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BSP, CDA prepare joint circular on e-money issuers, payment operators
The Philippine Star
|November 11, 2024
The Bangko Sentral ng Pilipinas (BSP) and the Cooperative Development Authority (CDA) are finalizing the guidelines for cooperatives that are currently involved or interested in operating as electronic money issuers.
The regulator has made available a draft joint circular on the proposed guidelines. Industry players may submit their feedback on the draft rules until Nov. 15.
The BSP said that cooperatives could effectively contribute to the digitalization of payments and financial inclusion given their presence in municipalities and cities in the Philippines.
Therefore, the BSP and the CDA signed a memorandum of agreement (MOA) on Oct. 18 to improve collaborative oversight and supervision of covered cooperatives. These are cooperatives that are licensed as an e-money issuer or registered as an operator of payment systems (OPS).
This story is from the November 11, 2024 edition of The Philippine Star.
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