The Central Bank of the Philippines has issued Circular No. 1237 setting a dedicated framework for Bangko Sentral-supervised financial institutions that operate digital financial marketplaces or present financial products and services on digital marketplaces and other digital platforms. The rules allow supervised institutions to offer their own products and, in some cases, third-party financial and complementary non-financial offerings, while imposing supervisory expectations on governance, risk management, consumer protection, data governance and anti-money laundering controls. A digital financial marketplace must include at least three unaffiliated providers, and banks or electronic money issuer non-bank financial institutions may be authorized to operate one, with other supervised institutions considered case by case. For operators, the framework introduces a prior approval requirement, classifies marketplace operation as a Type A licensed activity and sets entry conditions including an Advanced Electronic Payments and Financial Services license, relevant regulatory approvals, registration as an Operator of Payment System where applicable, adequate technology and controls, and at least PHP 1.0 billion in net worth or combined capital. The rules require board oversight, due diligence and contractual controls over financial service providers and other service providers, neutral product presentation, transparent ranking criteria, complaint handling, cooling-off arrangements where applicable, consent-based data sharing and support for financial data portability aligned with the Open Finance Framework. Non-financial products may be displayed only if they complement the operator's business model, while gambling-related products and services are barred. For institutions distributing products rather than operating a marketplace, those with a Supervisory Assessment Framework composite rating of at least 3 may use a digital financial marketplace without prior approval or notification, while lower-rated institutions must notify the central bank and all institutions using third-party digital platforms must notify. The circular takes effect 15 calendar days after publication in the Official Gazette or a newspaper of general circulation. Existing marketplace participants and other covered digital platform arrangements have one year from effectivity to comply, including existing operators applying for authority, while existing marketplace operators have two years to onboard at least three unaffiliated providers. The ban on online gambling-related offerings applies upon effectivity of the circular.
Central Bank of the Philippines2026-06-16
Central Bank of the Philippines issues digital marketplace rules for supervised institutions with operator approval and PHP 1 billion capital threshold
The Central Bank of the Philippines has issued a new framework for supervised institutions operating digital financial marketplaces or distributing products through digital platforms. Marketplace operators will need prior approval and must meet licensing, governance, risk, consumer protection and data-sharing requirements, including a PHP 1.0 billion capital threshold for authorized operators. The rules take effect 15 days after publication, with a one-year transition period for existing arrangements and an immediate ban on gambling-related offerings.