License required for OPS under new BSP circular

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The story "License required for OPS under new BSP circular" was covered 15 hours ago by Business Mirror, a news publisher based in Philippines.

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License required for OPS under new BSP circular - Business Mirror

Quick Summary:

OPERATORS of payment systems (OPS) would now be required to secure a license from the Bangko Sentral ng Pilipinas (BSP) before accepting and processing payment transactions on behalf of a merchant, under an agreement, and resulting to a transfer of fund to the merchant.

It shall comply with the existing financial consumer protection laws under the Financial Products and Services Consumer Protection Act and its IRR.

Furthermore, OPS intending to or engaged in MPAA in the Philippines must adhere to the applicable provisions under the Anti-Money Laundering Act and targeted financial sanctions-related laws and their respective implementing rules and regulations (IRR).