Finance

India’s new SMS regulation creates havoc for banks, essential services

SMS deliveries have been down for days

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Indian telecom service providers started implementing the second phase of a new SMS regulation, disrupting essential services like OTP (one-time passwords), bank updates, and e-commerce messages. This is an industry-wide issue affecting everything, including India’s identity verification program called Aadhaar and the Coronavirus vaccination portal called CoWIN.

The Telecom Regulatory Authority of India (TRAI) recently issued a guideline that mandated verifying every SMS and its content before delivery. The process is technically called scrubbing and was implemented on March 8, 2021. As a result, unverified and unregistered SMS messages were blocked by telcos.

TRAI says that scrubbing helps reduce spam or misleading messages that pretend to be from a financial institution. The process helps in differentiating between promotional and transactional messages. To control fraud, a blockchain-based solution is used by telcos to check every SMS’ header and content. If the source isn’t registered, the message won’t go through.

Telcos say that they simply followed the upgrade regulations and that telemarketers and companies are yet to join the formal registration process. Unfortunately, neither the telcos nor the banks have issued a statement to address public outrage.

Every transaction done by a credit or debit card is authenticated on the spot via a preset PIN or SMS OTP in India. For online transactions, a vast majority of users rely on OTPs, and these just aren’t getting delivered. Even SMS updates about a transaction aren’t able to go through. Telcos pushed back and pinned the blame on companies and their lax adoption, which have failed to comply with regulatory standards.

According to BloombergQuint, Axis Bank, one of India’s largest private banks, can deliver only 25 to 30 percent of the total messages. In the meantime, users are suggested to rely on alternative authentication services like Verified by Visa.

Finance

GoTyme Bank grows to 10 million users in the Philippines

Over US$ 859.4 million in customer deposits

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GoTyme Bank has reached the 10 million-user milestone in the Philippines, one of its key markets.

A joint venture between the parent Tyme Group and the the local Gokongwei Group, the digital bank has officially grown to 10 million strong, its latest accomplishment after debuting in the country three years ago.

The milestone is backed by over PhP 53 billion (~859.4 million) in customer deposits and sustained engagement across the GoTyme Bank ecosystem.

A core driver of the bank’s rapid growth is its integration into users’ daily financial habits. GoTyme was the Most Used Visa Debit Card in the Philippines, based on Visa debit active usage data in 2025.

The bank has also offered free InstaPay transfers from the start (capped at 20 transactions a month) for greater flexibility. There are also more than 160 billers on the app.

Complementing the digital-first infrastructure is an extensive physical network. There are now more than 600 kiosks in major malls nationwide.

Customers can also conveniently deposit and withdraw cash through more than 2,500 Robinsons Retail store lanes. Cash deposit is also allowed through more than 4,500 7-Eleven stores nationwide.

Among GoTyme’s recent offerings is MoreTyme, a flexible, transparent, and easy-to-understand credit solution.

Through Visa, GoTyme also took part in FIFA World Cup 2026 campaigns, with raffle winners being flown to watch the matches live.

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Finance

UnionDigital Bank, Chubb partner for accessible insurance protection

Chubb insurance products now integrated into UD app

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UnionDigital Bank and Chubb Philippines have partnered to bring accessible insurance protection to Filipinos.

The strategic partnership integrates Chubb’s insurance solutions directly on the UD app. These comprehensive solutions will be seen among UD’s suite of financial products. That way, insurance protection becomes more accessible for consumers.

The two key insurance products in the initial rollout are Loan Protect Insurance and Kaya Protect Insurance.

The first product is automatically included for eligible UD loan borrowers at no additional cost for the first three months once the loan is approved.

In the event of accidental death, permanent disability, temporary disability, or death due to illness, Loan Protect Insurance pays up to the original loan amount to cover 100% of the customer’s outstanding loan balance.

Any remaining balance is released to beneficiaries. Loan Protect Insurance is currently available for loans up to PhP 30,000 with short-term repayment periods.

Meanwhile, Kaya Protect Insurance will be available soon. This provides personal accident and accidental death coverage up to PhP 150,000 and is activated automatically by maintaining a low minimum balance of PhP 100 in the insured’s savings account.

The partnership between UnionDigital Bank and Chubb aims to address the protection gap, as according to a Bangko Sentral ng Pilipinas (BSP) survey, 48% of adult Filipinos are currently uninsured.

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Finance

New luvit card offers flexible Buy Now, Pay Later installments

Simple application process, borrow up to PhP 200,000

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FinVolution Group has unveiled the luvit card, making everyday payments accessible and flexible for users through a Buy Now, Pay Later approach.

The rollout marks the company’s move into card-based solutions, bringing installment-enabled transactions into a format that works both online and in physical stores — whether locally or abroad.

To get started, simply download luvit via the App Store or Google Play. Signing up on the app only needs minimal requirements and fast approval.

Once approved, users can start using the Mastercard-powered physical luvit card for a range of expenses. This includes daily purchases, bills, travel bookings, and other lifestyle spendings.

Users can borrow from PhP 2,000 to PhP 200,000 (~US$ 32.56 to ~US$ 3,255.80).

The Buy Now, Pay Later card is designed to accommodate various financial needs. Users can repay in installment options that work for them. In addition, a 0% interest installment is available for the first 40 days.

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