Extension of the Moratorium on the Entry of New EMI-NBFIs

tsANGKO SENTRAL NG PILIPINAS OFFICE OF THE DEPUW GOVERNOR I PAYMENTS AND CURRENCY MANACEMENT SECTOR MEMORANDUM NO. 2023. O35 To All Non-Bank Financial Institutions (NBFI) Applying foran Authority to Operate as an Electronic Money lssuer (EMt) Subject Extension of the Moratorium on the Entry of New EMI-NBF|s The Monetary Board, in its Resolution No. 1598 dated 07 December 2023, approved the extension for another year or until 15 December 2024, the moratorium on the regular application for new Electronic Money lssuers-Non-Bank Financial Institutions (EMl-NBFI) which exception may be granted for application under the conditions in the Memorandum No. M-2OZ1-O64 dated November 2021, that involves i) new business models; (ii) unserved, targeted niches, and/or (iii) new technologies to be processed through the regulatory sandbox approach. These exceptions are intended to modiff the current landscape in the e-money industry with new business models and new technologies shifting the focus to unserved and underserued markets. Interested new EMI-NBFI applicants which meet the above-mentioned exception/s and offer strong value propositions to provide e-money services may apply through the regulatory sandbox ftamework under BSP Circular No. 1153 dated 05 September2022. For guidance and implementation. flan ua#nro e. r, Deputy G I Oecember2Cl23