The Bangko Sentral ng Pilipinas (BSP) expects the development of more customer-centric financial products following the implementation of BSP’s Open Finance Framework.
Open finance supports a consent-driven data sharing scheme that promotes collaborative partnerships among incumbent financial institutions (FIs) and new players that adhere to the same standards of data security and privacy.
“The framework sees customers as owners of their transaction data, which can be shared if they wish to do so. With more data shared, FIs and third-party players are incentivized to adopt a customer-centric product development cycle,” said BSP Governor Benjamin E. Diokno during the recent European-Philippine Business Summit.
“For example, your main banking app can insert a feature that lets you add accounts from your other banks to help you monitor all your accounts. Your investing app can also let you add your bank account to let you see how much you can invest. This is the promise of open finance,” the Governor explained.
With greater access to consumer data, banks and third-party providers could also tailor a broader array of financial products such as banking products and services, investments, pension, and insurance.
Issued in June this year under Circular No. 1122, the Open Finance Framework is a component of the BSP’s Digital Payments Transformation Roadmap, which aims to convert at least 50 percent of the total volume of retail payments into digital form and to onboard at least 70 percent of Filipino adults to the financial system.
The Police would like to alert the public to a tech support scam where victims were purportedly cheated by scammers impersonating “tech support” staff from a local telecommunications company. In September 2021, the Police were alerted to two victims, aged 51 and 74, who nearly lost their life savings due to such scams.
Case 1
In the first case, the victim was deceived into believing that his home WiFi was being used for criminal activities. He was guided by scammers to set up a ‘trap‘ for the criminals. The scammers convinced the victim into downloading ‘Ultraviewer‘, a remote desktop software onto his laptop. Thereafter, the scammers were able to gain control of his laptop and attempted to transfer monies out of the victim’s OCBC bank account.
Case 2
In the second case, the victim was told that his WiFi had been tapped and was being used for illegal purposes. Similarly, the second victim was instructed to download a file which granted the scammer remote access to his laptop. The second victim also divulged his OCBC internet banking details to the scammer when requested.
Fortunately, due to the vigilance of several OCBC Bank officers, funds transfers of more than $300,000 belonging to both victims were stopped and the scammers‘ plans to steal from both victims were thwarted. The two transactions were detected to be suspicious through the bank‘s Fraud Surveillance System. When contacted by the bank staff to verify the authencity of these transactions, both victims were still unaware of the scam. Eventually, bank staff promptly stopped the fraudulent transactions and ensured that both victims‘ money was still intact. The victims were later convinced that they had been scammed.
In tech support scams, victims would typically receive calls from scammers, claiming to be from local telecommunications companies or government agencies. Victims would often be told that their WiFi or router had been compromised and was being used for illegal purposes, or that their electronic devices such as desktops, laptops or mobile phones had been infected by spyware, malware or viruses, and technical support would be required to remedy the issues. Victims would then be advised by scammers to download and install remote desktop softwares such as TeamViewer, Anydesk or UltraViewer, to grant scammers access to their devices. Scammers would then request for the victim’s internet banking details, PIN numbers and one-time passwords (OTPs) to siphon money from victims‘ bank accounts.
The Police would like to remind members of the public that no telecommunications service provider, software company or government agency will request for personal details or banking credentials over the phone. If members of the public have fallen prey to such scams, they should immediately:
Turn off their computer to halt further activities on their computer;
Report the incident to their bank to halt further activities on their bank accounts;
Change their iBanking credentials and remove any unauthorised payee added to their bank accounts;
Refrain from giving out any one-time passwords (OTPs) for banking transactions to another party; and
Report the matter to the Police.
Members of the public are also advised to adopt the following preventive measures:
Beware of unsolicited calls from persons claiming to be the staff of telecommunications service providers or from a government agency, even if they claim there are issues with your telecommunication devices or allege that you have been implicated in a criminal offence. Scammers can use Caller ID spoofing technology to mask the actual phone number and display a different number.
