On Nov. 16, PHI CB recalibrated policy for handling EMI applications.
PHI CB issued memo stating non-bank institutions seeking to function as electronic money issuer-others (EMI-others) only have until Dec. 16, 2021 to apply for a license at PHI CB following a two-year moratorium imposed by monetary authorities.
Application Deadline
In resolution no. 1549 of Nov. 11, 2021, the monetary board approved policy measures in handling applications of non-bank institutions to operate as EMI-others.
In line with PHI CB's efforts to ensure its resources are managed, mobilized judiciously to promote financial stability, growth and develop of innovative e-money solutions.
In light of this, the application window for new EMI-others licenses for non-bank financial institutions shall be closed for two years, starting on Dec. 16, 2021.
All applications received by PHI CB until Dec. 15, 2021 will be processed on first-come, first-served basis, evaluated for completeness, sufficiency of information submitted.
And assessed for compliance with licensing criteria to operate as an EMI-Others based on stage 3 requirements, i.e. compliance with PHI CB chartering prequalification rules.
Effectiveness
EMI-others have until Dec. 16, 2021 to apply for a license at PHI CB.
Dec. 2021 Applications
On Dec. 2, 2021, PHI CB explained the recalibration in approach for EMI applications.
PHI CB will no longer entertain nor accept new applications beginning Dec. 16, 2021.
Applicants may still participate in the digital payments and financial ecosystem by requesting for exception under the test-and-learn/regulatory sandbox framework.
Specific guidelines on applications under regulatory sandbox to be covered separately.
Dec. 2023 Extension
On Dec. 12, 2023, PHI CB extended the moratorium on new EMI-NBFI applications.
Exceptions to moratorium are allowed for applications involving new business models, targeting unserved niches, or utilizing new technologies within the sandbox approach.
New EMI-NBFI applicants meeting specified exceptions can apply through regulatory sandbox framework as outlined in PHI CB circular 1153 dated Sep. 5, 2022, #129120.
The extension is in effect until Dec. 15, 2024.
Dec. 2023 Press Release
On Dec. 29, 2023, PHI CB issued press release reiterating the above extension.
