The Bangko Sentral ng Pilipinas (BSP) has extended for another year or until Dec. 15, 2024 the moratorium on the entry of new electronic money issuer-non-bank financial institutions (EMI-NBFIs).
However, the BSP said applications for exemption from the moratorium may be granted under the following conditions:
- If the application employs new business models;
- If it will cater to unserved and targeted niches;
- If it employs new technologies.
“These exceptions are intended to modify the current landscape in the e-money industry with entry of new players that have new business models and new technologies and shift in focus to unserved and underserved markets,” the central bank said.
“Interested applicants that meet the abovementioned exceptions and offer strong value propositions for e-money services may apply through the regulatory sandbox framework,” it added.
The BSP said it initiated the two-year EMI-NBFI licensing moratorium in November 2021 to ensure that its resources are managed and mobilized judiciously in a manner that promotes financial stability and inclusive growth, and advances the development of innovative e-money solutions that offer strong value propositions.
Currently, there are 44 BSP-licensed EMI-NBFIs1 in the country. In addition, there are four EMI-NBFI applications submitted under the sandbox framework.