Moratorium on e-money companies lifted by BSP

THE Bangko Sentral ng Pilipinas , through Monetary Board Resolution 1400 on Dec. 5, 2024, lifted the moratorium on new Electronic Money Issuers from Non-Bank Financial Institutions to boost digital payments and expand financial services to underserved communities nationwide.

Applications must also detail innovative business models, target unserved or niche markets, and leverage new technologies.'Applicants must meet the standard licensing criteria, which include an assessment on the transparency of the ownership and control structure, suitability of shareholders, fitness and propriety of directors and senior management, adequacy of capital, and presence of appropriate risk management system,' Tangonan explained.

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