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October 06, 2022

BSP shuts down unlicensed e-money operators

BSP shuts down unlicensed e-money operators

For operating as e-money outlets without a license from the Bangko Sentral ng Pilipinas, the Monetary Board on Friday bared the disqualification of entities operating as such in Davao del Norte and in Bacoor, Cavite.

These were Mer’s Business Center operating out of Barangay San Francisco, Panabo City in Davao del Norte and Paybills Payment and Remittance Center also known as Infinity PayB in Bacoor, Cavite.

Both were operating as money service businesses (MSBs) without BSP registration.

“The Monetary Board has disqualified the entities and any sole proprietorship owned and/or controlled by their respective owners/operators from registering with the BSP, and/or obtaining a license with the BSP to engage in any activity that is authorized or supervised by the BSP for operating as Money Service Business without prior BSP registration. This is pursuant to Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions,” the BSP said.

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