BSP sets liquidity, capital requirements for e-money issuers

By: Business Word
Source: businessword

THE BANGKO SENTRAL ng Pilipinas (BSP) has set liquidity and capital requirements for e-money issuers (EMIs) based on the scale of their operations to help ensure the industry’s resilience and protect customers amid increased technology risks.

BSP Circular No. 1166 dated Feb. 7 and signed by BSP Governor Felipe M. Medalla amends the Manual of Regulations for Banks and Manual of Regulations for Non-Bank Financial Institutions, specifically the rules governing the issuance of e-money and the operations of e-money issuers in the Philippines.

These include rules on liquidity, capitalization, load limit, as well as guidelines on reporting and sanctions.

EMIs will have a year to comply with the revised regulations, which will take effect 15 calendar days following their publication in the Official Gazette or any newspaper of general circulation.

“The amendments are geared towards equipping EMIs in attending to the evolving needs and behaviors of consumers and in responding to the existing and emerging risks in the financial sector, such as cybersecurity and money laundering,” Mr. Medalla said in a statement on Wednesday.

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