PAGCOR Doubles Payment Provider List to Six Firms

The PAGCOR support service provider register, dated October 29, displays the updated lineup compared with the September 17 edition. It also shows a change for AllBank, which was previously marked as having yet to begin commercial operations.

What Changed on the List

A comparison with 15M’s October 15 review shows the following changes:

• Three additions – Payment Innovation Inc. (PayCools), MyBusyBee Inc. and Traxion Pay Inc.;
• Three existing providers retained – ARX Inc., AllBank (A Thrift Bank) Inc. and Magic Payment Inc.;
• Three still flagged as not commercially active – Magic Payment, MyBusyBee and Traxion Pay.

In September, AllBank carried an asterisk indicating that commercial operations had yet to commence. The October register no longer shows that mark, although the timing of any operational launch remains unclear.

PayCools Registered With Central Bank in 2023

Payment Innovation was already registered with the Philippine central bank before appearing on PAGCOR’s list. The Bangko Sentral ng Pilipinas register records PayCools under Payment Innovation Inc., with an operator-of-payment-system registration issued on July 20, 2023.

That registration predates its appearance in the gaming regulator’s payment category. The two approvals cover different regulatory requirements, and the earlier central bank registration does not establish when PayCools started serving gambling operators.

The number of providers without PAGCOR’s non-operational marking also rose from one to three. ARX has now been joined by AllBank and PayCools.