital retail financial transaction volume in the country. Its members include GCash, Maya, Grab, Home Credit, 7 Eleven, CIMB, BPI, RCBC, LANDBANK, UNO Digital Bank, Maya Digital Bank, Alibaba, coins ph, Palawan Pay, Transunion, CIBI, Xendit, among others
