E-payment license rules streamlined

Licensing rules for Bangko Sentral ng Pilipinas (BSP)-supervised financial institutions (BSFIs) that intend to offer electronic payment and financial services (EPFS) have been streamlined in a bid to promote digital innovations.

In a statement on Friday, the BSP announced that revised guidelines had been approved by its policymaking Monetary Board “in line with the ... reform agenda of promoting digital innovations and increasing the availability of safer and more efficient channels for delivering banking, payment, remittance, investment, and other financial services.”