BY Eileen Mencias
The Bangko Sentral ng Pilipinas has imposed a higher capital requirement on electronic money issuers (EMIs) with significant outstanding balance and large-scale operations as part of efforts to safeguard the interest of the public.
“The amendments are geared towards equipping EMIs in attending to the evolving needs and behaviors of consumers and in responding to the existing and emerging risks in the financial sector, such as cybersecurity and money laundering,” BSP Governor Felipe Medalla said in a statement.
Under the new rules, EMIs with transactions of P25 billion or more, regardless if owned by a bank or non-bank financial institution must have a minimum capital of P200 million or double the previous requirement.
EMIs with monthly outstanding E-money balance of at least P100 million must maintain at least half of their outstanding e-money balance in liquid assets in trust accounts and cover the remaining balance with placements in bank deposits, government securities, or other liquid assets acceptable to the BSP.
Those with outstanding E-money balance below P100 million can continue to comply with the liquidity requirements with eligible liquid assets.
The BSP has also lifted the monthly load limit of P100,000 per account.