BSP waives fees for digital finance applications

The Bangko Sentral ng Pilipinas (BSP) is waiving fees for financial institutions seeking to establish new digital channels such as online banking facilities and electronic money platforms.

This relief measure, approved by the Monetary Board, will be in effect for six months starting March 8, 2020 when a state of public health emergency was declared due to the coronavirus pandemic.

The waiver covers filing, processing, and licensing/registration fees related to applications for providing electronic payment and financial services (EPFS).

Digital channels have enabled continued access to basic financial services during the Luzon-wide enhanced community quarantine, minimizing physical client presence at bank premises.