Regulatory Alerts2025-01-14
Guidelines on Application for Merchant Acquisition License (MAL)
The Bangko Sentral ng Pilipinas issued Memorandum No. M-2025-002 to establish the procedural requirements for Operators of Payment Systems seeking a Merchant Acquisition License. The document mandates electronic submission of applications via a specific email format and outlines a three-phase evaluation process covering eligibility, compliance, and issuance. It details the necessary documentary evidence, including business plans, financial capacity proofs, and risk management policies, while exempting banks and electronic money issuers from separate licensing.
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