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The Bangko Sentral ng Pilipinas (BSP) has extended the pause on the entry of new electronic money issuer-non-bank financial institutions (EMI-NBFI) until December 15, 2024. Nonetheless, the central bank has made resources available for a few exemptions, particularly for companies that offer exceptional business models, target untouched niches, or add fresh technologies.
“For the purpose of modifying the current situation in the e-money industry by allowing in new players that bring in new business models and new technologies and center their attention on unserved and underserved sectors,” as said by the BSP. The central bank has encouraged these applicants to apply through the exemption proxy for current Circular No. 1153.
In November 2021, the two-year prohibition on the issuance of EMI permissions to NBFIs was first necessitated to be certain that nimble yet thorough maneuvers are made with both safety and development in mind; more specifically, this refers to headway for the invention of concepts that provide strong value propositions.
As of December 21, 2023, the 44 approved EMI-NBFI sites have integrated, as well as four now in-process applications. Firms such as the cryptocurrency exchange Agora Philippine Digital Asset Exchange (PDAX), and electronic payment provider and G-Xchange Inc., the operator of GCash — Alipay Philippines, and CIS Bayad Center, amongst others. Taking Blockchain theory into account, a API for logicalCBDC emerges.
