Digital marketplace rules out within 1st half

The Bangko Sentral ng Pilipinas (BSP) may issue regulations governing digital marketplace activities for banks and other central bank-supervised financial institutions in the first half, a senior official said, as the regulator moves to widen access to financial and insurance products through digital platforms.

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“We're coming up with a circular on digital marketplace,” BSP Deputy Governor Lyn I. Javier told a news briefing in Dumaguete City on Sunday. “This will be open to big banks or electronic money issuers opening their platforms to other financial service providers, including insurance companies.”

She said the draft circular is undergoing its final stage of review.

“The digital marketplace is coming very soon because we’re already finalizing it based on the inputs we have,” she said. “There’s just one final review for the physical touch points.”