Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the BSP decision, including banking and payment rails.
Get an EMI license in the Philippines.
The wallet nation: 115 million people, top-five global remittance inflows and an economy that leapfrogged cards entirely. The BSP licenses e-money issuers under Circular 1166 - ₱100-200 million capital, trust-backed floats, and we build the file end to end.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Philippines in brief
Where wallets replaced banks for a nation.
The Philippines licenses e-money issuers through the Bangko Sentral ng Pilipinas, with the modern framework consolidated in Circular 1166 (2023): non-bank EMIs obtain a Certificate of Authority, hold minimum capital of ₱100 million - rising to ₱200 million once twelve-month aggregated transaction flows reach ₱25 billion, and safeguard the float under a codified formula: for outstanding balances of ₱100 million and above, at least half held in trust specifically for e-money liquidation, the remainder in bank deposits, government securities, BSP settlement balances or Basel III high-quality liquid assets. The BSP publishes its supervised-EMI list continuously - the register is live to 2026 - alongside stacked requirements on liquidity, operational, IT and consumer-protection risk.
The market explains the ₱25-billion threshold's realism: GCash and Maya made wallets the default financial account for a nation of 115 million, remittance inflows rank in the world's top five, and QR Ph plus InstaPay rails carry volumes that grew past cards without ever passing through them. For remittance-fed, consumer-wallet and merchant-payment models, the Philippines is not an emerging option but the main event. Corporate tax runs 25% (20% for smaller corporations) under the CREATE framework. Realistic end-to-end: 9-15 months; we run the file from our Manila office.
BSP Certificate of Authority under Circular 1166: ₱100M entry capital, ₱200M once 12-month flows hit ₱25B, trust ≥50% of float plus Basel III HQLA - the register published live.
The market: 115M wallet-native users, top-five remittance inflows, QR Ph rails. The main event for wallet economics.
The two routes
The EMI Certificate - sized to your flows.
One framework with a built-in staircase: the ₱100 million entry tier, the ₱200 million large-scale tier at ₱25 billion in annual flows. Trust-backed safeguarding throughout. We fix the tier first, then build once.
The EMI Certificate at ₱100M. With the ₱200M large-scale tier planned.
01 - EMI-NBFI · CERTIFICATE OF AUTHORITY
The BSP licence
The flagship authorisation under Circular 1166: e-money issuance for wallets and prepaid at ₱100 million capital, the trust-plus-HQLA safeguarding formula, and the BSP's full supervisory stack.
The flagship authorisation under Circular 1166: e-money issuance for wallets and prepaid at ₱100 million capital, the trust-plus-HQLA safeguarding formula, and the BSP's full supervisory stack.
- ✓E-money issuance - wallets, prepaid
- ✓₱100M capital - the entry tier
- ✓Trust ≥ 50% of float · HQLA remainder
- ✓Certificate of Authority - published list
- ✓Liquidity, IT and consumer-risk stack
- ✓Circular 1166 - the 2023 framework
02 - LARGE-SCALE TIER · PARTNER ROUTES
₱25B flows → ₱200M capitalScale and partnership
Cross ₱25 billion in twelve-month flows and the ₱200 million tier applies. A statutory milestone we plan for, alongside remittance-partner and agent-network structures the Philippine market runs on.
₱25B twelve-month threshold; remittance partners; agent networks; threshold monitoring.
- ✓Large-scale tier - ₱200M capital
- ✓The ₱25B twelve-month threshold
- ✓Remittance-partner structures
- ✓Agent and cash-in/out networks
- ✓Threshold monitoring built in
- ✓Same BSP supervision
Costs and timelines are confirmed for your case before any work begins. BSP fees follow its schedules; capital, trust and substance costs are itemised in your quote.
Why the Philippines
The main event for wallet economics.
Circular 1166 under the BSP. Attached to the most wallet-native large market on earth.
✓
115 million wallet-native users
GCash and Maya made e-money the default account. The market skipped cards entirely, and new issuers land on habits already formed.The nation skipped cards.
✓
Top-five remittance inflows
Overseas-worker corridors feed the wallet economy structurally. Remittance-fed models find their deepest natural market here.Corridors feed the float.
✓
A codified staircase
₱100 million to start, ₱200 million at ₱25 billion in flows. The tiers are in the circular, so scaling is a planned milestone rather than a surprise.₱100M → ₱200M, in the circular.
✓
Trust-plus-HQLA safeguarding
Half the float in dedicated trust, the rest in Basel III-grade assets. A formula banks and partners read as institutional.Institutional-grade safeguarding.
✓
QR Ph and InstaPay rails
National QR and real-time transfers carry the volumes. Issuance plugs into rails the whole economy already uses.Rails the economy runs on.
✓
A live, published register
The BSP publishes its supervised-EMI list continuously. The desk approves, supervises and delists in public view.Live to 2026 - real desk.
How it compares
How the Philippines differs from other routes.
The Philippines trades hub status for the deepest wallet market in Asia. The full comparison is below.
