The Bangko Sentral ng Pilipinas has issued new guidelines for entities seeking to register as operators of payment systems, updating rules that were first set in 2019.
Under the revised framework, the registration process is divided into three phases: verification of eligibility, assessment of legal documents and business models, and issuance of a registration certificate.
These guidelines replace the requirements outlined in the 2019 memorandum, requiring all applicants to perform a self‑assessment to confirm the applicability of the registration under the relevant legal framework.
Applicants must ensure that all submitted documents are complete and comply with regulatory standards before filing. The new rules also mandate the submission of documents proving legal existence and authority to operate, along with a presentation deck detailing the business plan.
The business plan deck must cover service descriptions, launch dates or target dates for new entities, end‑to‑end transaction flows, settlement processes, principal agreements with clients or partners, and sample terms and conditions for users.
A three‑month cooling‑off period applies to applications that are returned, denied, or withdrawn. Reapplicants must address the non‑compliance issues that caused the initial rejection before resubmitting.
Each applicant is required to designate an authorized representative for communications, with any changes to be reported within five business days. All applications and related correspondence must now be sent via email to the Payments Supervision and Licensing Department, replacing the former online portal.
Submission files must be attached directly to the email; links to shared drives, cloud folders, or private storage are not accepted.
Operators, excluding banks and non‑bank financial institutions acting as electronic money issuers, will pay a one‑time non‑refundable registration fee of ₱20,000 for the issuance of their certificate.
As of July 24, 314 payment system operators are registered with the central bank.
