The Bangko Sentral ng Pilipinas (BSP) has extended the ban on e-money licenses until Dec. 15, 2024, as announced toward the end of last year. However, the BSP also stated that it might consider allowing exemptions under specific conditions, opening the door for potential applications.
This extension will provide the BSP with the opportunity to analyze the current e-money industry landscape, closely examining any new technologies introduced by emerging players. The primary objective remains the provision of services to underserved and unserved markets. At present, there are 44 BSP-licensed EMI-NBFIs operating in the country.
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In November 2021, the BSP implemented a two-year moratorium on licensing for new EMI-non-bank financial institutions (EMI-NBFI) to ensure efficient resource management, promote financial stability, foster inclusive growth, and encourage the development of innovative e-money solutions that offer substantial value.
The BSP is willing to consider exemptions for new entrants, provided they offer unique and robust value propositions. These may include innovative business models, access to untapped markets, or the integration of new technologies that set them apart. Applications for exemptions can be made through the regulatory sandbox framework outlined in BSP Circular No. 1153, dated September 5, 2022. So far, four EMI-NBFI applications have already been submitted under this sandbox framework.”