BSP stays mum on non-bank EMI SquidPay, app no longer available on Google Play Store

By Eileen Mencias

The Bangko Sentral ng Pilipinas (BSP) offered no updates on non-bank electronic money issuer SquidPay of fintechpreneur Marvin dela Cruz whose assets have been frozen owing to non-payment of a P100 million loan. asked BSP if SquidPay is still an authorized electronic money issuer and an operator of a payment system but it opted to stay mum on the issue.

BSP is mandated to ensure the stability of the financial system which includes electronic money issuers and operators of payment systems.

Under the BSP’s rules covering non-bank financial institutions, officers and directors can be temporarily disqualified for refusal to their obligations. They can go back to their post once they have paid their debt.

The disqualification becomes permanent if the officers and directors are found guilty and the judgment has become final.

Directors/officers with pending cases before a court or other tribunal for dishonesty or breach of trust and violations of securities and banking laws, rules and regulations also face temporary disqualification.

The Manila Regional Trial Court issued a writ of preliminary attachment on the assets of Dela Cruz and SquidPay due to non-payment of a loan which was due last June. The loan is convertible into shares owned by Dela Cruz in investment holding firm Premiere Horizon Alliance.

Meanwhile, the SquidPay app is no longer available on Google Play Store but can still be downloaded by iPhone users.


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