BSP waives licensing fees for fintech apps for six months

The Bangko Sentral ng Pilipinas (BSP) has approved the suspension of licensing fees for mobile applications and digital channels that provide electronic payment and financial services (EPFS).

This is an additional relief to BSP Supervised Financial Institutions (BSFIs) affected by the Covid-19) pandemic, the BSP said in a statement Tuesday, April 28.

The relief will be effective for a period of six months from 8 March 2020, the date of declaration of the state of public health emergency under Presidential Proclamation No. 922. This period may be extended depending on the development of the Covid-19 situation, the BSP said.

Digital channels have enabled continued access to basic financial services such as payments, fund transfers, and loan availment, and minimized the physical presence of clients at BSFI premises.

These channels include online banking facilities and electronic money platform that support critical payment use cases such as social benefit transfers, payments to merchants or billers, including the government, payments to suppliers, and remittances.

This effectively contributes to the physical distancing measures implemented by the government during the Luzon-wide enhanced community quarantine (ECQ) period to help curb the spread of Covid-19.

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