The Bangko Sentral ng Pilipinas (BSP) has authorized banks to operate within digital marketplaces and platforms, allowing lenders to sell both proprietary and third-party products to expand their domestic reach, while explicitly prohibiting gambling-related services to protect consumers.

These new rules, detailed in BSP Circular No. 1237-2026, seek to advance inclusive, customer-centric financial ecosystems by allowing BSP-supervised financial institutions (BSFIs) to host diverse financial and non-financial services under one digital roof.

Under this framework, which takes effect over the next two weeks, the BSP recognizes that digital platforms are essential for both banks and non-banks to “expand operational scale, reach a wider customer base, and deliver a more integrated and tailored customer experience.”

To formalize this, the BSP has classified the operation of a digital financial marketplace as a Type A licensed activity, treating it as a core regulated function that requires strict governance standards. Marketplace operators are expected to maintain an environment that promotes responsible innovation, strong consumer protection, and the stability of both individual BSFIs and the broader financial system.

To ensure that banks do not simply favor their own products, the BSP mandates that a digital financial marketplace must “include at least three providers that are not affiliated with or part of the BSFI’s group or conglomerate.”

This requirement seeks to empower customers to “compare and select products and services from different financial service providers (FSPs) or service or product providers (SPPs) that best meet their needs” without being forced into bundled proprietary services.

However, this increased access comes with strict boundaries regarding financial well-being. The BSP is clear about its stance against high-risk entertainment services tied to gambling activities.

“Products or services associated with gambling activities—online casinos, online betting, electronic gaming, or other forms of gambling or gaming—or any activities that are not aligned with the promotion of financial soundness or well-being of customers, shall not be displayed or presented in the marketplace operated by a BSFl,” the circular read.

Unlike other provisions that allow a one-year grace period, the ban on online gambling-related products and services takes effect immediately upon the Circular’s effectivity, requiring banks to promptly remove such services from their platforms.

Security and data integrity are also emphasized in the new rules. Participants are required to comply with the Anti-Financial Account Scamming Act (AFASA), which mandates strong account authentication protocols, real-time fraud detection and monitoring systems, and other preventive safeguards.

Furthermore, the guidelines promote financial data portability, defined as a customer’s ability to access, retrieve, and securely transfer their financial data across different financial service providers or platforms. Integrating these safeguards is expected to support a more inclusive, innovative, and collaborative financial system that remains resilient against evolving digital threats.