The Bangko Sentral ng Pilipinas (BSP) is rolling out stronger regulations to safeguard users of digital financial marketplaces, platforms that connect customers to various products and services offered by BSP-supervised financial institutions (BSFIs). These marketplaces provide access to loans, insurance, investments, and other financial offerings, and may also include non-financial goods and services such as vehicles, travel packages, and retail deals, as long as these add value to related banking or e-wallet services.
Issued under Circular No. 1237, the new rules require BSFIs running these platforms to meet clear standards for risk management, data security, consumer protection, and customer verification. Operators must also hold a minimum capital of ₱1 billion, intended to fund continuous technology improvements and cybersecurity defenses.
BSP governor Eli M. Remolona, Jr. emphasized the balance between innovation and stability. “The BSP promotes responsible innovation while working to ensure consumers are protected, risks are properly managed, and trust in the financial system is preserved,” he stated.
The guidelines outline specific duties for both platform operators and the financial providers featured on them. Requirements cover accreditation, regular performance checks, system security, complaint resolution, and compliance with existing laws. To support fair competition and wider choice, the rules mandate that products be presented objectively and without bias, and that each platform include at least three independent service providers not linked to the operator’s business group.
Data privacy is also strengthened: financial information may only be shared with the customer’s explicit consent, using secure channels, and in line with local regulations.
The regulation addresses the rapid growth of these digital platforms, which expand financial access and convenience but also bring new risks. It updates and builds on existing BSP policies, including outsourcing rules and cross-selling frameworks, ensuring the regulatory framework keeps pace with evolving digital finance services.
