The Bangko Sentral ng Pilipinas (BSP) has issued new guidelines for entities seeking to register as operators of payment systems (OPS), replacing rules that have governed the sector for nearly seven years.
The central bank’s memorandum, signed by a BSP Deputy Governor, establishes a structured three-phased evaluation process for registration, signaling a more rigorous approach to oversight in the country’s digital payments landscape.
The updated framework aims to standardize the vetting of payment system operators, ensuring that entities meet current regulatory standards before gaining market access.
By moving to a phased evaluation, the BSP intends to scrutinize applicants more thoroughly, likely focusing on operational resilience, compliance capabilities, and financial stability at each stage of the review.
This regulatory shift comes as the Philippines continues to expand its digital financial infrastructure.
The central bank has previously emphasized the need for robust data usage and consumer protection in the fintech sector, noting that payment history can be leveraged to assess borrowing capacity and offer more suitable financial products.