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).
The House Committee on Banks and Financial Intermediaries chaired by Manila representative Irwin Tieng approved on Tuesday, Feb. 14, two bills seeking to promote the adoption of digital payments for financial transactions.
The Bangko Sentral ng Pilipinas (BSP) has amended the Guidelines on Electronic Money (E-money) and the Operations of Electronic Money Issuers (EMI) in the Philippines amid increasing IT-related risks and to better protect the interests of e-money account holders.
The Electronic Money Issuer (EMI) license from the Bangko Sentral ng Pilipinas (BSP) authorizes Bayad to deliver e-wallet services through its newly revamped mobile app.
E-money payments in Southeast Asia, excluding the Philippines, grew to $26 billion in 2019 from $15 billion in 2018, according to S&P Global Market Intelligence’s latest Southeast Asia E-Money Market Report.
The Bangko Sentral ng Pilipinas (BSP) is keen on requiring entities applying for licenses as electronic money issuers (EMI) to also apply for a license as a crypto or virtual currency (VC) exchange.
