BSP cancels SQPAY’s e-wallet license

The central bank’s Monetary Board has junked the appeal of Pasig-based Squidpay Technology Inc. (SQPAY) to allow it to continue to operate as a mobile e-wallet.

In a statement on Thursday, Feb. 2, the Bangko Sentral ng Pilipinas (BSP) said that based on a Monetary Board decision Resolution No. 87 on Jan. 19, 2023, SQPAY is no longer a licensed electronic money issuer (EMI) under BSP rules and regulations.

“(The BSP has) denied with finality the Motion for Reconsideration of SQPAY on the revocation of its EMI-Others license and cancellation of its OPS (operator of payment system) registration,” said the BSP.

E-money transactions

SQPAY as EMI-Others is a non-bank EMI under OPS registration. The BSP did not give a reason for the cancellation of its license.

The BSP earlier revoked the license of SQPAY in a resolution last June 2, 2022.

The BSP said the decision for the revocation was based on its rules on non-bank financial institutions, in relation to the amended New Central Bank Act, The Anti-Money Laundering Act and The National Payment Systems Act.

The term e-money is described as electronically-stored cash in an instrument or device such as cash cards, e-wallets accessible via mobile phones or other access device.

As of end-2022, the BSP is supervising 42 EMI-Others or non-bank e-money issuers.