BSP evaluates 6 fintech service providers

The Bangko Sentral ng Pilipinas (BSP) said there are at least six BSP supervised financial institutions (BSFIs) and non-supervised entities that already entered its "regulatory sandbox" for an evaluation of their proposed innovative financial technologies in electronic or e-money and virtual asset services which should be "fit-for-purpose financial services" to unserved and underserved communities. The BSP did not identify the six applicants, but said these are BSFIs, third-party service providers of BSFIs, and new players that will "undergo a sandbox implementation of their products and services" if they passed initial screening. A regulatory sandbox is a framework set up by a financial sector regulator to allow small-scale, live testing of innovations by private firms in a controlled environment under the regulator's supervision. So far, the six have proposed solutions that will use...