Marvin Dela Cruz flexes on Twitter: Squidpay now part of BSP’s e-payment clearing system | Bilyonaryo Business News
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Marvin Dela Cruz flexes on Twitter: Squidpay now part of BSP’s e-payment clearing system

Techpreneur Marvin Dela Cruz announced on Twitter that his homegrown fintech startup, SquidPay Technology Inc., has been officially recognized by the digital payment clearing body.

Dela Cruz said the Bangko Sentral ng Pilipinas (BSP) has approved Squidpay’s inclusion as a member of the Philippine Payments Management, Inc. (PPMI). PPMI runs the National Retail Payment System in coordination with the BSP.

Squidpay is PPMI’s 126th member. As of March 2021, PPMI has 21 non-bank e-money issuers including Paymaya, CIS Bayad Center Inc., Grab Pay Network PH, 2 Alipay Philippines, Inc. and i-Remit.
PPMI has accredited 21 universal banks, 22 commercial banks, 28 thrift banks and 34 rural banks since it was established in 2017.

“To the Board of Directors and Officers of the PPMI and the BSP, Maraming Salamat po for accepting Squidpay as the newest member of PPMI! One step closer to be part of the Instapay, Pesonet and Bancnet family. Together financial inclusion for the masses is possible!” said Dela Cruz in a tweet on May 21..

Dela Cruz has been hinting of “something great” happening to Squidpay since May 5 which has piqued the interest of investors in publicly-listed Premiere Horizon Alliance (PHA).

As of March 2021, PPMI has 21 non-bank e-money issuers including Paymaya, CIS Bayad Center Inc., Grab Pay Network PH, 2 Alipay Philippines, Inc. and i-Remit.
PPMI has accredited 21 universal banks, 22 commercial banks, 28 thrift banks and 34 rural banks since it was established in 2017.

Dela Cruz’s group signed a deal in October 2020 to buy 55 percent of PHA for P925 million. As of March 2021, Dela Cruz’s group has already paid PHA P300 million with the balance to be paid in cash or shares of Squidpay.

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