The Bangko Sentral ng Pilipinas (BSP) has warned supervised institutions against extending, sharing or transferring the authority to offer electronic money services to unlicensed partners, platforms or third-party providers, according to Philstar Biz.
The central bank’s advisory emphasizes that only BSP-licensed electronic money issuers (EMIs) are authorized to offer e-money services. Partnering with unregistered entities to provide such services could undermine regulatory oversight and consumer protection measures.
The BSP’s directive aligns with its broader effort to maintain the integrity of the financial system amid the rapid growth of digital payments in the Philippines. Supervised institutions are expected to review their partnerships and ensure compliance with existing regulations.