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BSP Grants Electronic Money Issuer License To Bacolod-Based SpeedyPay

BSP- The Banko Sentral ng Pilipinas granted the EMI license to the Bacolod-based SpeedyPay.

The Philippines has various types of banks, from small to large universal banks. Currently, the country has 36 universal banks, 492 rural banks, and 57 savings banks.

All of these banks were licensed by the Bangko Sentral ng Pilipinas (BSP). Universal and commercial banks include BDO Unibank, Inc, Metrobank, Bank of the Philippine Islands (BPI), and Land Bank among others.

Photo Source: BusinessMirror

Based on a report from Philstar, the BSP recently approved the Bacolod City-based SpeedyPay Inc. to operate their Electronic Money Issuer (EMI) in the Philippines.

The deputy director and IT specialist of BSP, Melchor Plabasan, stated that the SpeedyPay was now allowed to initiate their EMI license.

Photo Source: BusinessMirror

According to the report, SpeedyPay operates their EMI program also known as Mango E-wallet. The platform supports transaction even offline.

The Mango e-wallet transfers online money and mango Cash Card for payments and purchases.

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Photo Source: Philippine Star

E-wallet can also be used offline like paying for transportation fees of taxis, vans, and tricycle among others. It seemed to be very useful and very handy.

Mango e-wallet can also be used to transfer money to families, friends or other recipients. This program was also supported by the Land Bank of the Philippines relating to the 4Ps (Pantawid Pamilyang Pilipino Program).

Photo Source: Infinite MLM Software

Based on the report, the BSP has only issued the EMI license into 42 bank companies yet.

Last year, BSP granted the EMI license to the Grab’s GPay Network. It is the ridesharing application that’s making the life of the passengers easier and convenient.

Aside from the recently approved EMI, BSP has already issued the license to several non-bank like Metrobank Card Corp., Inforserve, True Money Philippines, and Paymaya among others.

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