Philippines: Implementation of local operations requirements on digital banking for foreign investors
Description
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…
Scope
Policy Area
Other operating conditions
Policy Instrument
Local operations requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
central bank