Do not panic and do not follow instructions to install applications, type commands into your computer, or log into your online banking accounts. You should also not provide your name, identification number, passport details, contact details, bank account details or credit card details when the callers request for the information. When in doubt, always call the official hotline of your telecommunications service provider to verify the request.
Ignore the calls and caller’s instructions. No telecommunications service provider or government agency will request for personal details or access to your online bank account, and perform transfers of money over the phone or through automated voice machines. Call a trusted friend or talk to a relative before you act as you may be overwhelmed by emotion and err in your judgment.
If you have information related to such crimes or if you are in doubt, please call the Police Hotline at 1800-255-0000, or submit it online at www.police.gov.sg/iwitness. Please call ‘999’ if you require urgent Police assistance.
For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Hotline at 1800-722-6688. Join the ‘Spot the Signs. Stop the Crimes’ campaign at www.scamalert.sg/fight by signing up as an advocate to receive up-to-date messages and share them with your family and friends. Together, we can help stop scams and prevent our loved ones from becoming the next scam victim.
The Police are appealing for the next-of-kin of 88-year-old Mr Lim Hock Lye to come forward.
Mr Lim, a former resident of Christalite Methodist Home, had passed away on 11 October 2021.
Anyone with information is requested to call the Police Hotline at 1800-255-0000 or submit information online at www.police.gov.sg/iwitness. All information will be kept strictly confidential.
NEW YORK, Oct. 13, 2021 (GLOBE NEWSWIRE) — MicroEnsure (part of Micro Insurance Company), a global provider of digital insurance products, and Jazz Business, one of the largest B2B solutions provider in the nation, have entered into an industry-first strategic partnership, to provide tailored insurance products at specialized rates to Jazz’s corporate customers.
Under the partnership, customized insurance packages will be offered to Jazz’s corporate clientele and delivered through completely digital processes. Businesses can sign their employees up for these insurance plans, mitigating the financial risk of unforeseen hospitalization due to accident or sickness. With affordability being the utmost priority, the partnership is particularly beneficial to industries with a majority of blue-collar workers.
“The year 2020 was riddled with uncertainty, and it redefined the need for insurance protection products,” said Ali Naseer, Chief Business Officer at Jazz. As the only telecom offering insurance products for its corporate customers, we’re proud to partner up with MicroEnsure – a company that echoes our sentiments on the importance of digital-based processes. We look forward to a collaborative partnership that will benefit those who need it the most.”
Appreciating the partnership as a major step towards the goal of reaching out to tens of millions of uninsured and under-insured Pakistanis, Rehan Butt, MicroEnsure Pakistan CEO remarked:
“Jazz with its massive outreach is in a strong position to change the insurance fabric in Pakistan and we are excited that we have been provided with a great opportunity through this partnership to take insurance products to scores of Jazz Business customers, majority of whom are yet to experience their first-ever insurance product. MicroEnsure and its Group the Micro Insurance Company aim at providing a real digital experience to our customers characterised with a simple sign-up process and an equally simple and no quibble claim process.”
About MicroEnsure:
MicroEnsure is a part of the Micro Insurance Company Group which aims to provide insurance products and services to billions of un and under-served individuals and businesses across Asia, Africa and then Americas. The Group is the first global end-to-end digital micro-insurance provider that combines reinsurance capacity, in-country insurance licenses, world-class distribution and market-leading AI functionality to address this large market globally by providing an insurance platform that is capable of assuming various types of micro transactional insurance risks. For more details, please contact Rehan Butt at rehan.butt@microensure.com or visit www.microinsurance.com
About Jazz:
Jazz, Pakistan’s number one 4G operator and a leading digital service provider with over 67 million subscribers including 25 million 4G users. By providing the most extensive portfolio of digital value-added services, Jazz continues to be the country’s undisputed telecom leader.
About Jazz Business:
With 360-degree ICT Solutions covering Mobility, M2M, and Cloud services, Jazz Business is a ‘One Window’ Solutions provider to fully customizable B2B services. It is currently serving over 25,000 companies with smart communications and connectivity solutions to operate more efficiently and collaborate more effectively.
CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) today announced that it will temporarily close several of its European agricultural, commercial vehicle and powertrain manufacturing facilities in response to ongoing disruptions to the procurement environment and shortages of core components, especially semiconductors.
CNH Industrial is constantly reviewing its production schedules in response to this highly dynamic environment and plans to shut the concerned plants for no longer than eight working days in the month of October. The Company remains committed to optimizing its manufacturing operations to meet continued strong demand and best serve its dealers and customers.
CNH IndustrialN.V. (NYSE: CNHI /MI: CNHI) is a global leader in the capital goods sector with established industrial experience, a wide range of products and a worldwide presence. Each of the individual brands belonging to the Company is a major international force in its specific industrial sector: Case IH, New Holland Agriculture and Steyr for tractors and agricultural machinery; Case and New Holland Construction for earth moving equipment; Iveco for commercial vehicles; Iveco Bus and Heuliez Bus for buses and coaches; Iveco Astra for quarry and construction vehicles; Magirus for firefighting vehicles; Iveco Defence Vehicles for defence and civil protection; and FPT Industrial for engines and transmissions. More information can be found on the corporate website: www.cnhindustrial.com
Myanmar’s military is preparing a major offensive against the Chin National Front (CNF) in Chin state, a representative of the ethnic armed organization (EAO) said Wednesday, prompting a local rights group to warn that such an operation would have a “devastating effect” on the region.
Details of the military plan, which is believed to target CNF headquarters in Chin’s Thantlang township, were revealed amid reports of fresh clashes between junta troops and the Kokang Myanmar National Democratic Alliance Army (MNDAA) in northern Shan state that critically injured six civilians—including a toddler and a pregnant woman—and forced hundreds to flee for safety.
Speaking to RFA’s Myanmar Service, CNF spokesman Salai Htet Ni said the junta is sending tanks and reinforcements in several convoys to Thantlang, where an attack helicopter was seen in the sky on Tuesday, confirming information about the operation that the EAO obtained from military defectors.
He said the offensive had likely been planned in response to the CNF’s support for the shadow National Unity Government (NUG), which on Sept. 7 declared a nationwide state of emergency and called for open rebellion against junta rule, prompting an escalation of attacks on military targets by various allied pro-democracy People’s Defense Force (PDF) militias and EAOs.
“The CNF is, in fact, the first ethnic armed group to reach an agreement with NUG,” Salai Htet Ni said.
“Now that NUG and its political ideology are in line with ours, the military is putting pressure on us more than ever, both militarily and politically.”
Myanmar’s military overthrew the democratically elected National League for Democracy (NLD) government on Feb. 1, claiming the party had stolen the country’s November 2020 ballot through voter fraud.
The junta has yet to provide evidence of its claims and has violently repressed anti-coup protests, killing at least 1,170 people and arresting 7,240 others, according to the Bangkok-based Assistance Association for Political Prisoners (AAPP).
Salai Htet Ni noted that Dr. Salai Lian Hmung Sakhong, a leader of the CNF, also serves as the NUG Federal Union Affairs Minister and that the CNF has provided military training to both the local branch of the PDF and the Chin Defense Force (CDF), an armed group formed to combat Myanmar’s military in the western state.
According to the spokesman, the CNF obtained a copy of secret plans for the attack on Thantlang as well as extensive details concerning other operations in Chin state from a sergeant clerk named Tin Lian Biak and a driver from the military’s Hakha Tactical Command—both of whom had defected and joined the country’s anti-junta Civil Disobedience Movement (CDM) on Oct. 9.
Joint forces targeted
Salai Htet Ni said he believes that the military is preparing to launch a full-scale offensive against all three of the armed groups because they had joined forces.
On Sept. 11, the CNF and the CDF seized a military base in Thantlang’s Longle village, near Myanmar’s border with India. According to the CNF, 12 junta soldiers were killed, while only six CNF and CDF fighters were wounded in the raid.
