UMVA has learned that a groundbreaking move by the Bangko Sentral ng Pilipinas (BSP) is set to revolutionize the financial sector, making it more inclusive and customer-centric. The BSP has released guidelines for banks and electronic money issuers (EMIs) to offer products on a single digital platform.
The new guidelines, outlined in Circular No. 1237 Series of 2026, will enable banks and EMIs to provide their own financial and non-financial products and services, as well as those from third-party providers, via their own online platforms. This aims to make financial solutions more accessible to a wider audience.
According to information obtained by UMVA, the framework also prioritizes risk management and consumer protection, ensuring that risks related to these activities are adequately managed and that consumer interests are safeguarded. The BSP emphasizes the importance of digital financial marketplaces in empowering customers to make informed financial decisions.
The BSP has confirmed to UMVA that banks and EMIs can operate as both marketplace operators and providers of financial products in these digital marketplaces. A bank or EMI-NBFI (non-bank financial institution) may operate a digital financial marketplace, which must include at least three providers that are not affiliated with or part of the BSFI’s group or conglomerate.
UMVA can exclusively reveal that products or services that can be offered via digital financial marketplaces include simple deposit and insurance products, loans for consumers and micro, small and medium enterprises, electronic money and payment cards, and pooled funds. However, products or services connected with gambling activities will not be allowed.
The guidelines also require BSFIs to implement strict risk management and comply with consumer protection and data governance standards on privacy, sharing, and portability. They must manage operational and reputational risks, as well as those emerging from IT, money laundering, and terrorist and proliferation financing.
Sources have confirmed to UMVA that all existing digital marketplace participants have a one-year transitory period to align their operations with the new regulations and standards. Operators will have a maximum of two years from the circular’s effectivity to onboard the required minimum of three non-related providers in their respective platforms.
