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December 10, 2023

BSP revokes SQPAY’s e-wallet license

The Bangko Sentral ng Pilipinas (BSP) has denied Pasig-based Squidpay Technology Inc.’s (SQPAY) appeal to allow it to continue operating as a mobile e-wallet.

“(The BSP has) denied with finality the Motion for Reconsideration of SQPAY on the revocation of its EMI-Others license and cancellation of its OPS (operator of payment system) registration,” said the BSP.

SQPAY as EMI-Others is an OPS-registered non-bank EMI. The BSP did not specify why its license was revoked.

SQPAY’s license was revoked by the central bank in a resolution last June 2, 2022.

The amended New Central Bank Act, the Anti-Money Laundering Act, and the National Payment Systems Act, were the bases for its decision to revoke the license, according to the BSP.


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