Days later, on Sept. 18, clashes between the junta and CNF/CDF joint forces forced nearly 10,000 people to flee Thantlang. According to residents, several homes in the township were burnt to the ground, while a number of civilians were injured and a local pastor was shot dead during the fighting.
Meanwhile, the military and the CNF clashed Wednesday near Falam township, the spokesman said, although details of the fighting were not immediately available.
Salai Za Op Lin, deputy executive director of the Chin Human Rights Organization (CHRO), said that the information provided by Tin Lian Biak suggests that the residents of Chin state are at grave risk of danger.
“The sergeant who defected to the CDM movement brought a lot of documents with him, including secret information about how they would launch the attacks and what weapons they would use,” he said.
“It looks likely that they are preparing a major military operation focused on Chin state.”
Salai Za Op Lin did not provide any details about the documents Tin Lian Biak delivered to the CNF but said that five members of the man’s family—including his mother—were arrested by the military on Monday in connection with his case.
Military spokesman Maj. Gen. Zaw Min Tun had yet to comment on reports of troop reinforcements and the intelligence documents obtained by the CNF as of Wednesday.
Myanmar National Democratic Alliance Army (MNDAA) fighters in an undated photo. MNDAA
Civilian casualties in Shan state
Meanwhile, residents of Northern Shan state’s Mong Koe sub-township told RFA that at least six civilians—including a two-year-old girl and a pregnant woman—were critically injured in fresh fighting between junta troops and the MNDAA near Ywa Thit in No. 6 ward on Tuesday.
According to the father of the injured toddler, junta forces attacked MNDAA troops with heavy artillery from a hilltop above Ywa Thit, damaging homes and wounding his daughter, as well as two men and three women in the area.
“The clash started in the lower part of our village. After that the two sides exchanged heavy fire,” said the man, who spoke on condition of anonymity, citing fear of reprisal.
“We don’t know where the shell came from as we did not dare to go out. My daughter is still conscious, but I don’t know if her brain was affected. She will be taken to Mandalay Hospital for treatment.”
A relative of one of the wounded, who declined to be named for security reasons, said that altogether three of the injured were transferred from Muse Hospital to Mandalay Hospital on Wednesday afternoon.
“The young girl who was sent to Mandalay has regained consciousness—she understood what we were saying but she could not respond,” the relative said.
The fighting displaced 74 families consisting of at least 410 people from Mong Koe, residents said, adding that most of them are currently sheltering near Myanmar’s border with China.
They said Chinese authorities have been using loudspeakers to warn refugees not to approach the border fence.
A spokesman for the MNDAA told RFA that details of the fighting were not immediately clear.
Attempts by RFA to contact junta spokesman Maj. Gen. Zaw Min Tun for comment on the clashes in Chin and Northern Shan states went unanswered Wednesday.
Refugee numbers climb
Fighting between the military and the MNDAA resumed in early August in Mong Koe and Pangsai sub-townships. According to reports from both sides, at least 10 people have been killed or wounded in the clashes so far.
Including the more than 400 people who fled Tuesday’s fighting, there are now nearly 3,000 people displaced by fighting in Mong Koe township alone.
The United Nations Office for the Coordination of Humanitarian Affairs (OCHA) said in September that more than 120,000 people have been displaced by fighting since May 21 in Kayah and southeastern Shan states, as well as tens of thousands in Chin, Kachin, and Karen states, as well as Magway and Sagaing regions.
In late August, OCHA announced that the number of people who need humanitarian aid in Myanmar had increased to nearly two million since the military coup. Those displaced by the recent fighting join more than 500,000 refugees from decades of conflict between the military and EAOs who were already counted as IDPs at the end of 2020, according to the Internal Displacement Monitoring Center, a Norwegian NGO.
Reported by RFA’s Myanmar Service. Translated by Khin Maung Nyane. Written in English by Joshua Lipes.
