Direct Agent 5 Secures Crypto, E-Money and EPFS Licenses From BSP

Direct Agent 5 Secures Crypto, E-Money and EPFS Licenses From BSP

by December 20, 2022

Direct Agent 5 (DA5), a provider of remittance and forex services, has secured three licenses from the Bangko Sentral ng Pilipinas (BSP).

Among them are approvals to operate as a Non-Bank Electronic Money Issuer (EMI), Virtual Assets Service Provider (VASP), and Type A Advanced Electronic Payment and Financial Services (EPFS).

In addition to the newly acquired licenses, it already operates as a remittance and transfer company through its existing Remittance Agent License (RA) and Money Changing / Foreign Exchange Dealing License (MC/FXD) from the BSP.

DA5 said that it is now the only Money Service Business (MSB) to offer remittances, foreign exchange, crypto exchange, and e-money facilities.

Since its inception in 2006, DA5 has established 1,800 touchpoints across the Philippines and is an authorised direct agent of Western Union in the country.

Raymond Babst, CEO and President of DA5, has expressed interest to fully utilise the company’s newly acquired licenses to make remittances cheaper and more secure through blockchain technology.

“After 16 years of servicing the OFWs, DA5 can further help our modern day heroes by bringing down the cost of remittances at a fraction of what banks and traditional remittance companies are currently charging.”

In an effort to accomplish this, DA5 will launch its own hybrid digital wallet SurgePay within the first quarter of 2023.

Through the new Web 3.0 wallet, users will be able to send and receive money and claim their remittances in seconds from any DA5 outlet nationwide.