The Bangko Sentral ng Pilipinas extends for another year or until December 15, 2024 the moratorium on the entry of new non-bank financial institutions (EMI-NBFIs) under its supervision.
Applications for exemption from the moratorium may be granted under the conditions set out in BSP Memorandum No. M-2021-064 dated November 2021, involving i) new business models; ii) unserved, targeted niches, and/or iii) new technologies.
These exceptions are intended to modify the current landscape in the e-money industry with entry of new players that have new business models and new technologies and shift in focus to unserved and underserved markets. Interested applicants that meet the abovementioned exceptions and offer strong value propositions for e-money services may apply through the regulatory sandbox framework under BSP Circular No. 1153 dated 5 September 2022.
The BSP initiated the two-year EMI-NBFI licensing moratorium in November 2021 to ensure that its resources are managed and mobilized judiciously in a manner that promotes financial stability and inclusive growth, and advances the development of innovative e-money solutions that offer strong value propositions.
Currently, there are 44 BSP-licensed EMI-NBFIs in the country. In addition, there are four (4) EMI-NBFI applications submitted under the sandbox framework. (PR)