Philippines vs other jurisdictions
| Feature |  Philippines | Other jurisdictions |
|---|---|---|
| Regime | Circular 1166 - BSP | PS Act / EMD2 elsewhere |
| Market | Wallet-native 115M | Card-first mostly |
| Capital staircase | ₱100M → ₱200M at ₱25B | Flat floors |
| Remittance depth | Top-five global inflows | Corridor-thin |
Regime
PhilippinesCircular 1166 - BSP
Other jurisdictionsPS Act / EMD2 elsewhere
Market
PhilippinesWallet-native 115M
Other jurisdictionsCard-first mostly
Capital staircase
Philippines₱100M → ₱200M at ₱25B
Other jurisdictionsFlat floors
Remittance depth
PhilippinesTop-five global inflows
Other jurisdictionsCorridor-thin
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Philippines | EMI (BSP) | 25% · 20% small | ₱100-200M, trust ≥50% |
 Malaysia | E-money (BNM) | 24% CIT | Trust account, 2025 PD |
 Singapore | SPI / MPI (MAS) | 17% · reliefs | Staircase, benchmark stamp |
 Hong Kong | SVF (HKMA) | 8.25% / 16.5% | HK$25M, principal business |
PhilippinesLicense typeEMI (BSP)
Taxation25% · 20% small
Requirements₱100-200M, trust ≥50%
MalaysiaLicense typeE-money (BNM)
Taxation24% CIT
RequirementsTrust account, 2025 PD
SingaporeLicense typeSPI / MPI (MAS)
Taxation17% · reliefs
RequirementsStaircase, benchmark stamp
Hong KongLicense typeSVF (HKMA)
Taxation8.25% / 16.5%
RequirementsHK$25M, principal business
Before you apply
Requirements for the BSP licence.Requirements for the licence.
Circular 1166 stacks capital, safeguarding and risk frameworks. The craft is a file where they cohere. The checklist below is what a passing application contains.
01
Philippine entity. A locally incorporated corporation with operations in the Philippines.
02
Capital. ₱100 million at entry, with the ₱200 million large-scale tier modelled against your flow projections.
03
Trust arrangement. At least 50% of outstanding float ≥ ₱100M held in dedicated liquidation trust.
04
Liquid-asset coverage. The remainder in bank deposits, government securities, BSP balances or Basel III HQLA.
05
Fit and proper directors and holders. Competence, clean records and ownership transparent to UBOs.
06
Programme of operations. The wallet model, agent network and three-year financials the BSP can interrogate.
07
AML/CFT framework. KYC, monitoring and AMLC reporting with a resident compliance officer.
08
IT risk management. BSP-grade systems documentation, resilience and incident procedures.
09
Consumer protection. The framework the BSP polices as strictly as prudentials in a mass-market economy.
10
Threshold monitoring. Twelve-month flow tracking against the ₱25 billion line, live from day one.
01
Philippine corporation, local ops.
02
₱100M capital; ₱200M modelled.
03
Trust ≥ 50% of float ≥ ₱100M.
04
HQLA-grade remainder.
05
Fit & proper to UBOs.
06
Interrogable programme + agents.
07
AML with AMLC reporting.
08
BSP-grade IT risk docs.
09
Consumer-protection framework.
10
₱25B flow monitoring, live.
Reflects BSP Circular 1166 (2023) and the Manual of Regulations as of 2026.Circular 1166 + MORB, as of 2026.
How it works
From first call to the BSP register.
01
Tier and strategy
Entry tier or large-scale from day one, corridors and agent networks. Fixed in writing with capital and timeline.Entry or large-scale; corridors mapped.
02
Philippine company and people
Incorporation, capital evidence and the resident officers the BSP vets.Incorporation, capital, officers.
03
The application file
Model, trust architecture, AML, IT and consumer frameworks to Circular 1166. Complete before filing.Trust computed, stack coherent.
04
BSP review
Question rounds answered - 9-15 months realistic end to end.9-15 months realistic.
05
Certificate and launch
The register entry, trust live, QR Ph and InstaPay integrations running. With the ₱25B milestone monitored.Register, trust, rails live.
Quick facts
RegulatorBSP
FrameworkCircular 1166 · 2023
Capital - entry₱100 million
Capital - large₱200M at ₱25B flows
Trust≥ 50% of float ≥ ₱100M
RemainderBasel III HQLA-grade
Realistic timeline9-15 months
RegisterPublished, live to 2026
The circular writes the staircase and the safeguarding formula. A file that computes both correctly is the entire game, and our job.
On the ground in Philippines
Run from our Manila office.
Prifinance - Philippines
Manila · Philippines
Manila, Philippines
01
Philippine company formation
Local incorporation, the capital plan across both tiers and the corporate layer the BSP expects. Structured for the licence from day one.Both tiers in the capital plan.
02
The BSP file
Wallet model, trust-and-HQLA architecture, AML pack and IT documentation to Circular 1166. Drafted by us and defended through the rounds.Computed, coherent, defended.
