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Philippines Payment Providers Benefit As Reforms Take Hold

Stricter regulatory oversight of the Philippines’ payments sector is making way for a new wave of digital service providers ready to take advantage of the country’s smartphone-savvy population, legal experts have said.

Earlier this year the Bangko Sentral ng Pilipinas (BSP), the central bank, brought money remitters, e-money providers and virtual currency firms, among other non-bank businesses, within the remit of existing anti-money laundering and consumer protection frameworks.

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