The Bangko Sentral ng Pilipinas (BSP) has established stricter rules for supervised institutions operating a digital financial marketplace.

The central bank issued Circular 1237 to enhance consumer protection and risk management across these online platforms.

These digital platforms allow consumers to access varied products like loans, insurance, and investments from multiple service providers.

The platforms may also feature non-financial lifestyle deals tied to core banking or digital wallet services.

Operators must now maintain a minimum capital requirement of PHP 1 billion to support continuous technology and cybersecurity upgrades.

BSP Governor Eli M. Remolona Jr. stated that the institution promotes responsible innovation while managing risks and preserving systemic trust.

The updated framework outlines strict responsibilities for both platform operators and their third-party financial service providers.

Compliance requirements now cover platform security, data governance, customer due diligence, and comprehensive complaint resolution mechanisms.

The central bank also mandates the neutral and impartial presentation of all financial products to encourage fair market competition.

Marketplace operators must feature at least three independent service providers that lack affiliation with the parent conglomerate.

The rules explicitly state that platforms can only share financial data through secure channels after securing explicit customer consent.

These new regulations build upon existing outsourcing and cross-selling guidelines to accommodate the growing digital economy.

Featured image: Edited by Fintech News Philippines based on an image by rawpixel.com via Magnific.