Philippines

Market Infrastructure

BSP Issues Governance Policy for Operators of Payment Systems

By Editors | 21/09/2021

Payment system operators including banks and electronic money issuers have six months to comply with the requirements.

Crypto / Digital Assets

Philippine SEC Warns Against Dealing with Unlicensed Entities

By Editors | 21/09/2021

The SEC has warned against dealing with unlicensed forex brokers, crypto exchanges, and DeFi platforms among others.

Fintech / Regtech

BSP Grants Sixth Digital Bank Licence to PayMaya

By Editors | 20/09/2021

The seventh and final digital bank is likely to be an existing bank applying to convert into a digital bank, but approval has been delayed.

Market Infrastructure

BSP Instructs Banks to Proactively Transition from LIBOR

By Editors | 20/09/2021

The BSP is not looking to prescribe specific alternative reference rates for use by Philippine banks, saying these choices should be market-driven.

Market Infrastructure

BSP Directs Payment Systems to Adopt PFMI Standards

By Editors | 18/09/2021

Designated payment systems are expected to demonstrate adequate governance and risk management arrangements in line with the PFMI.

Enforcement

Philippine Lawmaker Introduces Bill to Tackle Rising Cybercrime

By Ranamita Chakraborty | 17/09/2021

The bill requires banks and non-bank FIs to “exhaust all means to ensure that victims are able to recover their monetary loss, if any”.

Market Infrastructure

India’s UPI to Extend QR Payments to 10 Asian Markets

By Ranamita Chakraborty | 17/09/2021

Users of NPCI’s BHIM mobile app will be able to make UPI QR-based payments at merchants progressively across north and southeast Asia from early 2022.

Market Infrastructure

Malaysia, Thailand Invite Banks to Become ‘Qualified ASEAN Banks’

By Manesh Samtani | 15/09/2021

The initiative is part of the April 2019 bilateral arrangement between BNM and BOT under the ASEAN Banking Integration Framework.

Enforcement

BSP Introduces Stricter Penalty Framework for FIs

By Sanday Chongo Kabange | 13/09/2021

Monetary penalties have increased from PHP 30,000 to a maximum PHP 1 million for each violation. Fines up to three times profit gained or loss avoided can also be imposed.