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China's fintechs see rural bank gateway to Philippine e-payments

Central bank head Diokno says he welcomes new entrants

MANILA -- Chinese investors are looking to snap up rural banks in the Philippines as a low-cost way to enter the country's growing e-payments market.

Armando B. Bonifacio, president of the Rural Bankers Association of the Philippines, confirmed that several Chinese financial technology companies had already expressed interest, especially in those banks with an electronic money issuer license from the Philippine central bank.

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