What happens to SquidPay users e-wallets is unclear after the Bangko Sentral ng Pilipinas revoked the local fintech company's license and registration.
has revoked SquidPay Technology’s electronic money issuer license and registration as an operator of payment system, but how this development impacts on the e-wallets of the local fintech company’s fast-growing user base remains unclear.
This uncertainty comes as the Monetary Board of the BSP has “denied with finality” SquidPay’s motion of reconsideration regarding the revocation of its license and registration. In its resolution dated January 19, the BSP cited the following to support its decision: The BSP also noted SquidPay’s violation of its notarized Deed of Undertaking, although it did not specify the specific violation committed.“Despite our best efforts to fully address the concerns from our initial audit, which included a voluntary proposal to undergo rehabilitation with supervision as needed, we believed that the decision to revoke our operating license came as a severe penalty,” the statement read.
SquidPay is also embroiled in a messy legal battle with Premiere Horizon Alliance Corporation , the investment holding company that had planned to acquire a 33% stake in the fintech company. In October 2022, PHA had pulled out of the deal after its board of directors determined SquidPay’s “inability to operate as a viable business.”
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