Philippines Central Bank Freezes New Payment Operator Registrations

The Philippines' central bank has proposed a 12-month pause on new registrations for payment system operators, citing a need to review and revamp its licensing framework.

The Bangko Sentral ng Pilipinas (BSP) aims to conduct a 'holistic review' of the Operator of Payment System (OPS) taxonomy, registration process, and licensing framework during this period.

New applications for OPS registration will not be accepted or processed until the 12-month suspension ends, but existing registered payment operators will not be affected by the pause.

The BSP is also proposing stricter requirements for institutions that provide merchant acquisition services involving regulated Virtual Asset Service Providers (VASPs).