The Monetary Board of the BSP has hiked liquidity and capital requirements for select electronic money issuers (EMIs), in efforts to boost the resilience of the industry amid increasing risks related to information technology.
They are also required to cover the remaining balance with placements in bank deposits, government securities, or other liquid assets that the central bank may deem acceptable.
The Monetary Board also hiked the minimum capital requirements for EMIs with a 12-month average value of transactions of at least P25 billion to P200 million, while small-scale EMIs are required to have at least P100 million. The new rules classify EMIs into two categories — EMI-Banks, and EMI Non-Bank Financial Institutions which may include cooperatives.
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