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 The BSP did not specify why its license was revoked.
SQPAY’s license was revoked by the central bank in a resolution last June 2, 2022.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.