By the staff
The Bangko Sentral ng Pilipinas is set to complete its review of new digital banking license applications by the end of the first quarter, a step that could expand competition beyond the six digital lenders already operating in the country.
Deputy Governor Lyn I. Javier said regulators are scrutinizing applicants’ business models to ensure they align with the government’s financial inclusion push, especially in serving underserved communities.
Both foreign and local groups have applied, though the central bank has not disclosed the total number.
“Maybe we have already selected the likely candidates in the first quarter,” Javier told reporters, adding that while an announcement is targeted within the quarter, outside factors could delay the timeline.
The Philippines currently has six digital banks: GoTyme Bank, Maya Bank, Overseas Filipino (OF) Bank, UnionDigital Bank, UNObank and Tonik Digital Bank. This leaves room for up to four more players after the BSP lifted its moratorium in January 2025.
The BSP lifted a moratorium on new digital bank licenses in January 2025, setting a cap of 10 players, including conversions of existing bank licenses.
