The Bangko Sentral ng Pilipinas (BSP) is suspending the registration of electronic money issuers (EMIs) for two years starting next month to ensure that financial resources are well managed.

E-money is described as electronically-stored cash in an instrument or device such as cash cards, e-wallets accessible via mobile phones or other access device.

BSP decided to close the window for applications EMIs by December 16 to ensure the development of innovative e-money solutions that offer strong value propositions.

All applications received on or before December 15 will be processed on a first-come, first-served basis, the BSP said.

Applicants should submit detailed proposals on the following: new business models, unserved and targeted niches and new technologies that will be offered.

“The BSP may limit the total number of entities that will avail of the test and learn pathway taking into account the total number of applications received and the assessment of the overall banking and payment systems situation,” said BSP Governor Benjamin Diokno.

As of end-September, the BSP was overseeing 34 registered and licensed non-bank EMIs including GCash, PayMaya and GrabPay as well as 29 bank-owned EMIs.

There were 84,299 e-money agents in the country last year, more than double the 2019 level.

Based on BSP data, the number of active e-money accounts reached 34.7 million as of end-2020, 93.3 percent higher than the previous year’s 17.9 million.

The post BSP sets 2-year moratorium on new money issuers first appeared on Bilyonaryo Business News.



BSP sets 2-year moratorium on new money issuers
Source: Filipino Daily Inquirer