ARTICLE · 23 MAY 2023

Safe (e)money: BSP Updates E-money Regulations, Increases Prudential And Capitalization Requirements

SyCip Salazar Hernandez & Gatmaitan

Contributor

SyCip Salazar Hernandez & Gatmaitan

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) is one of the largest law firms in the Philippines...

On February 7, 2023, the Bangko Sentral ng Pilipinas (BSP), the Philippine Central Bank, issued BSP Circular No. 1166, series of 2023, entitled "Amendments to the Regulations on Electronic Money (E-money)...

PhilippinesFinance and Banking

SyCip Salazar Hernandez & Gatmaitan

On February 7, 2023, the Bangko Sentral ng Pilipinas (BSP), the Philippine Central Bank, issued BSP Circular No. 1166, series of 2023, entitled "Amendments to the Regulations on Electronic Money (E-money) and the Operations of Electronic Money Issuers (EMI) in the Philippines" (EMI Circular). It was published on February 15, 2023 and took effect on March 2, 2023.

The EMI Circular supersedes BSP Circular No. 649 and amends the relevant provisions of the Manual of Regulations for Banks (MORB) and Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) on electronic money (EMoney) issuance.

The EMI Circular should be of interest to all BSP- Supervised Financial Institutions (BSFIs) that issue E-money or engage in the E-money business in the Philippines. All parties interested in entering the Philippine E-money market should also take the EMI Circular under consideration.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Safe (e)money: BSP Updates E-money Regulations, Increases Prudential And Capitalization Requirements

Related Articles

BSP Circular No. 1238: Fairer Fees And Stronger Safeguards In Digital Payments

SEC Lifts Five-Year Moratorium On Online Lending Platforms And Issues New Regulatory Framework

SEC Revises Recent Draft Circular On Online Lending Platforms; Issues A New Version

Bangko Sentral Ng Pilipinas Revised The Rules On Cross-Border Transfer Of Local And Foreign Currencies

Duties And Responsibilities Of Financial Service Providers And The Rights Of Financial Consumers

Read more about

Related Comparative Guides

Project Finance

Alternative Investment Funds

Banking & Finance

Capital Markets

See more popular content from

SEC Lifts Five-Year Moratorium On Online Lending Platforms And Issues New Regulatory Framework

BSP Issues Implementing Rules Of Financial Consumer Protection Act

BSP Circular No. 1238: Fairer Fees And Stronger Safeguards In Digital Payments

SEC Revises Recent Draft Circular On Online Lending Platforms; Issues A New Version

Bangko Sentral Ng Pilipinas Revised The Rules On Cross-Border Transfer Of Local And Foreign Currencies

BSP Amends Guidelines On Digital Banks

BSP Issues Implementing Regulations Of Financial Consumer Protection Act

BSP Amends Rules On Mandatory Development Financing

BSP Adopts Standard Loan Application Forms

Duties And Responsibilities Of Financial Service Providers And The Rights Of Financial Consumers

SEC Lifts Five-Year Moratorium On Online Lending Platforms And Issues New Regulatory Framework

BSP Issues Implementing Rules Of Financial Consumer Protection Act

BSP Issues Rules On Consumer Assistance And Mediation/Adjudication Of Cases

SEC Issues Regulations To Implement Financial Consumer Protection Act

BSP Circular No. 1238: Fairer Fees And Stronger Safeguards In Digital Payments

SEC Revises Recent Draft Circular On Online Lending Platforms; Issues A New Version

SEC Issues Rules To Implement BSP Ceilings On Interest Rates And Other Fees

All Things Registration: National Privacy Commission Issues New Rules On Registration Of Data Processing Systems

SEC Releases New Draft Circular On Online Lending Platforms

BSP Amends Guidelines On Digital Banks