From American Banker By TAMAR FRANKEL July 10, 2014 Many contributors helped bring about the most...
Circular No. 649 (issuance of electronic money)
(enacted in 2009)
Circular No. 649 of 2009, issued by Bangko Sentral ng Pilipinas (BSP), concerns the issuance of electronic money in the Philippines.
The purpose of this circular is to foster the development of efficient and convenient retail payment and fund transfer mechanisms in the Philippines. The circular aspires to provide the necessary safeguards and controls to mitigate risks associated with an electronic money business. The circular provides guidance on the requirements of electronic money issuers, and also provides sanctions for the violation of such requirements.