The Bangko Sentral ng Pilipinas (BSP) has greenlighted the issuance of up to four new digital banking licenses, effective January 1, 2025.
This move will bring the total number of digital banks operating in the Philippines to 10.
Currently, six digital banks are in operation following the implementation of the Digital Banking Framework in December 2020.
The BSP’s decision to lift the moratorium aims to foster innovation and competition while closely monitoring the sector’s development.
New applicants and existing banks seeking to convert to a digital-only model can apply for the available licenses.
However, a rigorous evaluation process will be in place to ensure the financial soundness and innovative offerings of potential licensees.
BSP Governor Eli M. Remolona, Jr. emphasized the need for applicants to provide unique value propositions and cater to underserved market segments.
“Applicants must bring something new to the table. We want to see unique product and service offerings that are different from that offered by the existing market players. These offerings should have significant potential to reach broader clientele, particularly the untapped or underserved market segments,” Remolona said.
The BSP’s decision aligns with its broader goal of promoting financial inclusion and expanding access to digital financial services across the country.
