Philippines: Local operations requirement for digital banking providers
Progress
Current status
in force
23 Dec 2020 in force
02 Dec 2020 under deliberation
Scope
Implementers
Philippines
Policy Area
Other operating conditions
Policy Instrument
Local operations requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Government Branch
executive
Government Body
central bank
Implementation Level
national
Timeline of events
Implementation of local operations requirements on digital banking for foreign investors
In December 2020, through the issuance of the Bangko Sentral ng Pilipinas (BSP) Circular No. 1105/2020, the Philippines mandated the digital banks to maintain a principal or head office in the Philippines to serve as the main point of contact for st…
SourceEvent type
order
Action type
implementation
Government branch
executive
Government body
central bank
Announcement of local operations requirements on digital banking for foreign investors
In December 2020, the Philippines announced introducing restricted measures on digital banking by requiring a local presence in the Philippines.
SourceEvent type
order
Action type
announcement
Government branch
executive
Government body
central bank