The BSP and several payments industry players also launched a program called QR PH, which is eyed not only to increase e-payments, but also to secure payment transactions.
The standard, the BSP said, is necessary for ensuring interoperability of QR-enabled payment and financial services, noting that QR technology has emerged as the most convenient and cost-efficient means of moving funds from one account to another.
Under the MOA agreement signed between the BSP and the PSA, the central bank will produce within three years 116 million blank cards that will have security features that are said to be are better than those used in making passports.
Under the Lending Company Regulations Act, investors or entities that offer money for lending as a business need to incorporate and register with the SEC, while the BSP also has jurisdiction over lending firms because of its power to supervise activities like “credit granting,” which is essentially lending.
There's an estimated 124 fintech lenders in the Philippines comprising of 75 mobile apps, 40 Web-based, and five brick-and-mortar with tech platform. But less than half of these firms are registered with the government.
While satisfied with the growth of digital payments in the country, the BSP said it is targeting for the Philippines to become a "cash-lite” society -- and not "cashless" -- for now.
Lawmakers have backed calls for a House inquiry into the ATM fee increases in the horizon, following the move of bank regulators to lift a six-year freeze.
The Bangko Sentral ng Pilipinas (BSP) said it has launched a number of initiatives aimed at establishing adequate safeguards to manage the potential risks brought by financial technologies (fintech) while providing enough room for companies to develop and implement their innovations.
The BSP has given BSP-supervised financial institutions (BSFIs) not later than March 31, 2019 to ensure that all its frontline personnel have the necessary know-how to implement fund transfer services PesoNet and InstaPay.
