The BSP issued Memorandum Circular No. 2023-035 extending the moratorium on the regular application for new EMI licenses for non-bank financial institutions by another year or until December 15, 2024.
EMI applications involving new business models and unserved, targeted niches, may still be allowed as an exception, under the test-and-learn or Regulatory Sandbox framework under BSP Circular 1153 dated 05 September 2022.
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