On 5 September 2022, and in line with its policy of enabling responsible innovation to promote the development of an inclusive digital financial ecosystem, the Bangko Sentral ng Pilipinas (“BSP”) issued Circular No. 1153 and approved a Regulatory Sandbox Framework to be incorporated as Section 1...
The BSP oversees over 40 universal and commercial banks, hundreds of rural and thrift banks, and 14 licensed VASPs, all of which will now be integrated into ASTERisC*. The following are seen as benefits of the inclusion: Streamlines reporting on cybersecurity risk management systems. Supports ...
Last year, theBSP approved “digital bank” as a new banking category, recognizing this new type of bank’s role in expanding access of Filipinos to financial services. Compared to traditional banks, a digital bank does not require the customer to open a bank account at a physical branch. O...
It processes and settles interbank high-value payment transactions between banks. The BSP has suspended PhilPaSSplus fees on six types of transactions, including interbank, the peso-leg of US dollar trades and government securities trades, Philippine Clearing House Corp. (PCHC) transactions, automated...
Felipe M Medalla: Banking on solid ground - the role of banks in post-pandemic recovery Speech by Mr Felipe M Medalla, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the Bankers' Association of the Philippines (BAP) 2nd CEO Forum. bank BSP ...
Philbert E. Varona, SyCipLaw pevarona@syciplaw.com EmailFacebookTwitterCopy Link Navigating Adverse Drug Reactions: Extent Of Pharmacovigilance In India. February 25, 2025 Register for your monthly Asia legal updates from Conventus Law Error:Contact form not found....
Finally, the amended circular updated the previous circular by expanding the definition of EMIs, taking into consideration recent advances in digital technologies. EMIs now fall into two categories: EMI-banks and EMI non-bank financial institutions ( EMI-NBFIs ), which include cooperatives. ...
Sometop banks, including BDO and Security Bank, are still on provisional registration, but are expected to get certificates before their current registration expire. PAYMENT NETWORKS Bangko Sentral ng Pilipinas Payments and Settlements Office — December 16, 2019 ...
BSP is seeking to tighten its rules on reporting money laundering, terrorism financing, and proliferation financing threats to better manage the risks in the financial sector.
The MOU signifies the willingness and commitment of both the BSP and NBC to provide a clear framework for the facilitation of bilateral ties and the enhancement of cooperation between the two central banks with a history of collaboration on both bilateral and regional fronts. ...