03
Remittance-corridor structuring
Overseas-worker corridors mapped onto the licence. Partner, agent and cash-network arrangements built with the application, not after it.Partners and agents with the file.
04
Substance and staffing
Resident directors, compliance officer and MLRO from Manila's deep BPO-hardened talent pool. Real substance the BSP recognises.Manila talent, real ops.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in the Philippines.
CREATE-framework rates - 25% standard, 20% for smaller corporations. With VAT at 12% and the modelling in the details.
Corporate tax 25% · 20%
The CREATE framework's 25% standard rate, with 20% for smaller corporations under the asset and income thresholds. Most licensed startups begin at 20%.CREATE framework rates.
VAT 12% - mapped
The 12% VAT applies per product; core regulated flows and pass-through funds are mapped carefully against gross-receipts alternatives.Product-mapped carefully.
Remittance economics
Inbound corridor flows carry their own fiscal mechanics. Corridor pricing is modelled with the tax treatment, not after it.Priced with the tax, not after.
Incentive regimes
PEZA and CREATE incentive routes reward qualifying activities. Technology build-out sometimes fits; we test it early.PEZA/CREATE where they fit.
Manila cost base
The BPO decades built a deep English-speaking compliance and operations pool at costs far below regional hubs.BPO-deep English talent.
Treaty network 40+
A functional treaty network across the corridor countries that matter. Group structures model cleanly.Corridor countries covered.
Tax summary
Corporate tax25% · 20% small
FrameworkCREATE
Standard VAT12% · product-mapped
Dividend withholding10-25% · treaties
IncentivesPEZA / CREATE routes
Tax treaties40+
*Figures as of 2026 per the BIR. Product-level VAT and incentive eligibility are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Philippine corporation, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed issuer.
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Philippines · BSP
Launch your payment project in the Philippines with expert support.
Full-service assistance - from incorporation to the BSP Certificate of Authority, trust architecture and ongoing compliance.
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Is the Philippines the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Philippine EMI licence: quick answers.
What licence does an e-money business need in the Philippines?+
A Certificate of Authority as an EMI-NBFI from the Bangko Sentral under Circular 1166 (2023) - ₱100 million minimum capital at entry, ₱200 million once twelve-month flows reach ₱25 billion, with the trust-plus-HQLA safeguarding formula throughout.
How does the safeguarding formula work?+
For outstanding float of ₱100 million and above: at least half in a dedicated trust for e-money liquidation, the remainder in bank deposits, government securities, BSP balances or Basel III high-quality liquid assets. Below that line, a simpler full-coverage option exists. We compute it into the product design.
When does the ₱200 million tier apply?+
When the twelve-month average of aggregated inflows and outflows reaches ₱25 billion - assessed after a year of operations. We build the flow monitoring from day one so the milestone is planned capital, not emergency capital.
How long does licensing take?+
Realistically 9-15 months end to end - the BSP stacks liquidity, IT, consumer-protection and AML review on the prudential file. A coherent, computed application is the speed lever.
What substance is expected?+
A Philippine corporation with resident fit-and-proper directors, a compliance officer reporting to the AMLC, BSP-grade IT risk management, the trust arrangement live and a consumer-protection framework that survives a mass-market supervisor.
How are payment companies taxed?+
25% corporate tax - 20% for smaller corporations - under CREATE, 12% VAT mapped per product, dividend withholding at 10-25% subject to treaties, and incentive routes for qualifying technology build-out.
Why is the Philippine market special for wallets?+
It skipped cards: GCash and Maya made e-money the nation's default account, QR Ph and InstaPay carry the rails, and top-five global remittance inflows feed the float. Wallet economics work here at depths saturated markets cannot offer.
What role do agents and cash networks play?+
Central - cash-in/cash-out networks remain the bridge for millions of users, and the BSP reviews agent arrangements as part of the model. We structure the network with the application.
Does the licence passport anywhere?+
No - Southeast Asia has no passporting. The Philippine licence is a destination-market play; regional groups pair it with Singapore or Malaysia. We sequence the pairs.
Why the Philippines rather than Malaysia or Singapore?+
Singapore is the hub; Malaysia the dual-track desk. The Philippines is the volume: 115 million wallet-native users and remittance corridors that never stop. Consumer-wallet and remittance models start where the users are.
What's needed?+
BSP Certificate - Circular 1166.
Capital?+
₱100M; ₱200M at ₱25B flows.
Safeguarding?+
Trust ≥50% + HQLA remainder.
How long?+
9-15 months realistic.
Substance?+
Resident officers, live trust.
Taxes?+
25%/20%; VAT 12% mapped.
The market?+
115M wallet-native; top-5 remittances.
Agents?+
Cash networks - reviewed with the file.
Passport?+
None - destination-market play.
Vs Malaysia?+
Their dual track; your volume.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
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Google
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Philippine route fits your project and what it will cost.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Bangko Sentral ng Pilipinas (BSP) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.