If you're running payments ops for a mid-size PH merchant and you check this tracker hoping for a rate cut, this cycle is going to disappoint you. Nobody moved a price. Three vendors got checked this cycle -- Dragonpay, First Circle, and Igloo, tracked from 2026-05-28 to 2026-07-28 -- and not one published an exact subscription-tier price change. No "$X to $Y/month" delta anywhere. What did move is integration reach, financing, and product scope, and each of the three moved differently enough to walk through separately.
Dragonpay
Dragonpay's biggest news landed on 2026-07-08, when Xendit announced it had fully folded Dragonpay Corporation into its regional payments platform. The two companies have been circling each other since August 2021, when Xendit first invested in Dragonpay. This integration is the payoff of that five-year relationship, not a sudden move.
The practical effect: Dragonpay's 905 merchants and 44 partners -- banks, non-bank financial institutions, e-wallets, over-the-counter networks -- now sit on top of Xendit's stack. That means 100+ payment methods, payouts, cross-border payments, and financing across seven markets: Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Singapore, and Hong Kong.
That's a real jump in reach for a company that, as of this cycle, still charges the same rates it always has -- ₱10 per transaction for online banking, ₱15-20 for over-the-counter channels. My take: for a Dragonpay merchant who's been stuck on one country's payment rails, the integration matters more than any fee change would have. Access to seven markets through one existing account beats shaving a peso off a transaction fee.
Sources: Xendit's own newsroom (xendit.co, 2026-07-08), BusinessWorld (bworldonline.com, 2026-07-09), TNGlobal (technode.global, 2026-07-08), Crowdfund Insider (2026-07-08), and Fintech News PH (fintechnews.ph) all confirmed the deal independently.
First Circle
First Circle closed two separate wins this cycle, on two different timelines. The first: a ₱300 million (roughly US$5 million) sustainable finance facility from Taiwan's Cathay United Bank, finalized in April 2026 and reported 2026-05-26 through 2026-05-28. It's First Circle's first financing partnership with a Taiwanese bank, which is worth noting since most of its prior facilities came from regional or Philippine lenders.
The second, more recent, move: on 2026-07-20 (BusinessWorld) and 2026-07-23 (Manila Times), the Department of Trade and Industry renewed its MSME financing partnership with First Circle through 2028. That's the fourth renewal since the partnership started back in 2018 -- a track record most fintech-DTI tie-ups never get close to matching.
Put the two numbers together and First Circle's cumulative disbursement to Philippine SMEs sits around ₱25 billion, with roughly two-thirds of that going to businesses that had never received formal credit before. I'd call that the more interesting stat than the ₱300 million facility itself. New capital sources matter less than proof the model actually reaches first-time borrowers.
Rates held steady: Business Credit Line interest still starts at 0.99% a month, Invoice/PO Financing at 1.39% a month plus a 1.99% one-time processing fee, both unchanged from before this cycle. Sources: BusinessWorld (2026-05-26 and 2026-07-20), Manila Times (2026-05-28 and 2026-07-23), Fintech News PH (fintechnews.ph/71594), and Inquirer Business (business.inquirer.net).
Igloo
Igloo had the busiest June of the three, with three separate moves worth separating out. First, on 2026-06-02, Igloo partnered with Chubb Life Insurance Vietnam and PT Chubb Life Insurance Indonesia to distribute life, health, and critical illness products through Ignite, its insurance-agent platform. Rollout started that same month. This is Igloo's first push into life insurance -- everything before this was general insurance sold through Ignite.
Second: Igi, an AI travel-insurance assistant, has been live on Igloo's Indonesia consumer platform since early May 2026 and was formally announced 2026-06-09. It walks a customer through the entire purchase flow inside one conversation. Igloo reports a 44% higher purchase-completion rate for users who engage with Igi compared to those who don't. That's a specific, sourced number -- the kind of lift that actually changes how a product team prioritizes its roadmap.
Third: on 2026-06-30, Igloo acquired Eazy Digital, a Singapore-headquartered insurtech with Thailand operations, for an undisclosed sum. Eazy Digital's client base and Thailand team both moved to Igloo, and founder Harprem Doowa is now Igloo's Thailand country head and APAC head of Tech Solutions. It's Igloo's second Thailand deal in twelve months, following a 2025 joint venture with JMT Network Services. Two deals in one market inside a year reads like a plan, not luck.
None of the three moves touched Igloo's per-policy or transaction pricing. Sources: TNGlobal (technode.global, 2026-06-05 and 2026-06-30), Fintech News Indonesia (fintechnews.id/110064), DealStreetAsia (dealstreetasia.com), Fintech News Singapore (fintechnews.sg/133785), and e27.co (2026-06-30).
Coverage note
No tool in this cycle published an exact subscription-tier price delta -- that part of the tracker stays quiet again. Three things are worth remembering anyway. Dragonpay's Xendit integration puts 905 merchants on a seven-market payments stack overnight. First Circle's ₱300 million Cathay United Bank facility and its DTI renewal through 2028 point to a lender compounding trust rather than chasing one-off deals. Igloo's June run -- the Chubb Life distribution deal, Igi's 44% completion lift, and the Eazy Digital acquisition -- adds up to the most product movement of any tool tracked this cycle. None of the three had shown up in a prior tracker cycle before this run.