The BSP upheld the cease-and-desist order (CDO) issued against Digital Spring on July 23, 2021, reiterating that Lyka and not Digital Spring should register as Operator of Payment System (OPS) with the BSP.
The Bangko Sentral ng Pilipinas (BSP) said the emergence of digital banks can be a game-changer on the delivery of financial products and services from traditional brick-and-mortar banks.
The BSP and payments industry are also collaborating on implementing the PesoNet Multiple Batch Settlement (MBS) by year end; establishing an interoperable bills payment facility by early 2022; and rolling out the request-to-pay facility by Q2 2022.
Voyager Innovations, through its financial technology arm PayMaya Philippines, announced on Monday, Sept. 20, that it had obtained the approval of the Bangko Sentral ng Pilipinas (BSP) to establish a digital bank.
The BSP said it is also boosting whole-of-government efforts to diversify the broadband market so that Filipinos across the country can have affordable Internet connectivity and digital financial services available to them.
BSP governor Benjamin E. Diokno said, however, that applications for digital banking licenses will resume after three years if warranted by the circumstances.
GOtyme, a joint venture between the Gokongwei Group and Singapore-headquartered digital banking group Tyme, is expected to launch in the second quarter of 2022.
The Open Finance Framework promotes consent-driven data portability, interoperability, and collaborative partnerships between financial institutions and fintech players, according to the BSP.
