News and developments
SyCipLaw TMT Bulletin: Philippine Central Bank Issues New FinTech Rules
BSP Circular No. 942 (issued on January 20, 2017) applies to operations and reporting obligations of non-bank entities engaged in remittance, money changing or foreign exchange dealing. In particular, the circular applies to remittance and transfer companies (RTC), remittance sub-agents, and money changers/forex dealers (MC/FXD). RTCs include e-money issuers and remittance platform providers (RPP). An RPP is an entity that provides a shared or common platform/IT infrastructure and maintains settlement accounts in order to provide funds for remittance transactions within its network.
BSP Circular No. 944 (issued on February 6, 2017) governs the operations and reporting obligations of virtual currency (VC) exchanges in the Philippines offering services or engaging in activities that provide facility for the conversion or exchanges of fiat currency to VC or vice versa.
This alert was authored by SyCipLaw partner Rose Marie M. King-Dominguez.