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October 01, 2022

BSP amends policy on digital banking

The chief regulator calrified some regulatory requirements on licensing and establishment.

Bangko Sentral ng Pilipinas Monetary Board approved Circular No. 1154 or the “Prudential Requirements Applicable to Digital Banks” which amended the previously issued Circular No. 1105 or the “Basic Guidelines in Establishing Banks” dated December 2020. The recently published circular amends changes in the establishment of digital banks and further explained prudential requirements, bank licensing and documentation. In particular, it allowed the BSP to consider applications to put up thrift, rural and cooperative banks with digital bank business models as digital bank license applications.